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Marketing Strategy Name: Institution Question 1 Market segmentation is highly significant in optimising the market as well as making it possible for the business to meet customer needs effectively (Wedel, & Kamakura, 2000). For example, a clothing firm specialising in baby-ware can segment the market in the following way.
It will also help in delivering the right products to the right market. Demographics Segmenting a market for baby-ware can be challenging because the consumer is not the actual decision maker. In considering the demographics of such a market, it is essential to understand that the demographics of the parents will be necessary. In this case, the age and gender of the parents of the children who are the target market will be necessary to be considered. This will help in creating marketing campaigns which are directed towards specific groups of people (Wedel & Kamakura, 2000). Psychographic segmentation Psychographic segmentation is also important. This refers to the behaviour of the customers and the way in which these customers are likely to behave in relations to the product (Webster, 1995). Some customers are likely to be willing to pay a little more if the quality of the product is raised higher. Others are likely to buy more often while others may be more exposed to the fashion appeal of the product. In developing a product for parents who want to buy fashionable clothing for their children, it will be necessary for the organisation to consider having fashionable products. Segmentation by occasions There are various occasions and seasons which may require various kinds of clothing for the occasions. ...
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