Marketing Management Class Disscussion wk9 - Essay Example

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Target market is the group of people who satisfy the objective of a marketing plan. In contrast, market segmentation is the breakdown of a large consumer base into small segments that are…
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Marketing Management Class Disscussion wk9
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Marketing Management Discussion wk9 Marketing Management Discussion wk9 Difference between Target Markets and Market Segments
Target marketing is the creation of a business strategy with the end user in mind. Target market is the group of people who satisfy the objective of a marketing plan. In contrast, market segmentation is the breakdown of a large consumer base into small segments that are specific. A market segment is a specific group of people, for instance, men or women, towards whom a marketing strategy places its focus (Gale and Swire, 2006).
Role of Marketing Segmentation in Marketing
Marketing segmentation is essential because it specifies potential targets. It also helps a marketing team identify the characteristics of its target market. Geographic segmentation, demographic segmentation, psychographic segmentation, and behavioral segmentation are all forms of market segmentation that enable companies to focus on the desires and needs of potential buyers. In addition, it is easy for a business to identify and understand its competitors and their strategy (Gale and Swire, 2006).
Perceived-Value Pricing would be a free e-learning website that seeks to provide free outstanding education to all visitors globally. The value of the website is unknown, as it will take nearly a year for its completion. For that reason, perceived-value pricing is the appropriate pricing strategy for the website/product. The value of the service depends on the price consumers are willing to pay and not on its production costs (Gale and Swire, 2006). Perceived-value pricing is effective in marketing of the website because its price is set in accordance to the perceived value of prospective buyers.
Pricing strategy is a necessary constituent of market segmentation. It is a essential for any business because it helps determine market share and profitability of a business. A new business may need to set a lower price than that in the market, to penetrate the market. Even so, it should not be too low to result in losses for the business.
Gale, B. and Swire, D. (2006). Value-Based Marketing & Pricing. Customer Value, Inc.
Competitive Marketing Strategy.
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