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When it comes to marketing strategies most people spontaneously think about the 4P Product Price Place Promotion V maybe extended by three more Ps for marketing services People Processes Physical Evidence Market segmentation and the identification of target markets however are an important element of each marketing strategy They are the basis for determining any particular marketing mix Market segmentation as defined by Kotler is the segmentation of markets into homogenous groups of customers each of them reacting differently to promotion communication pricing and other variables of the marketing mix Market segments should be formed in that way those differences between buyers within each segment are as small as possible Thus every segment can be addressed with an individually targeted marketing mix The importance of market segmentation results from the fact that the buyers of a product or service are no homogenous group Actually every buyer has individual needs preferences resources and behaviors Since it is virtually impossible to cater for every customers individual characteristics marketers group customers to market segments by variables they have in common These common characteristics allow developing a standardized marketing mix for all customers in this segment There are a huge number of variables that could be used for market segmentation in theory They comprise easy to determine demographic factors as well as variables on user behavior or customer preferences In addition there are differences between individual customers and businesses As already stated segmentation is the basis for developing targeted and effective marketing plans Furthermore analysis of market segments enables decisions about intensity of marketing activities in particular segments A segment-orientated marketing approach generally offers a range of advantages for both businesses and customers Better serving customers needs and wants It is possible to satisfy a variety of customers needs with a limited product range by using different forms bundles incentives and promotional activities Higher Profits It is often difficult to increase prices for the whole shipping
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