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Reflection On Market Segmentation

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Throughout the past weeks of learning marketing, I found that trying to do market segmentation was the most challenging portion that I have faced in tutorials and our project. Market segmentation is a key component since the promotion tailored to the segment would not be effective if both things are misaligned (it determines how to create a specific marketing plan to communicate our product effectively to our targeted group of people), i.e. an advertising campaign that concentrates on healthy eating. Younger generation probably have lesser concern since they are not as health conscious as compare to the older generation which could result in reduced impact on the younger generation. Therefore, we could not just simply ignore this portion and move on to other segments.
Furthermore, having a wrong market segment would result in dire consequences such as unsatisfied promotion campaign, wastage of promotion budget, time, energy and a lower level of profit margin. Therefore homogeneity of segments is an important factor of the marketing strategy (Dr. Bruce Isaacson, 2012).
The first target group we had for our marketing proposal presentation was “generation Y smartphone users who currently own a portable charger”.
However, it was being questioned on whether the target market was specific enough. …show more content…

I feel that if one is unable to successfully capture the attention of/reach out to their target market, no matter how good is the product, it wouldn’t be able to progress much. Promotions will become the voice of the company informing your consumers that you exist. A well-designed marketing and promotional strategy can help businesses ensure long term success, bring in more customers and increase net profit margin. http://lonelybrand.com/blog/3-companies-integrated-marketing-right/

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