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Market Segmentation Research Paper

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Market Segmentation
Market segmentation defines as the procedure of dividing a huge market of potential customers into a smaller group, fragment or segments of customers with different characteristics, needs, wants and behaviours which may possibly need distinct marketing mix. The created segments are made up of consumers who are responding to the marketing mix in the same way as well as who share the similar traits ,for instance, needs ,wants ,buying behaviour and locations. The company divide the huge market into small segment that is capable to be reached effectively and efficiently with product and services that meet the segment of customers ‘distinctive needs. Besides, the company is able to personalize their marketing promotion effortless …show more content…

Target market comprises of a single or multiple groups of consumers that the company desires to serve. This consists of two actions which are the evaluation of market segments as well as the selection of the most suitable market segments. After the segmentation of market, our company now has to evaluate the market segments and make decision on the amount of market segments as well as which market segment it is capable to serve the best. Three factor which are segment size and growth, company objective and resources as well as segment structural attractiveness. Based on the list of market segments, the right size and growth of market segment among the list that our company consider are the female segments that are from middle and upper social class .According to UN, World Population Prospects, the amount of men and women in the world is almost the same, out of 1,000 people, 496 are women and 504 are men which mean percentage of women is 49.6% out of 100%, while percentage of men is 50.4% out of 100% .Due to there is not much difference between the population of male and female. It is reasonable and acceptable to our company to choose either one as our target market, therefore we select female segment as our target market due to female are very concerned and cared for their beautifulness as compared to male especially for manicure. The female population from the middle and upper social class are growing …show more content…

Target market defines as a set of consumers with similar characteristics, needs and wants that the company make a decision to serve. Our company has decided to serve and target the female who are from middle social class and female who are from upper social class segment. Our company make a decision to use the concentrated marketing strategies which also known as niche marketing .According to Bhasin, the concentred marketing defines as the strategy that the product is produced and marketed to specific segments in the market. In other words, the firm target a large share of a single or multiple segments instead of targeting the large market with small shares. The reason that our company choose to use the concentrated marketing strategy is our company is still small. In addition, our company attain and gain a great market position due to the better understanding of the buyer needs in the position it serves as well as the particular reputation it acquires by using the concentrated marketing strategies. Our company is able to market more effectively through the improvement and modification of products, programs as well as prices to the needs of well defined market segments. This is because we receive feedback only for our main product and it is easy to us to gather the feedback and make improvement according to the feedback given and serve the customer the best. Besides that, our company

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