This research presents the market segmentation strategy for the manufacturer of the washing machine targeting the “Silver Market” or the Baby Boomers’. The paper will also describe the segmentation process and the bases for segmentation. …
This research will begin with the definition of target marketing as “breaking a market into segments and then concentrating your marketing efforts on one or a few key segments”. Thus target marketing involves splitting the market into manageable segments. The choice as to which market segment is to be focused on depends on the manufacturer’s requirements. Many writers have suggested a variety of approaches to understanding the target market process. When making an effort to identify the characteristics of the target market demographics such as age, age group, gender, marital status, the location of the business, incomes of consumers and their preferences matters. Next psychographics such as cultural values, mores, lifestyles, tendencies, propensities, choices and personal concerns matters. In the same way the kind of industry and typical market structure matter. In this instance, the industry is the white goods manufacturing industry and the market structure is oligopolistic in nature. The latter means there are only a few sellers or rather brand names. Other specifics include what kinds of regulations are applied to the industry by authorities. For instance, consumer electronics and electrical goods industry is subject to EU regulations that seek to ensure minimum safety standards. The incorporation of these safety measures would require a lot of research work and costs. Thus the target market would be approached with a greater degree of conviction and certainty. ...
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