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Market Segmentation – Concept behind Segmentation in Marketing
It is a process of breaking down a large widely varied market into submarkets or segments that are more similar than dissimilar in terms of what the consumer is looking for or is presumed to be looking for.
There is one goal related with segmentation and it is a concept for process the image. It represents the image which is meaningful and easy. It is related with targeting and positioning. If a sales person or a marketer needs to position its product or services he needs to first identify the target market, then position its product as per the marketing research and finally he do the last part of segmentation. It matches the correct position which suits the product.
Underlying the strategy of market segmentation are the facts that consumers differ in their wants and that the wants of one person can differ under various circumstances. The market for automobiles can be divided into submarkets for different types of automobiles based on the needs and desires of various groups of buyers. Identifying those groups or segments of the population who want and will buy large or small, luxury or economy, or sport or sedan or minivan models is an important part of basic marketing strategy.
It develops the needs and wants of the target people so the company manages to do the same for achieving their goal. It is concerned in the market for specific and for the target product it helps in identifying the different group of purchasers to target specific product and services for each group or segment. The main thing which require in doing segmentation is marketing research which needs to be done in a proper and in an orderly manner. From research organization believes in delivering the appropriate findings of the product as well as services to its target audience who are its main source of income, main source of earn, who are its main key assets to the organization.
Segmentation is a term which is very important in marketing and it requires also the collection of data, analysis of data, information of the target customers, background of the people, educational knowledge of the potential customers, income background of the people and many more which will help the marketing people to understand about the actual needs and real requirements of the people with their additional information. It establishes information and provides the contacts of the customer. It also helps in identifying the potential customers demand and profile as well the history of family and office / business so they can deal with them in a very proper manner.
In addition to needs markets are often segmented on characteristics of consumers referred to as demographic such as age, marital status, gender, and income. These data are widely available and tend to be related to product preference and use.
Advertising’s role in the market segmentation process is to develop messages that appeal to the wants and desires of different segments and then to transmit those messages via appropriate media. For example: Bayer has four different versions of its basic aspirin brand. There is regular Bayer for headache relief; Bayer Enteric Safety Coated 81mg aspirin for people with cholesterol and heart concerns; Women’s Bayer, which includes a calcium supplement; and Children’s Bayer, which is lower dose and chewable. Each of these versions of the Bayer brand of aspirin addresses both needs and characteristics of consumers in the market. The internet provides a new and highly efficient way to reach very well defined market segments.
It also helps customers in knowing about the product if the segmentation has done in an orderly and branded manner and the best approach to it is 7 p’s that is as you all know product, place price, promotion, people, physical evidence and process. These are very important elements in market segmentation as well. It identifies the customer needs, it segments the market, and it develops the profile of the customer which results into market segmentation. Every buyer and customer has different needs, different requirements, different approaches, different behavior but segmentation helps to understand the needs of the customer by the age group, by defining the age profile of the customers, by addressing each criterion and needs. Every individual has individual needs, preferences, resources and behaviors and it is very difficult to understand each individual for a marketer because it is totally impossible and requires a marketing mix for all the customers.
Segmentation also helps in developing the target and effective market, the research and analysis helps to understand the segmentation properly in deciding about the particular segments, it helps a marketer to provide a better service to its customers as per their needs and wants. By the help of segmentation organization can create more number of additional customers and can expand their business and it is also based on the customer loyalty which offers new product to the customers and they feel the product they are choosing is really trustworthy. For example in case of automobiles there is premium segment in which luxurious car comes that is Honda city, Skoda and the lower segments which includes the less luxurious cars that includes Tata Nano, Zen etc.
To conclude I must say that advertising plays an important role in helping a firm execute these marketing strategies.
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