Marketing Segmentation - Demographic

Marketing Segmentation - Demographic Essay example
Undergraduate
Essay
Marketing
Pages 4 (1004 words)
Download 0
Marketing Segmentation – Demographic Introduction In the modern economic framework most of the economies in the world are open economies and all of them participate in international trading. Almost all the companies in the world operate in domestic and foreign markets, thus they enjoy a broad customer base for their goods and services…

Introduction

The inclinations of the consumers are different for the same goods and services produced in the economy. Thus, it becomes crucial to categorize or segregate the buyers possessing same characteristic features of tastes and preferences. This process of grouping buyers in terms of several common determinants is known as market segmentation (Wind and Douglas, 1972). Market Segmentation It is believed by many scholars that market segmentation is an alternative of product differentiation. In today’s world, market segmentation plays a vital role for formulating all marketing strategies adopted by a firm. It creates different samples of buyers with same type of demand patterns that helps a company in designing separate marketing plans for each group and thereby facilitates them to win over customer loyalty for all the divisions. A particular market can be divided or categorized according to psychological, demographics, geographic and behavioral determinants. A proper marketing mix formulated by a firm would help it to suffice the demands of each segment separately, in an economic and efficient manner. This paper will implicitly explain the concept of market segmentation based on demographics (McDonald, 2012). ...
Download paper
Not exactly what you need?

Related papers

Market Segmentation
The needs of these different types of consumers may vary due to a variety of factors. The concept of market segmentation therefore refers to the process of targeting different types of consumers with different marketing programmes and products, suitable to their needs (Croft, pp. 1). Market segmentation appears to be a simple theory; however, it remains one of the most widely researched marketing…
Marketing Segmentation and Targeting
A good market segment should be homogenous meaning all customers in a specific segment would prefer a common product quality. on the other hand, buyers from different segments are expected to have different products and services tastes. However, all these should yield much returns. The term can also be described as grouping customers with similar needs and charged differently from other groups or…
Marketing Research and Segmentation - Macquarie University Hospital, New South Wales
The marketing techniques chosen in each case depend on many factors, such as the level of the industry competition and the resources available. Current paper focuses on the potential use of marketing research and segmentation for the improvement of performance of a specific organization: the Macquarie University Hospital, one of the most important hospitals in New South Wales, Australia. An…
Principles of Marketing: Market Segmentation, Targeting and Positioning
Benefits……………………………………………………………………7 ii. Limitations…………………………………………………………………8 Targeting………………………………………………………………………………….8 Positioning…………………………………………………………………………………9…
Marketing Research and Segmentation Problem
Therefore, it can be mentioned in a nutshell that the hospital caters to the general people with a wide range of medical facilities. Research A research on the consumers in the area surrounding the hospital would be carried out with the help of Value and Lifestyles (VALS2) and Potential Rating Index by Zip Market (PRIZM). VALS2 This tool for lifestyle analysis makes an endeavor to contour…
Market segmentation
This paper discusses how market segmentation is a basic ingredient of the marketing strategy for the sake of different products and services in an organization that caters to the needs of the customers and varied stakeholders. It pinpoints its attention towards areas which deserve understanding and comprehension for the sake of reaching a common consensus as far as the dynamics of marketing are…
Market Segmentation
Lastly, the company seeks for a unique marketing segment that is not being practised by their competitors. This plays a big role in enabling companies to achieve a high market share, thus generating a comfort factor since the buyers will see it as a market leader. Through this, most business entities are able to better their competitive positions and satisfy their customer needs (Burrows, 2010).…