Market Segmentation This refers to the importance to divide markets into segments. This concept applies to all types of markets, however, in this segmentation the basis is for a new range of healthy cereals. During the Industrial revolution the market was treated as a homogenous mass where the market is composed of customers having similar needs and wants, having only one similar product. Today, through research, we are aware that the market is heterogeneous composed of people having different needs. A Marketing Mix that had worked out with one segment will not necessary work out positively with another segment.
This segmentation method assumes that consumers in the same demographic will have similar needs. This information is easily obtained. It is one of the least popular ways to segment your market. Proper integration with other forms, such as behavior, psychology, and geography, segmentation will begin by creating more targeted marketing than more manageable parts. However, this form of segmentation does not explore why consumers buy what they do, so it does not provide insights into what motivates consumers to purchase certain services or what types of people prefer brand products than other brands.
Answer: (a): Market segmentation is the first step in defining and selecting a target market to pursue and penetrate. Basically, market segmentation is the process of splitting up an overall market into two or more groups/classes of consumers. Each group of consumers is called as a market segment. Each group (or market segment) should be similar in terms of certain characteristics or product/ service needs. In business world, market segmentation is considered to be a most important tool in enabling marketers to better meet customer needs and requirements.
Market segmentation was first put forward in the middle of 1950s by Wendell.R.Smith, an American professor of marketing. “Market segmentation is to divide a market into smaller groups of buyers with distinct needs, characteristics, or behaviors who might need separate products or marketing mixes.”(Charles W. Lamb 2003). Segmentation is the process of dividing the market into groups of customers or consumers with similar needs. The more closely the needs match up, the smaller the segment tends to be but the higher the premium customers are likely to be ready to pay to have a product that more exactly meets their needs (Blythe, 2003). While market segmentation process helps organization to segment the total market and specify operation and value
Market segmentation helps the advertisers to devise suitable marketing procedures and limited time plans as per the tastes of the people of a specific market fragment. A male model would watch strange in a commercial advancing female items. The advertisers must have the capacity to relate their items to the objective
Because there are ideas that emanate from the data, it allows the researchers to establish a theme from the interviews which then gives the study momentum to move forward. Phenomenology allows the experiences to have meaning and a way to understand what is happening. The results also allow for new ideas and policy changes that make way for new innovative ways of providing care for future nursing. The use of qualitative research allows the researchers to showcase the contributions that nurses make every day and how understanding their approach to care from a personal perspective can ultimately improve and continue to make positive changes in the way nursing care is delivered. Description of
It is critical for the effectiveness of every market segment. With it, marketers can also priories their target audiences. If segmentation shows that some consumers would be more likely to buy a product than others, the attention and resources can be better allocated (Dibb, S. 2010). 7. CUSTOMERCLASSIFICATION In the retail sector, satisfying customers and having loyal customers have been so important for years.
For example, the main objective is to find out the causes of unemployment.”(Schaeffer & Presser, 2006) The sub objectives will cover to find out the factors affecting it, like age group, geographical, cultural. The main and sub objectives must be well defined and precise so the research process is smooth and fast. The third step is developing the research design. One has to decide apt design depending on the time constraints, financial constraints and the skill set available. It is very important to calculate and be aware of the cost of research and the available facilities and resources.
The basic market segmentation The process of dividing customers into smaller groups. To provide customers with similar needs in the same group. Optimizing marketing performance and budgeting to reach individual target customers. Which has different needs. Important variables that is the criteria for market segmentation such as buyer demographics, Geographical characteristics, Psychology and consumer behavior.
Explanation 1.2. What are the purposes of research?