Market Segmentation Essay

Market Segmentation is the process of dividing the target market into groups of smaller segments using certain parameters in order to understand the customers and target different products and services to reach the buyers in that segment, thereby shrinking the sales cycle, increasing revenues and increasing the customer retention rate. The three steps in the marketing segmentation process are Segmentation, Targeting and Positioning. The first step of Segmentation can be broken down into two simple points as identifying segmentation variables and segmenting the marketing, and developing profiles of resulting segments. But, it is not as simple as they sound. A market segment is a group of customers who share similar values and/or beliefs. Segmentation has four famous approaches, namely geographic, demographic, psychographic, or behavioral scale. Geographical segmentation is the act of marketing the products to a region, or country depending on variables such as language spoken, traditions, population, and climate. Demographic segmentation is the act of segmenting on the characters such as age, gender, population, income, family size, or nationality. Psychographic segmentation segments…

customers in your area is one way to help advance your brand. Why is segmentation needed in sports? Market segmentation is the process of dividing an entire market up into different customer segments. (Suttle, n.d.). Studying the segmentation can be helpful to an Athletic Director understand the needs and wants…

Current segmentation criteria Discuss any segmentation criteria currently identified in the Marketing Plan for describing the target market/market segments. • Attitude: Consumer incentives on products or services. For example, consumers may be skeptical about the value of new forms of technology. Or they are considered to be the negative comments about a particular brand because of past experience. Attitude to means they are available in all the atmosphere or they may differ between different…

Target market segmentation is an approach where, a number of different segments can be used to divide the aggregate market for educational services into relatively homogeneous subsets. The target market approach, when adopted by universities, creates value among the university’s stakeholders. These stakeholders include the financial supports, the employers of graduate, alumni, current student and prospective students. The target market approach is preferable to the mass marketing approach in…

2 ROLE OF MARKET SEGMENTATION WITHIN INNOVATIVE LEISURE 2.1 Concept of Market Segmentation and Its Purpose in Relation to Marketing Market segmentation allows marketers to divide consumers and the market into segments. This is a key tool to any marketer as it creates groups that are manageable and easy to target based on shared characteristics and requirements. Segmented customer data within Innovative Leisure is essential as the wide product range means some products may not suit different…

2.0 Market Segmentation Market segmentation is a method of separating the large population and divide them into minor segments with the similar needs, wants and demands for each segment of the customer (Agarwal, 2015). The goal is to plan out a marketing mix that exactly matches the expectations of the target market (businessdictionary.com, 2015). Before a company start up a business, they need to know that which segment of customer prefers which sort of product and which segment of customer…

Marketing Plan Name Institution Date Market Segmentation It is a marketing strategy where a firm divides its large target market into smaller units with common similarities. Consequently, it designs and implements strategies to gain them. The different styles include: Demographic Segmentation This involves the analysis of characterization that may provide a profile or picture of customers’ family life cycle, age, or income. Elite consumers will prefer expensive and luxurious…

Market segmentation is the process of dividing a market into prospective buyers who have different needs and characteristics, or behaviours, and who might require separate products or marketing programs. A company is able to step up its marketing and sales efforts and reach out to a whole new market by using gender segmentation. In this case, Nike captured the women’s sports apparel market. There are few type of segmentation used by Nike such as geographic segmentation, demographic segmentation,…

Discuss any segmentation criteria currently identified in the Marketing Plan for describing the target market/market segments. • Behavioral segmentation: The criterion that the café can use to analyze the behavior of customers is asking them to fill in a form asking how happy they are after they purchase a product from the café. • Demographic segmentation: In regards to this kind of segmentation, occupation and education influence the behavior in which customers visit the cafe. • Occasion…

Q3) For demographic segmentation, it is appropriate to apply the income variable to compare the likely target market segments between the two watches. A smartwatch will likely to attract customers earning an annual income of USD$20,000 - USD$1,000,000. Meanwhile, a luxury watch is expected to entice customers earning an annual income of USD$1,000,000 and more. According to TechTimes.com, the most expensive smartwatch in the market belongs to LG’s G Watch R which costs around USD$400…