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Marketing Channels: Market Segmentation for a B2B Market - Coursework Example

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"Marketing Channels: Market Segmentation for a B2B Market" paper focuses on market segmentation in a B2B market, the most fundamental business strategy for success. It helps the business to acquaint with its consumers and understand its needs in order to rise above its competitors in terms of supply…
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Marketing Channels: Market Segmentation for a B2B Market
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Download file to see previous pages in a B2B market as classification and division of different groups of buyers in a market section for better satisfaction of their merchandise needs (McDonald & Dunbar, 2004, 13). It specifies the particular consumer needs for a target market for better satisfaction by the suppliers.

Therefore, one has to understand the need category that defines the segment. Fundamentally, the need category has three characteristics: strategic, which defines the product and its importance; operations, which fulfills the operating procedures in alignment with the company; and the functionality, in which the definition of the needs that the customer has for the products.

iii) Uniqueness – the essence of segmentation is to satisfy the unique needs of the consumers. The segments must, therefore, respond differently to the different marketing mix for justification of the separate offerings.

According to Schewe and Hiam (2011, p. 27), marketing segmentation is very necessary because in all marketing activities, an entrepreneur needs to know and understand their consumers. This will help in meeting and satisfying their needs better than the market competitors. Treating the customers alike may not be possible since they have different needs. Nevertheless, one must try best to satisfy all of them in order to retain a large customer base.

Mass marketing is the treating of buyers as a uniform group, hence giving an identical market mix to all of them. This has an advantage in that it facilitates realization of economics of scale in mass communication, production and distribution. The main disadvantage is that it does not consider the differing preferences and needs of consumers. Ignoring the needs of consumers leaves room for another firm to enter the market to provide product that serves the needs and preferences of the customers (Weinstein, 2004, p. 227).
Likewise, market targeting understands the variety of customers and provides their different needs and preferences. First, ...Download file to see next pages Read More
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