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Merketing Segmentation of The Food Industry - Essay Example
Pages 12 (3012 words)
The modern trend of the market is changing the food industry at a very fast pace. The changing needs of the consumers due to the fast track lifestyle are growing the need to implement strategies by the company to introduce new products in the market. …
Markets have always been segmented and products have been differentiated on the basis of the ways in which suppliers have applied different techniques of competing in the market. The crucial evidence for the above aspect collected in recent times is that researchers have been using behavioural and economic theories along with sophisticated analytical techniques for identifying the various market segments and opportunities for product differentiation. The concepts of market segmentation and product differentiation have been discussed in literature for long. Shaw (1912) has described the strategy of market segmentation and product differentiation as that of trying to cater to human needs and wants more accurately than competition. The result of market segmenting and product differentiating is the creation of a potential which attains a price level which is higher than prevailing stock commodity. Researchers have identified the recent changes in the market environment of firms which have presented with new opportunities and chances of further segmentation of the market. However, the aspect of the possibilities of identifying the groups of customers as individual segments in the market in reality is an empirical one. ...
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