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Marketing Segmentation and Targeting
Pages 6 (1506 words)
Marketing Segmentation and Targeting Name: Institution: A market, in contemporary terms, is defined as place where both buyers and sellers come to meet with the objective of exchanging of goods or even services. In this text, the general definition of a market is group of both people as well as businesses with a clear interest, purchasing ability and willing to spend some money to get the goods or services to satisfy their specific needs.
A good market segment should be homogenous meaning all customers in a specific segment would prefer a common product quality. on the other hand, buyers from different segments are expected to have different products and services tastes. However, all these should yield much returns. The term can also be described as grouping customers with similar needs and charged differently from other groups or segments. Statistical analysis is done on some characteristics to come up with a certain market segment. Among the characteristics are the customers’ location, price, income, religion, and gender2. Market segmentation is a business strategy upon which other marketing decisions are based. It needs a good management commitment towards customer related planning and research then ensuring implementation of the findings as well as their control. Requirements of a good market segment are highlighted below. It should be easily differentiated from others in terms of the customers’ demands. Secondly, it should easily be reachable in terms of communication as well as distribution routes. The segments should be of a considerable size to fully utilize the resources needed to sustain them. ...
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