In the simplest terms, market segmentation is viewing a market as a number of smaller markets, i.e. dividing the market into a number of market segments. Theoretically, a market can be segmented with a wide range of detail; everything from viewing the market as only two groups, to segmenting the market into individual blogger.com: Friðrik Björnsson This additional service allows tracking the writing process of big Dissertation On Market Segmentation orders as the paper will be sent to you for approval in parts/drafts* before the final deadline. What is more, it guarantees: 30 days Dissertation On Market Segmentation of free revision; A top writer and the best editor; A personal order manager/10() Marketing segmentation enables the business to understand the needs of their customers hence respond to them effectively. It is evident that marketing segmentation goes hand in hand with various promotion mix tools. Once the consumers have been segmented, various promotion tools are used to market the product
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Marketing segmentation is a very critical component for any business. It determines whether the business will be successful or not, dissertation on market segmentation. In this case, I have been running a service retailer fast-food restaurant for two years. Notably, dissertation on market segmentation, the business has been successful all long due to the choice of market segmentation strategies. The following are some of the marketing segmentation strategies that have contributed to the success of the business:.
Consumers have similar needs for a given kind of a product. In this case, it is important to make the products more homogeneous to satisfy all consumers Goldsteinp. In the case of the fast food restaurant, some of the undifferentiated strategies involve: placing the best pricing strategy, developing communication promotional programs that target both current and potential consumers.
Moreover, it is important to offer products with minimum or little variation to create a sense of homogeneity as well as ensure that the distribution channels target the entire market Kotlerp. This has played a crucial role in boosting the number of customers who visit the restaurant per day.
Secondly, niche segmentation involves product specialization based on particular market. The main aim is to determine the markets that use the products and for what purpose, dissertation on market segmentation. In this case, markets are identified according to the rate, at which they are using the product as well as the purpose, to which the product is intended. Niche segmentation defines both the product and the consumers of a certain product Byronp.
In this case, the restaurant has been offering variety of products for different dissertation on market segmentation. Therefore, the use of niche segmentation has helped me to determine the rate, at which various markets are consuming the products and at what rate, dissertation on market segmentation.
In addition, products are designed and used for different purposes. Virtually, dissertation on market segmentation offer food stuffs. Putting into consideration that the restaurant offers fast foods, it is true to state that consumers of the products come from different markets. Dissertation on market segmentation order to effectively use the niche segmentation, I have organized the markets in terms of the types of food products or according to the category of the products consumed Lehmannp.
This has helped to determine various related factors such as how, where, when as well as under which circumstance the restaurant products are being used by the consumers. Moreover, I have been able to determine consumers who use particular products, hence, increase the rate, dissertation on market segmentation, at which the fast selling food stuff is being produced.
Thirdly, differentiated market segmentation targets well define consumer group. It targets a specific group of consumers who use a particular product. In this case, given product is tailored to meet the needs of a specific group of dissertation on market segmentation. Differentiated strategy has played a great role in enhancing the success of the restaurant. It has helped to establish consumers in terms of groups and tailor products in order to meet their needs Byronp. This results in establishment of loyal consumers in a given group.
Moreover, this approach is suitable as it can be promoted through any form of media in order to reach to the target group. In addition, products designed for a particular group of consumers are given one price creating some form of homogeneity in terms of pricing. Thus, a specific price is assigned to certain product for a given group of consumers. It also creates a form of appeal to that group of consumers. This is simply because the products are designed according to their needs and preferences, making them suitable to their wants.
Moreover, high specialization of products in differentiated approach creates a form of appeal Kotlerp. Therefore, a uniform marketing program is development as well as a lasting relationship with the consumers. This has been the case with the restaurant, where a given group of consumers who regularly use a given products have developed a lasting relationship with the staff. There are various promotion mix tools for communicating customer value, dissertation on market segmentation.
These tools are also used for assessing the roles of advertising and public relations for any business or organization. Promotion mix tools include the following: advertising, personal selling, sales promotion, direct marketing as well as public relations. These marketing tools are used to meet advertising and marketing goals and objectives. Advertising involves a paid non-personal form of presenting and promoting ideas, goods as well as services from an identified sponsor. It reaches large segment of population in various geographical setting.
Moreover, consumers perceive goods being advertized as being more legitimate as the company dramatizes its brand Goldsteinp.
However, it involves a one way communication; thus, there is no feedback that can be used for adjustments, dissertation on market segmentation.
It is also relatively expensive. Sales promotion is a form of an incentive that is carried out for a given period of time with the sole aim of encouraging consumers to buy the products or services Byronp. This strategy targets the final consumer of the product. It entails the use of various formats such as coupons, dissertation on market segmentation, premiums among others.
Offers are often dramatized. Although consumer stimulation is short-lived, it offers very strong purchase incentives that benefit most organizations.
Public relation is a process, through which an organization builds a good relationship with the public and dissertation on market segmentation companies by developing a favorable publicity.
This helps to avoid negative or unfavorable rumors, events as well as stories that may destroy the corporate image of the organization or business Lehmannp. This approach is high credible by most customers. It may take the form of new features and stories. It is also possible to dramatize the use of the products and is considered to be relatively cheaper than other promotional mix methods.
Direct marketing involves the use of a direct form of communication, which is carefully designed to targeted individual consumers Kotlerp.
Moreover, it leads to development of immediate response as well as establishment of a long term relationship with dissertation on market segmentation consumers. It may take many forms such as direct mail, online marketing as well as telephone marketing. It is often a personal presentation with the aim of making sales as well as cultivating a long term relationship with the customers Kotlerp.
It results into a personal interaction that facilitates feedback enabling the company to initiate the necessary adjustments. It leads to development of loyal consumers due to the fact that the sales force develops a lasting relationship with their consumers.
As analyzed above, marketing segmentation is very vital for the progress of any business. Marketing segmentation enables the business to understand the needs of their customers hence respond to them effectively, dissertation on market segmentation.
It is evident that marketing segmentation goes hand in hand with various promotion mix tools. Once the consumers have dissertation on market segmentation segmented, various promotion tools are used to market the product.
Moreover, the organization is able to build a good relationship with its consumers as well as by other organizations through marketing segmentation and promotions. The Marketing Segmentation Strategy. Essay Categories Analysis Business Description Economics Exploratory History Literature Management Research Sociology. HOME Essays Economics The Marketing Segmentation Strategy.
How to Use Market Segmentation: Developing a Target Market
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This thesis is concentrated on business-to-business market segmentation, or in other words industrial market segmentation, for the American Chamber of Commerce in blogger.com: ahoain This additional service allows tracking the writing process of big Dissertation On Market Segmentation orders as the paper will be sent to you for approval in parts/drafts* before the final deadline. What is more, it guarantees: 30 days Dissertation On Market Segmentation of free revision; A top writer and the best editor; A personal order manager/10() Marketing segmentation enables the business to understand the needs of their customers hence respond to them effectively. It is evident that marketing segmentation goes hand in hand with various promotion mix tools. Once the consumers have been segmented, various promotion tools are used to market the product
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