Got a tricky question? Receive an answer from students like you! Try us!

Merketing Segmentation of The Food Industry - Essay Example

Only on StudentShare
Masters
Author : ernserrhett
Essay
Marketing
Pages 12 (3012 words)

Summary

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. …

Extract of sample
Merketing Segmentation of The Food Industry

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. ...
Download paper

Related Essays

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 topics (Wedel & Kamakura, pp. xix). The topic of market segmentation has been around in the world for nearly a decade. It has gained large importance these days, especially in the industrialized…
5 pages (1255 words)
Market Segmentation Essay
95-96). All firms must ensure that the product/service that they are offering is different from their competitors in some aspect. In this era, there is no such thing as a standardized product which is suitable for use by all people. Hence, no firm seeks to target the whole market at large and it is highly difficult to target a large potential market with the same product and the same marketing strategies. No products except maybe staple foods such as fruits, vegetables, bread, butter, and other important dietary supplements are aimed at targeting the whole population of consumers and are…
6 pages (1506 words)
Segmentation
Segments are the portions attained after considering the various variables that include age, gender, and societal class in terms of income generation, attitudes, and opinions. Other factors include their interests, physique, and their knowledge status among many others. Segmentation is part of the many tools and theories in the marketing world (Wedel and Kamakura 69). For instance, the manufacturing of the products is within the target needs of a specific part of a population. This paper will seek to expound on the various steps involved in analyzing of the same. The other objectives of this…
8 pages (2008 words)
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 related. It is a fact that every organization has its own set ways in order to categorize these segments. It does so in order to focus entirely on the segments which have thus been chosen and not to…
7 pages (1757 words)
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). For an adequate marketing strategy to take place, a manager has to determine and identify the boundaries within the market and with the help of a business plan, develop a clear definition of a business…
3 pages (753 words)
Marketing Segmentation - Demographic
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…
4 pages (1004 words)
Mcdonalds Merketing segmentation
He developed a contracting organization known as McDonald organization incorporation. During 1955, he turned to creator of McDonald’s and purchased the McDonald brothers ownership for $2. 7 million and reformed the name of the organization to McDonalds corporation. Kroc assured himself like a starter who transformed the American restaurant business. Currently, McDonald’s is the California globe’s biggest quick food series supplying forty seven million consumers per day. McDonald’s remains currently one of the major precious products internationally, valuable extra than $25 billion.…