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Strategic Marketing Name: Tutor: Institution: Date: Table of Contents Introduction 3 Market Segmentation 3 Types of Market segmentation 4 Segmentation based on Geography 4 Segmentation based on Demography 5 Segmentation based on Psychology 6 Segmenting Markets based on Ethnicity 6 Effectiveness in Segmentation Approach 7 Examples of Organizations Using a Segmentation Approach 9 Conclusion 12 References 13 Strategic Marketing Introduction Strategic marketing is used by businesses to attract, maintain the existing and the new customers in target market (Aaker, 2005, 20).
The company should mainly consider the consumer behaviour which is unpredictable in while segmenting the market. In addition, entering a given market segment with a new product is likely to perform well in the market if it has been developed to meet consumers' need; in fact a company should ensure it uses all means to maintain this (Hawkins, Best, and Coney, 2004, 30). This paper will focus on discussing principles of segmentation that are fundamental to marketing, while implying the way unique groups of customers should be approached. The paper will also present relevant examples from renowned organizations through a critical evaluation of the way they use segmentation approach to create value to themselves and their customers. Market Segmentation This refers to a process of segregating a market into distinctive groups of buyers with different needs, attributes, or behaviours that require separate marketing mixes (McDonald & Dunbar, 2004, 56). ...
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