Market Segmentation - Essay Example

Extract of sample
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 world. The needs of consumers are widely heterogenic; therefore, different products are made that target specific needs of consumers (Wedel & Kamakura, pp. 3). The theory of market segmentation, given by Smith (1956) has maintained its value, for he recognized the heterogeneity of the needs of the consumers, because of their differing preferences. The purpose of market segmentation covers maximizing sales and profits. In the modern world of today, the theory of market segmentation has undergone various changes and has gotten more complex. The paper attempts to explain the process of market segmentation. It also describes the reason for carrying out market segmentation. Furthermore, it talks about the concept of ‘targeting’, which remains extremely important in the theory of market segmentation. ...Show more

Summary

The market consists of different types of consumes that have a variety of needs and various types of products (Kotler, pp.44). The market further divides itself into different types of consumers, further divided into subgroups and segments. …
Author : julietmraz
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Market Segmentation"
with a personal 20% discount.
Grab the best paper

Related Essays

Market Segmentation in Apple
This proposal also encompasses the ethical statements that will be followed in the research, along with a Gantt chart which specifies the research methods and time frame. It is very important to study the market segmentation of Apple because they have a wide variety of products.
4 pages (1000 words) Dissertation
Criteria for Market Segmentation
It is the most popular method because of the easy availability and interpretation of the data. Most of the consumer markets can be divided on the basis of demographics but it is also one of the deciding forces behind the purchase behavior of the consumer as well.
6 pages (1500 words) Term Paper
Market Segmentation Essay
Some firms attract their customers through cost-effectiveness or price differentiation, while others aim to grasp their market through providing a unique product/service. While the strategies of firms may differ, the target group that firms are aiming to attract may be similar (Greenberg and McDonald, 1989, pp.
6 pages (1500 words) Essay
The Importance of Market Segmentation
Essentially, the segment market has already “told” the company what it wants to purchase. Segmentation marketing means targeting your advertising and marketing programs directly at the specific segment. Why not just generally advertise to the whole market and hope to get even more sales that way?
6 pages (1500 words) Essay
Market segmentation
The criteria are depended deeply on the aspects like age, gender, race and ethnicity. Thus, the marketing campaigns are devised in such a way as to make sure that the specific customer segments are ably met, whilst addressing their needs, wants and desires, which indeed are seen as common.
7 pages (1750 words) Essay
Market Segmentation
This is where the diversity of demand brought by any business entity into the marketplace are properly understood and characterised. It is developed by identifying a given number of identical market segments which are of a justifiable size, can be distinguished, customer oriented, profitable and can be easily accessed, and then selects a target group(s) for its marketing operations.
3 pages (750 words) Essay
Market Segmentation of Orbitz
Market Segmentation of Orbitz Table of Contents Task 1 4 Introduction 4 Market Segmentation 4 Targeting Strategy 9 Mass Targeting Strategy for Orbitz 9 Market Positioning Strategy 10 Task 2 11 Organizational Markets & Consumer Markets in Travel Industry 11 Marketing Mix: Tactical Marketing Strategy 14 Product Mix 15 New Product Development 17 Product Life Cycle 19 Task 3 21 Market Entry Modes 21 Marketing Mix for Consumer Markets 23 Reference List 26 Task 1 Introduction Orbitz is one of the leading travel companies which was formed by an alliance between major airline companies; American, Continental and Delta Airline, Northwest, United Airline and Continental Airline companies in the year 19
19 pages (4750 words) Essay
Consumer Behavior
This essay discusses many themes, that surrounds consumers, their types, behavior and markets. It also explaines media markets, different consumption subcultures, demographics and principles of consumers and mentiones many strtegies that are used to understanding and predicting the behavior of modern day consumer.
16 pages (4000 words) Essay
Task environment Audit
Apple is one of the biggest companies in the world with a brand that is worth billions of dollars. Under the distinguished and charismatic leadership of the company’s chief executive officer, the
3 pages (750 words) Article
Product Development and Pricing Strategies
Marketing deals with satisfying the requirements of the customers and making them pleased along with making the organization achieve its objectives. At the same time the organization has to also compete with its rivals in order to stay in the market. To be in the competition the organization needs to find diverse ways and continuously upgrade itself.
11 pages (2750 words) Assignment
Find out how much would it cost
to get a custom paper written by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT