Changes in marketing concepts and practices due to the marketing activities that have become more diverse involving several functional areas and several external factors, for example, globalization, technology, fierce competition and complexity in customer demand (Gok & Hacioglu, 2009). As a result of the increasing in diversity of marketing activities had made marketing, which is the process of communicating the values between products or services products and consumer, to be difficult. In order to overcome the constraints caused by diversity, target marketing, which is the target aimed by a respective organization that is believed to be its prospective market with marketing messages, is getting important. Target marketing can be performed through several processes of identification. The identification processes involved identification of market segmentation, market targeting and market positioning.
The identification process starts with identification of market segmentation, which is getting important in target marketing as it will ease the marketer to select potential consumer based on their choices of purchases and the nature of the respective industry, will help in focusing the market into several segments, such as business process outsourcing, communication sector, Do-It-Yourself sector, fast-moving consumer goods, financial services sector, hospitality sectors, health and life sciences, information and communication technology and recruitment process outsourcing (Sun, 2009). Since market segmentation is getting important from time to time, steps of how market segmentation gains its validity should be understood and analyzed. In order for it to be validated, there are 2 grounds, such as validation of segmentation and supe...
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“A market segment consists of a group of customers who share a similar set of needs and wants. The marketer’s task is to identify the appropriate number and nature of market segment and decide ...
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As discussed in Chapter 3, there are several bases for market segmentation. Because the needs and wants of consumers in various markets differ, there are general indicators that are used to segment markets—geographic demographic, and arguably most importantly, psychographic segmentation. From this, variables like lifestyle, family size and region are used to identify key segments for Virginia Beach. (Spiller, 2012, 88)
First, we will analyze the targeted customer and the proposition designed by each company to attract them. In this part, there is a description of each market target and how each company has taken advantage of each unique position in the industry.
Segmentation, targeting and positioning are the fundament of modern marketing (Proctor, 2002, p. 188, as cited in Harris and Schaefer, 2015).
Market segmentation can be defined as the process of subdividing and defining a large homogenous market into a clearly noticeable segments
According to Kotler et al 2013 market segmentation is defined as dividing a market into smaller segments of buyers with distinct needs, characteristics or behaviours that might require separate marketing strategies or mixes. As per the industry data which we were operating we used different theories to segment the market one of them is STP process. In this method whole market is sub divided into different segments based on three activities these are segmentation, targeting and positioning. From the market information in case study we identified similar groups of consumer under market segmentation activity. For example market E had consumers travelling between mini hub to medium city that had a new and growing market. While targeting the market we identified which group of consumers to aim for instance market D had major university and service sectors. Lastly in the product and brand positioning we created a concept so as to appeal the target market by running as discount airline. One of the approaches for market segmentation according to Kotler et...
The author of the textbook affirms, “In the marketplace, customers seek solutions, not technologies or products.” (Vitale 174). So how do we determine what the customers consider valuable or in this case, a solution? This is where the strategic market segmentation and targeting come into place. Since not every customer has the same perception of value, business marketers must determine, first, who are those potential customers and break them
Introduction This report provides a market target analysis of Hanndia Pest Control Services Pty Ltd. Hanndia Pest Control Services, specialise in working with real estate agencies to manage white ant infestation of rental properties, by applying an environmentally friendly fumigation barrier. The main office is located in the Brisbane City council suburb of Calamvale, South Eastern Queensland, with a total of 20 employees. This includes the manager, field officers, and administrative support. The purpose of this report is to identify the market target for Hanndia Pest Control Services.
Dickson, P. R., & Ginter, J. L. (1987). Market segmentation, product differentiation, and marketing strategy. Journal of Marketing, 51(2(April 1987)), 1-10. Retrieved from http://www.jstor.org/stable/1251125
Market segmenting is the process of dividing the market into dissimilar, distinctive groups of people who have similar needs to be satisfied, alike wants and behavior, or who might want same products & services. The process of segmentation is supposed to be performed by each company being interested in creating and successfully implementing marketing mix, which implies product development, placement, promotion and choice of appropriate pricing strategy.
It has been observed since the inception of Marketing that marketers target to only specific market and how they identify such market. There are certain criteria or base they use to identify the consumers who they would be serving to. Customers do have unique requirements satisfaction levels and aspirations. Some customers however are similar with respect to their requirements of goods and services. In such case if their needs are identified and they can be grouped in quantities of a specific size then it can be segmented. Now each customer group have specific expectations and businesses must cater to the needs of the segmented that has been targeted.
Market segmentation means dividing the market into distinct groups that have common needs and will respond similarly to marketing action. Each segment must be unique, have common needs, and respond in a similar manner to marketing efforts. Target market is the group of potential customer that has been selected by business to focus its marketing efforts towards. This is the group the business wants to sell its products/services to. Positioning refers to the image created in the minds of customer of its product or brand. It is a perception created in the minds of the consumer relative to that of its competitors.
Segmentation is a marketing strategy that involves separating a wide target market into small groups of customers who share the common need of using or purchasing the product that needs to be marketed. Market segmentation strategies are utilized to identify these groups of consumers and strategies are designed and implemented to make the product or service appeal to them. Support and also the product will be strategically placed in order to successfully achieve the ultimate marketing goal. Businesses and organizations may come up with different type of strategies involving different products and catchy phrases depending on the product or the target segment.
Philip Kotler; Kevin Lane Keller (2009): “Marketing Management”, 13th edition, Pearson Prentice Hall, pg 61-62