Marketting Management Essay

4093 Words Nov 4th, 2012 17 Pages
1. Explain the concept of Marketing Segmentation & Target Marketing.

Market Segmentation is defined as:

“The process of dividing a market into distinct subsets of consumers with common needs and selecting one or more segments to target with a distinct marketing strategy”
Market segmentation is a strategy that involves dividing a larger market into subsets of consumers who have common needs and applications for the goods and services offered in the market. These subgroups of consumers can be identified by a number of different demographics, depending on the purposes behind identifying the groups. Marketing campaigns are often designed and implemented based on this type of customer segmentation.
One of the main reasons for
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This activity may lead to changes in packaging or other similar changes that do not impact the core product. However, making a few simple changes in the appearance of the product sends a clear message to consumers that the company does listen to customers. This demonstration of good will can go a long way to strengthen the ties between consumer and vendor.
Target Market:
A specific group of consumers at which a company aims its products and services. Your target customers are those who are most likely to buy from you. Resist the temptation to be too general in the hopes of getting a larger slice of the market. That's like firing 10 bullets in random directions instead of aiming just one dead center of the mark--expensive and dangerous.
Try to describe them with as much detail as you can, based on your knowledge of your product or service. Rope family and friends into visualization exercises ("Describe the typical person who'll hire me to paint the kitchen floor to look like marble...") to get different perspectives-the more, the better.
Here are some questions to get you started:
• Are your target customers male or female?
• How old are they?
• Where do they live? Is geography a limiting factor for any reason?
• What do they do for a living?
• How much money do they

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