The concept of market segmentation.
The conception of market segmentation is a marketing approach that consists of dividing a wide target market into subcategories of consumers, who share common needs, by planning and applying strategies to target their needs and wants to utilize media channels and other promotional elements that facilitate reaching the focused customers.
Additionally, market segments allow businesses to design different marketing approaches to target them. However, reaching a market by recommending different, desirable, and competing products, that is in the outlooks of the target consumers. In which, buyers behaviors in numerous markets diverge in their wants or needs, incomes, localities, purchasing attitude, and buying habits. Within market segmentation, corporations break up large, diverse markets into smaller ...view middle of the document...
In fact, The Coca Cola designs the costumes strategy analysis by studying costumers based in segmentation, targeting, and positioning in the process. They portion the targeted markets into groups of potential customer with related needs who are likely to exhibit similar purchase behavior. For this reason, The Cola Company involves different marketing variables such as Geographic segmentation by segmenting the global market on concern of geography. As well as, Place of consumption, Product type by dividing its products into cola products and non-cola products, and segmenting the market on basis of demographics such as, age, and income by using targeting strategies, and positioning its products as an association with fun, good times with friends and family, and enjoying life when consuming a product of high quality. For these reasons, Coca Cola is a truly global company that makes the presence in multiple countries worldwide. Being its marketing segmentation one of the most important functions that have taken Coca Cola to be a successful business in the food industry.
In conclusion, Market segmentation makes possible the process of dividing the possible customers within distinct groups by approaching them and their consumer characteristics by making possible for companies to market their products and helping them to customize their products in order to meet the customer’s preferences. By planning and applying strategies to target their customers’ needs and wants, to utilize media channels and other promotional elements that facilitate reaching the focused customers.
United States Securities and Exchange Commission (2010). 10-K: The Coca Cola Company. Retrieved on November 13, 2013 from: http://www.sec.gov/Archives/data/
Kotler, P. Armstrong, G. (2012). Principles of Marketing (4th ed.).Upper Saddle River, NJ:Printice Hall. Pearson Education. ISBN-13: 978-0-13-216712-3