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marks and spencer - Essay Example
Author : vallieabbott
Pages 9 (2259 words)
MARKETING – MARKS and SPENCER Marks and Spencer is one of the leading British retailers founded in 1884, dedicated to the sales of a host of products in categories such as clothing, homeware, beauty and food…
One of foremost steps in creating a successful marketing strategy is that of Market Segmentation, which refers to the division of a whole market for a product into smaller segments based upon the characteristics or aspects that are shared by the groups. By conducting market segmentation, a business is able to understand and evaluate various aspects of each division, group or segment in order to target a group or several groups that are then catered to with different marketing mixes (Vieceli & Valos 1998). As buyers become more diversified and unique, market segmentation acts as a key tool in designing the marketing strategies of successful organizations who understand that the diverse characteristics of customer needs, wants and preferences make it a requirement for any business’ success that the nature of its customer’s needs and wants is precisely defined and then handled accordingly (Lamb, Hair & McDaniel 2011). Market Segmentation can be conducted on the basis of four primary variables that are Geographic, Demographic, Psychographic and Behavioral and will be discussed individually based on their relevance and applicability to Marks and Spencer. ...