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Strategic Marketing: Types Of Market Segmentation - Essay Example

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Strategic Marketing: Types Of Market Segmentation

This refers to a process of segregating a market into distinct groups of buyers with different needs, attributes, or behaviors that require separate marketing mixes (McDonald & Dunbar, 2004, 56). In fact, different factors contribute to the consumers’ mindset, thus this numerous differing segments occurs within the market. Marketers segment the market in order to identify the segments that are appearing in terms of opportunities, development of suitable positioning and communication strategies (Bhat, 1998, 32). This enables them to allocate resources to various marketing activities, though they also seek to conduct a segmentation research at regular intervals in order to cope with the changes in the business environment. There are different forms of market segmentation approaches; thus, this is a strategy through which a big market is segregated into smaller proponents that are referred to as homogenous segments. However, this process involves a segregated market program to be established in a particular market segment. The market is segmented on the basis of the element in the marketing mix; thus, good marketers focus on their effort to position themselves in a given segment (Bhat, 1998, 32). Apparently, the effort to segment a market is aimed at achieving a position that an organization will be able to defend any form of competition. On the other hand, market segmentation is approached through a set of immediate and potential capabilities within an organization....
arious marketing activities, though they also seek to conduct a segmentation research at regular intervals in order to cope with the changes in the business environment. There are different forms of market segmentation approaches; thus, this is a strategy through which a big market is segregated into smaller proponents that are referred to as homogenous segments (Hunt and Arnett, 2004, 25). However, this process involves a segregated market program to be established in a particular market segment. The market is segmented on the basis of the element in the marketing mix; thus, good marketers focus on their effort to position themselves in a given segment (Bhat, 1998, 32). Apparently, the effort to segment a market is aimed at achieving a position that an organization will be able to defend any form of competition (Hooley and Saunders, 1993, 54). On the other hand, market segmentation is approached through a set of immediate and potential capabilities within an organization. Nevertheless, these potential is considered a reputation of an existing product or other set of valuable skills in an organization. Assessment of organization capabilities requires an organization to recognize the need sets that are reflected to their products as they seek to satisfy their needs. Types of Market segmentation Market segmentation process is attributed to customer grouping characterization, whereby they are classified on the basis of their socio economic status, geographic differences, demography and psychographic behaviours (Drummond and Ensor, 2005, 54­). However, these attributed are classified through the information technology using computers. Segmentation based on Geography. Market segmentation based on geographic location is the initiation stage of the segmentation process; ...Show more

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An author of the essay "Strategic Marketing: Types Of Market Segmentation" presents relevant examples from renowned organizations through a critical evaluation of the way they use segmentation approach to create value for themselves and their customers…
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