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Market Segmentation - Essay Example

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Masters
Author : blockcurtis
Essay
Marketing
Pages 6 (1506 words)

Summary

Running Head: Market Segmentation Market Segmentation Market Segmentation The business environment is highly competitive in the 21st century, as thousands of firms have emerged offering services and products to consumers…

Extract of sample
Market Segmentation

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 standardized products. All other products or services are differentiated and conformed to the needs and wants of various target groups (Greenberg and McDonald, 1989, pp. 95-96). Differentiation refers to adapting the characteristics and marketing of your product/service to fulfill the needs and wants of a particular target market. In order to select the target market for product/ service, a firm must indulge in the process of market segmentation (Greenberg and Mcdonald, 1989, pp. 110-112). Market segmentation is the process of dividing the larger potential market into smaller groups according to similar characteristics. The segmentation can be upon the basis of several variables depending upon the product/service the business is offering and how it plans to target its potential audience. ...
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