Segmentation, Targeting, and Positioning - Essay Example

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Summary

As the paper "Segmentation, Targeting, and Positioning" outlines, market segmentation refers to dividing the market into groups that possess similar needs of the particular business. Market segmentations enable satisfaction of customer needs that possess variations due to tastes and preferences…

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Segmentation, Targeting, and Positioning

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Subject: Marketing
Type: Essay
Level: Undergraduate
Pages: 1 (250 words)
Downloads: 19
Author: americabaumbach

Extract of sample "Segmentation, Targeting, and Positioning"

Market segments vary in composition (homogeneity) and are unique from the others. These market segments possess different reactions to market products, hence, need to be divided into distinct portions.TargetingIn insurance, after segmenting markets, the next step is to choose your targets. The main methods of choosing targets vary, but it includes, undifferentiated market, which views the whole market as one single group, thus it uses a single marketing strategy. The other strategy is multi-market targeting, which uses the same marketing strategy to the market product on different segments, which is considered to possess the same needs.

Finally, the concentrated market target is a strategy that chooses a particular segment and applies all marketing strategies there. Targeting is particularly useful in attaining effective marketing and full market coverage.

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