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Marketing principles - Essay Example

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Market segmentation refers to the process of subdividing and defining a large market portion into small identifiable portions, which have similar needs. Understanding market segmentation is important since it will enable the marketing department of this company to divide the…
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Marketing principles
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Download file to see previous pages In order to target the market successfully, the marketing department will have to compare the abilities of the company with those of its competitors, which include Global Toy plc and Fun Kids plc. This report highlights the importance of understanding market segmentation and this will improve the sales volume of Toga Toys Company.
In order for Toga Toys to improve its sales volume, it will be necessary to divide the market into two separate segments, which as individual consumers and wholesale purchaser. Individual consumers are the grandparents or parents who are buying the toys for their children while wholesale purchasers may include schools and day-care centres among many other wholesale purchasers such as commercial businesses, which buy the toy products for their customers to use (Barletta 2003, p. 56). It will be good for the company to sell the toys direct to the customers instead of using the traditional methods that involves the system of distributing products to wholesalers who would sell to the retailers.
Although this marketing strategy will create more work for Toga Toys, in terms of sales generation, it will yield better margins. In addition, this selling process will make the company incur extra costs in the first few years, but after developing the relationship with individual customers and wholesale purchasers, the cost of marketing per sale will decrease dramatically since the customers will be aware where to get the toys products. Understanding market segmentation is an essential aspect since it will aid in understanding the customers (p. 58).
In order to sell to the customer, it will be necessary to understand first why the customers will want to purchase the toys. Market segmentation will allow for the creation of profiles off a number of different customer categories who purchase the toys. Since you are the business entrepreneur, this information will be helpful in creation of better marketing ...Download file to see next pagesRead More
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