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Merketing Segmentation of The Food Industry - Essay Example

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The modern trend of the market is changing the food industry at a very fast pace. The changing needs of the consumers due to the fast track lifestyle are growing the need to implement strategies by the company to introduce new products in the market. …
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Merketing Segmentation of The Food Industry
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"Merketing Segmentation of The Food Industry"

Download file to see previous pages Markets have always been segmented and products have been differentiated on the basis of the ways in which suppliers have applied different techniques of competing in the market. The crucial evidence for the above aspect collected in recent times is that researchers have been using behavioural and economic theories along with sophisticated analytical techniques for identifying the various market segments and opportunities for product differentiation. The concepts of market segmentation and product differentiation have been discussed in literature for long. Shaw (1912) has described the strategy of market segmentation and product differentiation as that of trying to cater to human needs and wants more accurately than competition. The result of market segmenting and product differentiating is the creation of a potential which attains a price level which is higher than prevailing stock commodity. Researchers have identified the recent changes in the market environment of firms which have presented with new opportunities and chances of further segmentation of the market. However, the aspect of the possibilities of identifying the groups of customers as individual segments in the market in reality is an empirical one. Researchers are of the opinion that if it is possible to segment the market into individual and homogeneous segments, market segmentation could be effective only if the manageability and efficiencies of the marketing activities could be substantially influenced by the distinguishing and different groups of customers (Wedel & Kamakura, 2000, p.4). Globalization and technological advancement across the world along with fresh new developments have provided marketers with in-depth information regarding the actual behaviour of customers and having direct access to such information through database marketing or demographic segmentation (Wedel & Kamakura, 2000, p.4). As a consequent of this, the marketers have been found to be focussing more on the small segments using concepts like direct marketing and micro marketing approaches. However on account of globalization, the leading multi product manufacturers have been looking at the global markets beyond the geographical boundaries (Yankelovich, 1964). It is seen that if the various market segments respond to the marketing efforts they are considered to be responsive to the segmentation strategies. Responsiveness accounts for the success factor for any market segmentation strategy. Mere response from the segments to the advertising ...Download file to see next pagesRead More
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