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Research Paper example - Marketing Strategy for Hair Extensions and Beauty Products
Pages 4 (1004 words)
Marketing strategy for hair extensions and beauty products Market segmentation is the division of a mass market into identifiable and distinct groups or segments, each of which have common characteristics and needs and display similar responses to marketing actions (Baines, Fill, & Page, 2008)…
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Behavioral segmentation involves observing how customers use products and media, purchasing behavior and ownership. Psychological segmentation involves using the lifestyles of customers, the types of benefits sought by customers and customers’ attitudes and perceptions. We shall use all different attributes from each of the three segmentation bases to help us identify possible target markets. Our approach for doing this will be the breakdown approach which considers the market as consisting of customers that are essentially the same, thus our job would be to identify groups sharing particular differences. Our core products are hair extensions and beauty products. The hair extension products shall be targeted at women whereas the beauty products shall have products targeting both men and women. Targeting both men and women in our beauty products will enable us to use complementarity of our products between the sexes to create a market positioning. The economic environment for our targeted customer, in North America and Europe, is still in recovery mode, thus many consumers have low discretionary income. The level of discretionary income affects our products because they do not fall under the essential products category. ...
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