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Principles of Marketing: Market Segmentation, Targeting and Positioning - Essay Example

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Principles of Marketing: Market Segmentation, Targeting and Positioning

Benefits……………………………………………………………………7 ii. Limitations…………………………………………………………………8 Targeting…………………………………………………………………………………..8 Positioning…………………………………………………………………………………9 Conclusion………………………………………………………………………………..10 References…………………………………………………………………………………11 Introduction It is hardly possible for organizations and firms to satisfy the needs of all its customers. Because of this, contemporary marketers need to characterize their buyers according to their traits and product needs. Marketers should do this in a view to adapt to the marketing plan, product or both to assist the organization in satisfying the different consumer tastes and demands. Consumers are different and come from different back grounds. This uniqueness offers different interests and goals. Such diverse needs and wants require to be satisfied. Needless to say, marketers should understand the needs and wants of their customers to enable them provide goods and services that satisfy their needs. In essence, business growth and development is dependent on, inter alia, consumer satisfaction level. In order to capture such a market with consumers of different needs, marketers usually divide the market into smaller submarkets or segments with similar needs. In an ideal situation, the marketer would respond with a custom made product, a separate price and unique communication and distribution method for every potential customer in the market (Jobber, 2010, p. 416). Practically, this would be far too expensive especially in a heterogeneous market. In order to satisfy the consumers, a company has to come up with an effective marketing strategy and promotional mix. The primary goal of a marketing stratagem is to key out the target market and formulate a marketing mix that is appealing to the customers. In essence, the decisions concerning the ultimate promotional mix can be classified in terms of promotion, price and product. Market Segmentation One of the most significant decisions for an organization to make is to select its consumers or market that it can effectively serve. The firm should decide whether it can serve the whole market against strong competitors before venturing into the market. If the company does not enough resources to satisfy the whole market, it can best serve better than its competitors by dividing the market into parts. There are more than 7 billion people in the world today. In the contemporary business world, there exist too many variables in consumer needs, preferences and purchasing power to attract all customers with a single marketing mix. Needless to say, firms must change the products to meet the needs of different market segments, in addition, the firms must try to identify the factors that affect the purchase decisions and then group the consumers according to the absence or presence of these factors. ...Show more

Summary

Principles of Marketing: Market Segmentation, Targeting and Positioning Contents Subtitle Page Number Introduction………………………………………………………………………………3 Market Segmentation…………………………………………………………………….4 Requirements of effective segmentation…………………………………………………5 Basis for Market Segmentation……………………………………………………………
Author : adriennesatterf
Principles of Marketing: Market Segmentation, Targeting and Positioning essay example
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