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Marketing Management Assignment
Pages 10 (2510 words)
1. (a) A business firm, segments its market so it can respond more effectively to the wants of groups of potential buyers and thus increase its sales and profits. People have different needs and wants. Market segmentation involves aggregating prospective buyers into groups that 1) have common need and 2) will respond similarly to a marketing action…
Clustered market might reveal distinct preference clusters, called natural market segments.
Own brand with fashionable and price sensitive consumer who looks for more modern looking footwear but price conscious because short duration of styles, actively targeting people between age group of 35 to 45 years.
(b). Marketers advocates a need based market segmentation approach. Robert J. Best (2000) proposed seven step process and these are i. needs-based segmentation ii. Segment identification iii. Segment attractiveness iv. Segment profitability v. segment positioning vi. Segment 'Acid test' vii. Marketing mix strategy. For effective segmentation process, the market segment must be i. Measurable ii. Substantial iii. Accessible iv. Differentiable v. Actionable.
Now on the basis of above 5 parameters we would discuss Clark's segmentation process. Clark's market segment could be measurable. As we know that consumer expenditure on footwear is increasing by 3.5% producing an additional GBP 166 million. Clark's brand is controlling 10% of consumer expenditure on footwear and over 30% of children shoe market. Targeted market segment of Clark's is comparatively and young affluent generation between age group of 18 to 30. This generation is fashion driven, ready to spend money and have earning. ...
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