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Segmentation, Targeting, Positioning - Assignment Example
Pages 6 (1506 words)
UNDERSTANDING THE CONCEPTS AND PROCESS OF MARKETING AND EXPLORING THE CONCEPTS OF SEGMENTATION, TARGETING AND POSITIONING Institution’s name: Introduction Cornflower Blue is a company that specializes in the production and distribution of products such as body care products that are herbal oriented, herbal remedies, aromatherapy products and culinary products that constitutes of honey, tea and chutney…
Thus, the purpose of this paper is to analyse the practice and role of marketing in Cornflower business. In addition to that, the paper will provide an overview of the principal practices and concepts of marketing. Understanding the Concept and Process of Marketing There are two principal marketing concepts. These are such as the application and value of segmentation and product development and design process concept. Segmentation as a concept is vital for Cornflower Company as it aids in categorizing the market into various segments depending on various factors such as gender, age and ethnic backgrounds. However, some physical attributes can also be used including geographical location, hair colour, weight and eyesight (Salaimeh 2008, p.455). Despite the usefulness of the above named segments, it is argued that they are too general. As such, Cornflower Company should narrow down and identify their target market. The effective way for Cornflower to identify its target market is through the utilization of socio-economics as a segmentation strategy. In that case, it should base its focus on income, occupation, and education status of the population in which its stores are located. ...
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