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Segmentation - Term Paper Example

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Segmentation

Segments are the portions attained after considering the various variables that include age, gender, and societal class in terms of income generation, attitudes, and opinions. Other factors include their interests, physique, and their knowledge status among many others. Segmentation is part of the many tools and theories in the marketing world (Wedel and Kamakura 69). For instance, the manufacturing of the products is within the target needs of a specific part of a population. This paper will seek to expound on the various steps involved in analyzing of the same. The other objectives of this paper shall include in-depth market analysis of a product of choice in line with segmentation, the various segmentation variables, and how they influence the marketing and selling of the identified product. In addition, it will give a detailed analysis of the existing market segments carefully depicting the underutilized variables in improving the marketing and distribution of the chosen product. Predominantly, there are two classes of variables, which influence the use of segmentation in a target market. The first factor is needs, which essentially is what an individual cannot do without. Mostly, wants take the place of needs as is in many instances individuals confuse their urgency and importance. A want is something that one can simply delay its use as it is not pressing or not of urgency. Essentially, needs are the most basic things and are unavoidable. In market segmentation, the needs of the consumer are the referral point in the marketing strategy. Obtaining of these needs is through the conducting an intensive research in the identified market (McDonald and Dunbar 40). The other variable is profilers, which are the detailed description of consumers’ characteristics by determining their age, area of residence, citizenship, income level and their gender. Further, under area of residence, ascertaining if the segmented group lives in urban or rural setting is critical as the way of life for those living in the two tend to be different (Weinstein 54). Amazingly, examples of profilers and the characteristics of the needs revolve around the same factors mentioned above. Further, a field’s societal status can also be the base of the argument that distinguishes what a segmented group would want and what it would not. For instance, race and religion play a role in the segmentation period as marketing of a certain product to a certain race would be unsuccessful as their religion may not allow it (Yankelovich and Meer 5). Therefore, market research is an important tool that would ensure the successful penetration of a product into a targeted market. The lifestyle of those whom a marketing company intends to roll out the product to should also serve as their reference point. Many product releases fail to pick in a market mainly because the product does not get to the right individuals. Poor study of the group leads to such cases, thus inhibiting exhaustion of the market area. Another factor is the behavior of the segmented group in terms of the product usage. In a market, there are high, middle and low level consumers of a specific product. In essence, profiling them according to their different usage levels helps the marketer to determine the amount of products to release into the market (Wedel and Kamakura 73). One among the extensively growing industries is the automobile one. With the motor industry as the basis, it is ...Show more

Summary

Marketing Segmentation With the current growth of technology, marketing has taken a different perspective in respect to technology. Many organizations have failed to realize effective marketing due to lack of technology and proper research…
Author : kolbyluettgen
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