Market segmentation, Marketing Management

Assignment Help:

Q.  Explain market segmentation?  Tell need to segment the markets?

OR

Clarify the term market segmentation & briefly explain the need to segment the market?

Ans.:  Markets are not homogenous and they are made of various segments. A market is the aggregate of consumers of a given product & consumers vary in their characteristics parching behavior. It is possible to disaggregate the consumers into segments in such that in require characteristics and buying behavior; the members vary considerably among segments.

Segmentation profit the marketer as:-

  • Facilitates  Taping  of  the  Market,  Adopting  the  Offer  to  the  Target: Segmentation also enables the  marketer to crystallize the requirements of the target buyers. Also it helps him to produce an right predication of the likely responses from each segment of the target buyers.
  • Facilitates Proper Choice of Target Market:  Segmentation helps in distinguishing one customer group from another and there by unable him to choose which segment should form his target market.
  • Makes the Marketing Effort More Efficient & Economic: Segmentation makes the marketing try more efficient and economic. It ensures that the marketing attempt is concentrated on well defined & carefully select segments. After all, the resources of any company are restricted & no company can normally afford to attack and tap the whole market.

For example: Ford Strategy - Through segmentation car manufacturers have achieved useful  insights  on  the  product  features  to  be  provided  to  different segments of car buyers.

Advantage the customer as well.

  •   Helps  spots  the  less  satisfied  segments  and  succeed  by  satisfying  such  type of segments.
  •   Helps   gain   the   specialization   required   in   product,    promotion, distribution & costing for matching the customer group & develop marketing offers.

Then, to compete more effectively, various companies go for target marketing which can establish and communicate the distinctive advantage of the company's market offering. This procedure is called as market segmentation.

For example.: GM has recognized 40 different customer requirement & 40 different market segments in which it would be present with its vehicle.


Related Discussions:- Market segmentation

Explain about promotion mix, Q. Explain about Promotion Mix? Meaning: ...

Q. Explain about Promotion Mix? Meaning: - Promotion is the co-ordination of every one seller initiated efforts to set up channels of information as well as persuasion in orde

What is available market, A vailable Market This may be refers to ...

A vailable Market This may be refers to the combination of those clients who have an interest in a particular product or service, access to it, and the funds to pay for it

Concrete math, Cribbage players have long been aware that 15 = 7 + 8 = 4 + ...

Cribbage players have long been aware that 15 = 7 + 8 = 4 + 5 + 6 = 1+2+3+4+5. Find the number of ways to represent 1050 as a sum of consecutive positive integers. (The trivial rep

Elements of the external environmental context, The responsibility of the M...

The responsibility of the Marketing Communication Manager is to sense those elements that can not be strong now but which in the future may have an impact on the organization and

Test marketing, what is test marketing ? Explain various approaches that a...

what is test marketing ? Explain various approaches that are followed by FMCG company in test marketing

Explain Henry Assael Model of buying decision behaviour alon, Explain Henry...

Explain Henry Assael Model of buying decision behaviour along with the diagram”.

Report, I am in very critical condition. i am in bachelore level for 8th se...

I am in very critical condition. i am in bachelore level for 8th semester with the assignment of completion of research based report and i am unable to collect all information in m

What are the convenience goods, What are the Convenience Goods? Conve...

What are the Convenience Goods? Convenience Goods: These are inexpensive items that purchase requires very few efforts on the part of the consumer. The shopping list of p

Message contents of advertisement, Q. Message contents of advertisement? ...

Q. Message contents of advertisement? a) What ads. Needs to communicate to targeted audience through advertisement copy. b) Message is regarding:- c) High quality of prod

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd