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Word Count: 2,111
Market Segmentation Market Segmentation means breaking down the total market into self contained and relatively homogeneous subgroups of customers each possessing its own special requirements and characteristics This enables the company to modify its output advertising messages and promotional methods to correspond to the needs of particular segments Accurate segmentation allows the firm to pinpoint selling opportunities and to tailors its marketing activities to satisfy on consumer needs Through the process of market segmentation there are certain variables to identify customer groups such as needs income geographical location buying habits and other characteristics as well we can focus on the parts of the market that it can serve best and make great profit Importance of Market Segmentation Due to the fact that resources are limited Therefore all business will minimize their resources and maximize their profit to gain their benefit In order not to waste any times and money on promoting their production in the wrong direction Market segmentation is needed to spot their products market opportunities gain competitive advantage and target marketing activity on promotion Step of Market Segmentation process iMarket Segmentation Identify bases for segmenting the market Develop profiles of resulting segments iiMarket Targeting Develop measures of segment attractiveness Select the target segment iiiMarket Positioning Develop positioning for each target segment Develop marketing mix for each target segment Major Bases For Segmenting Consumer Markets Geographic SegmentationDividing a market into different geographical units such as type of property urban suburban rural regions country and climatic zone Geo-demographic SegmentationDividing a market into groups based on the notion that people who live close to one another within the same physical geography share broad characteristics of financial means tastes lifestyles and purchase habits Demographic SegmentationDividing a market into groups based on demographic variables such as age sex education occupation income social class familyhousehold status life-cycle stage religion nationality and race Behavioural SegmentationDividing
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