Market segmentation

Market segmentation Essay example
Undergraduate
Essay
Marketing
Pages 7 (1757 words)
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Student Name Professor Name Subject Date Market Segmentation A strategy of marketing is known by the name of market segmentation. It basically entails dividing a wide audience into different sets based on consumers marked significantly by their peculiar needs, wants, and desires…

Introduction

This paper discusses how market segmentation is a basic ingredient of the marketing strategy for the sake of different products and services in an organization that caters to the needs of the customers and varied stakeholders. It pinpoints its attention towards areas which deserve understanding and comprehension for the sake of reaching a common consensus as far as the dynamics of marketing are related. It is a fact that every organization has its own set ways in order to categorize these segments. It does so in order to focus entirely on the segments which have thus been chosen and not to concentrate its energies on the segments which are not required or which do not bring in the required profits. Market segmentation is an important metaphor which essentially dictates quite a few aspects – most of which have to do with segmenting, targeting and positioning (Ennis). The buzzword about market segmentation is that it creates subsets based on different premises which remain significant from a marketing standpoint. If these subsets are not involved, there will not be any use in understanding the related perspectives. Instead, the analysis will focus on targeting and positioning tangents, which is not really the key here. Thus, all-out emphasis must always be laid on elements that warrant attention and detail, i.e. on the segmentation of the market alone. ...
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