StudentShare solutions
Triangle menu

Marketing Segmentation and Targeting - Essay Example

Not dowloaded yet

Extract of sample
Marketing Segmentation and Targeting

This research will begin with the statement that A market, in contemporary terms, is defined as a 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 a group of both people as well as businesses with a clear interest, purchasing ability and willingness to spend some money to get the goods or services to satisfy their specific needs. Market segmentation is the grouping of customers who may be individual or corporate into a pool of customers with similar demands (goods and services) in terms of prices and designs. It can also be termed as a marketing strategy where a large market is divided into various subsets according to the customers’ demands. 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 many 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 gender. Market segmentation is a business strategy upon which other marketing decisions are based. ...
The first is the geographic segmentation which is determined by various regional variables like nations, neighborhoods, climate, and rate of population growth as well as the population density. Demographic segmentations consider age, level of education, income, status of family, occupational factors, and the customers’ gender. Psychographic market grouping is making use of psychological science to know customers well and is based on the attitudes and the general customers’ lifestyle as well as values. Finally, behavioral market differentiations is done according to the rates at which the customers use the goods or services in question, price sensitivity, how loyal the customer is to a certain brand, as well as the benefits attained. The greatest purpose of market segmentation is to enable sales activities to put more emphasis on a certain market segment with the highest chances to buy the products or services. If properly done, higher sales will be realized. In other perspectives, it is aimed to improve business or company’s competitive nature as well as serve the customers in a better way which translates to better output such as sales increase, better market share, and a good business image. Other benefits of this market strategy is to get to the bottom understanding of the customers’ needs and this translates to improvement of a company or business in general. This confers on the business a competitive advantage due to the better services offered to the grouped customers. The other advantages are that the goods or services termed as responsive could be designed to satisfy the wants of a certain market place. Secondly, it can be used to decide on effective costs and creating awareness on a certain ...Show more

Summary

This essay analyzes marketing segmentation and targeting. The essay states that both the marketing segmentation and targeting are correlated strategies aimed at focusing more on a specific market or customers’ categories to ensure an increase in sales and profit.

Author : catalinasauer
Marketing Segmentation and Targeting essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Marketing Segmentation and Targeting"
with a personal 20% discount.
Grab the best paper

Related Essays

Segmentation and Targeting
The company began to expand in 1987, when Howard Schultz became in charge (Stanley, 2002). Schultz strategy was to create a personal association between customers and coffee. A few years later, the company expanded enormously until it became the undisputed leader in the production of fine coffee.
3 pages (750 words) Essay
Principles of Marketing: Market Segmentation, Targeting and Positioning
..6 i. Geographical Segmentation………………………………………………6 ii. Demographic Segmentation………………………………………………6 iii. Psychographic and Behavioural Segmentation……………………………7 Benefits and Limitations of Market Segmentation………………………………………..7 i.
8 pages (2000 words) Essay
Concepts and Processes of marketing segmentation, Targeting and Postitioning
The first P represents the selection and development of the product that is supposed to be marketed. Products vary from different places depending on the demand of various geographical areas and various people selection of goods and services. The second marketing P in marketing represents the determination of a price for the product manufactured.
8 pages (2000 words) Essay
Segmentation, targeting and positioning
At the time of recession some companies got recovered including Retailer Faith which administrated its place in the period 2010 April. At the same time some brands like “Stylo PLC” were badly affected as were posed to deepest threats of the recession 2008.
7 pages (1750 words) Essay
Segmentation,targeting & positioning
Nike has gained much attraction among the marketing expert after its ambush marketing strategy in Atlanta-Olympics 1996. This paper starts with the simple definitions and introduction on Marketing and than moves to the strategy section, where it discuss the latest strategic moves of these companies.
8 pages (2000 words) Essay
Marketing Assignment - The purpose of this report is to apply your knowledge of marketing to Virgin. Your report should explain the concepts of marketing and illustrate segmentation, targeting and positioning using one of their products. Finally, you w
Process: Marketing as a process is a function of the whole management, it requires planning, coordinating and implementing of its own which can only be done with competent managers and staff. Beneficial relationship: The end result of marketing should be beneficial to both the
12 pages (3000 words) Essay
Segmentation targeting positioning (STP)
Proper segmentation is realized where customers with a common need are placed together and the demand strategy should differ from the needs of the other customers, (Capon,
1 pages (250 words) Essay
Segmentation targeting positioning (stp)
Tatum (n.d.) states, “Market segmentation is a strategy that involves dividing a larger market into subsets of consumers who have common needs”. Targeting is another concept, which
1 pages (250 words) Essay
Segmentation, Targeting, and Positioning
people whose needs are met by the products or services to be introduced and by so doing focusing the products or services in a way that directly addresses the needs of the segment. Another instance where segmentation, targeting and position are very important is when there is
2 pages (500 words) Essay
Market Segmentation, Targeting and Positioning. (The Internet and vast amount of digital information about customers enable marketing professionals to adopt more sophisticated market segmentation schemes. Such schemes are increasingly used by companies a
One impact of digital technology is that it has opened up international markets, resulting to the formation of a more complex market characterised by cultural diversity
6 pages (1500 words) Essay
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
Comments (0)
Rate this paper:
Thank you! Your comment has been sent and will be posted after moderation