Advertising and public relations (Virgin Money) - Essay Example

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Advertising and public relations (Virgin Money)

When referred to the phenomena of marketing, segmentation is an integral part for all products that cannot be mass marketed, and credit card is one of them.Though the gurus of marketing once agreed that credit card can be mass marketed because once an application is received Consequently, it is self-proven that credit card is not a mass market product. Therefore, when developing a card or marketing it to a consumer base, it is highly critical to ensure that the right segment of the market is identified and targeted.Cahill (2006) states that segmentation is a critical phenomenon in which markets are divided into various portions, thereby, the firm deciding on which portion (segment) to target, based on the marketing mix of the product that has been developed.At present, the strategy of Virgin is to develop segments based on demographics or the age groups in particular. At the time of the initiation, Virgin identified its target market age group to be those in the age bracket of 30-45 years, while in sometime only, it was identified that most of its customers were in the age bracket of 25-35 years. Thereby, the firm had to revise the demographics of its target market segment.Interestingly enough,when it comes to market segmentation for a firm that aims for innovation, in accordance with McDonald, as is for the case of Virgin, the goal really becomes to unleash the needs of the customers that are unique from the generalized population. ...
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When referred to the phenomena of marketing, segmentation is an integral part for all products that cannot be mass marketed, and credit card is one of them.Though the gurus of marketing once agreed that credit card can be mass marketed because once an application is received…
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