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Explain the relevance of segmentation to the 21st century business of your choice - Essay Example

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Explain the relevance of segmentation to the 21st century business of your choice

New Delhi: PHI Learning Pvt. Ltd. 10 Cant, M., Strydom, W., Jooste, C., and du Plessis, P. 2009. Marketing Management. Cape Twon: Juta and Company Ltd. 10 Dibb, S and Simkin, L. 2013. Market Segmentation Success: Making It Happen! New York: Routledge. 10 Duening,T., Hisrich, R and Lechter, M. 2009. Technology Entrepreneurship: Creating, Capturing, and Protecting Value. Waltham: Academic Press. 11 Hill, C and Jones, G. 2012. Strategic Management: An Integrated Approach. Belmont: Cengage Learning. 11 Jones, C. 2013. Apple's Stock Awards Value Has More Than Doubled Over The Past Three Years. [online] Forbes. Available at: < http://www.forbes.com/sites/chuckjones/2013/09/17/apples-stock-awards-value-have-more-than-doubled-over-the-past-three-years/> [Accessed 20 October 2010]. 11 McDonald, M. 2012. Market Segmentation: How to Do It and How to Profit from It. New York: John Wiley and Sons. 11 Mohr, J., Sengupta, S and Slater, S. 2010. Marketing of High-technology Products and Innovations. Missoula: Jakki Mohr. 11 Sigal, M. 2010. Apple's segmentation strategy, and the folly of conventional wisdom: Ten years after an iPod powered rebirth, Apple's run continues unabated. [online] O’Reilly Radar. ...
Managers of the marketing departments in most businesses have come up with ingenious ways of ensuring the marketing works, and the business makes profits. Market segmentation is the strategy that has been proven to work miracles in the world's business. The strategy is based on dividing the various clients or customers of the business into various groups. Consumers with the same specifications and needs are grouped together. This makes it easy to address the needs, requirements and issues the clients in the various groups may have (Elsevier, 2002). Market Segmentation in Technology Businesses Market segmentation is one of the best marketing strategies know today. This strategy categorizes clients in different groups making it easy for the companies to address their client needs. In that situation, businesses benefit from increased sales and profitability. Marketing segmentation also has benefits to the consumers. Their needs are well addressed according to their specifications. The information technology industry is comprised of programming, computing, data processing, telecommunications, gaming, networking, the Internet and applications. The information technology industry is different from all the others in several ways. However, targeting potential clientele and segmentation of the market is all the same. For proper market segmentation, the businesses have to do the following. To divide all possible customers into groups: The first thing a technology manufacturer or service provider is to determine the target markets. This should be done according to demographics, geographical, psychological and perception and behavioural variables. The company should also ...Show more

Summary

Contents Introduction 2 Market Segmentation in Technology Businesses 2 To divide all possible customers into groups: 3 Profile all customers in every segment: 3 Evaluate the segment for buyers: 3 Introduce the product or Service: 4 Benefits of segmentation to technology firms 4 Increase in profitability 4 Matching of Client needs 6 Opportunities for Growth 7 Increasing Competitiveness 8 Challenges of Market Segmentation 9 Conclusion 9 References 10 Bodimeade, M…
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