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Marketing segmentation - Assignment Example

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Dividing the market into various groups enables the business to be able to divide their customers according to the important factors they have in common and this way they can be…
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Marketing segmentation
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Market segmentation Task Segmentation is important as it allows a business to divide its s based on certain criteria. Dividing the market into various groups enables the business to be able to divide their customers according to the important factors they have in common and this way they can be able to attend to their needs. Segmentation enables a business to determine how to deliver services and products to the different consumers, and it will help in figuring out the four P’s of marketing, which are place, product, promotion and place (McDonald & Dunbar, 2004). The different segments of a business’s target market will need different products, and this means that the management should ensure that there are strategies in place to see that need s of all consumers are met. Consumers will also be willing to pay different prices for products, and this means that segmentation will help in determining the right price for the right target group. Consumers can also be reached through different medium in different places and segmentation will help in deciding the outlets that best suits the different customers. Lastly, consumers will react differently to promotion and the management should know the right promotion strategies to capture specific target groups.
Segmenting characteristics are important as they will help the business in knowing how to segment their target market. Behavioral segmentation enables an organization to determine the benefits consumers want from the product and how they use the product. Demographic segmentation will help an organization is determining the how factors such as age, ethnicity, gender and other demographic features affect consumer choices (McDonald & Dunbar, 2004). Geographic segmentation will help in determining where consumers are located, how to reach them and what products they will need based on their location. Psychographic segmentation will enable an organization to know what consumers think, what they value, and how they live their lives, and this will help in determining the right product.
Market segmentation is crucial as it will enable organizations to focus their products on a group that is predicted to bring maximum profitability. Target segmentation will enable a business to distinguish itself from competitors by attending to a group that other competitors have not yet established. This in turn translates to increased revenues because resources are not wasted on unproductive ventures.
References
Hoek, J., Gendall, P., and Esslemont, D (1996). Market Segmentation. Journal of Marketing
Practice, Vol. 2 No. 1, 1996, pp. 25-34.
McDonald, M & Dunbar, I. (2004). Market Segmentation: How to Do It, How to Profit From It.
Burlington, MA: Butterworth-Heinemann. Read More
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