Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Marketing to children
Approaches to market segmentation
Questions and answers on market segmentation
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: Marketing to children
MARKET SEGMENTATION
Market segmentation is marketing strategy that use by the company that we choose is Nova. Nova involves in dividing the broad target market into subsets of consumer. The consumers that have needs and priority, Nova can implement the market segmentation to them. Nova use the market segmentation is to identify the target customer. In addition, Nova use provides supporting data for positioning to achieve the marketing plan objective.
SEGMENTING DIMENSION
Demographic
The first segmentation use by Nova is a Demographic segmentation. Demographic segmentation consist the first factor is gender. Nova product can be use by for all men and ladies.
The second factor of segmentation is age. The majority Nova product’s customer is for the ladies that age between 35 to 60 years because they have more major problem for their health like they have take care for their skin, beauty and weight control. Nova also focuses their product for the men that age between 25 and above. The product for men is a Men’s Nutrition. Nova have a smaller focus for men that age less than 25 year because they think the men is too young and not affordable to buy their product. For the children, Nova focus the children that age 4 year and above. This is because the children are usually active, and need antibody like a vitamin c to support their growth. For recommendation, Nova must have a product at all ages because it can increase their customer. Nova have their competitor such as GNC and direct sales that have a larger market, and by that step Nova can increase their market sales and can attract the new customer to buy their product.
The third factor of demographic segmentation is family life cycle. Nova focus for the middle aged marri...
... middle of paper ...
...egment, that are retail, franchise and wholesale. For recommendation Nova must have its own store in all atate in Malaysia. Nova also can open a franchise, so it can segment it’s consist in domestic and international franchise operation and can generate revenue from franchise through product sale, royalties from franchise retail sale and franchise fees.
Second factor is size of a city. Nova opens its shop in a high population of people in a city. The mall always is target by the people to shopping in a city. This is the reason Nova open its shop in a mall. The population target by Nova to open its shop in a city is 250,000-499,999 people. By the way, the problem that occurs in Nova is short of staff. Nova does not have many professional staff to give service to the customer. For solution Nova must hire more worker to give full service to customer.
The Italian Centre Shop shows many attributes as for how they are able to build on their strengths. This in the end helps a company to expand and grow further to improve their internal performance and as well by gaining more consumers (Kerin, et al., 2015). Firstly, the company’s main strength relies on the location of the different branches, being placed strategically so it is easier to bring in more consumers as well as being easily accessible for people around those areas. Two of the three locations in Edmonton are situated beside shopping centers, Southgate mall and West Edmonton mall, which in the West end is the most popular attraction of the city. The third branch is located in North Edmonton which is known for the heart of “Little Italy”(Spinelli, 2016). Secondly, the Italian Centre Shop sells a variety of merchandise and different cuisine from all around the world, the main place being Italy and others which include: Spain, Romania, Portugal, Ukraine and Poland (Spinelli, 2016). This helps to expand the company’s target market while still keeping
This will help them in achieving maximum sales. The company’s marketing team should first collect information regarding the income level of customers who live in the vicinity of the potential store location. They should determine income of the area’s population in order to make sure that it matches that of their typical customers. They should also take a look at education level as well occupational information for the area in question.
The target market would be women who require the essential night cream in order to stay looking young. In today 's world women crave the idea of looking young for a longer period of time. The idea of this ad is for women to see a beautiful woman with amazing looking skin and aspire to look like her. The Aveeno Active Naturals ad recognizes different aged women who want to stay looking younger longer. The use of a beautiful woman in the ad helps to convince women that this product will help them stay looking young.
Many factors should be addressed when defining a target market. These factors include market segmentation, product life cycle, and the four "P's" that make the marketing mix. Market segmentation is the process of dividing a total market into market groups consisting of people who have relatively similar product wants and needs. There are four major segmentation variables: geographic, demographic, psychographic, and behavioral. Geographic segmentation includes world region, country region, city, density, or climate. Demographic segmentation can consist of age, gender, income, occupation, education, race, religion, or nationality. Social class, lifestyle, and personality fall into the psychographic segment. The behavioral segment divides buyers into groups based on their knowledge, attitudes, uses, or responses to a product (Bethel, 2007). Once the market segment is identified, that market can be targeted.
...additional benefit that the scope consumer can benefit from and it may attract the potential users that scope aim at. Also P&G has to collect more information to see what the consumer needs and improve it within the same product; especially that it is based on a philosophy of satisfying the customer needs. Scope was positioned around two benefits that are refreshing breath and good tasting, and it should stick to this position with other additional claims or benefits if it can, so it should not launch a new product that confuses the customers but stick to this position that it has in the market place and that is considered to be its competitive advantage.
Caroline and Jennifer said that ‘Market segmentation is a crucial marketing strategy. Its aim is to identify and delineate market segments or set of buyers which would then become targets for the company’s marketing plans.’ (Tynan and Drayton, 1987) There are many ways to segment the market, such as age, region, environment, psychology and wages (Hall, Jones and Raffo, 2010).
Segmentation is the process of identifying different macro-groups of customers (i.e. segments) based on their common characteristics. The process of choosing a target segment, on which to focus marketing activities on, is a process named targeting.
To begin with, it is crucial to appreciate the meaning of segmentation and targeting because these two terms lay the foundation for this report. Consequently, segmentation is dividing a market, into groups of consumers with homogenous traits in order to provide each group with the desired product. What is the meaning of targeting? It is where an enterprise evaluates every segment with an objective of identifying segments with promising business opportunities. Considering the nature of the product in question, it sufficed to mention that liquor- filled chocolates are to be sold to adults.
The opening of stores internationally creates a bigger market share for the business to entrée, one that local and domestic competitors might not yet of entered. However, taking the business global has also opened the door for new customers for the business to aim and target their products at according the cultural and seasonal pretences, increasing the awareness and loyalty of the business.
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 psychographics of the intended target audience are young women, under the age of 25 who care greatly about hygiene and are self-conscious about their appearance. This assumption can be made from the body copy that says, “It’s such a pick-me-up, you’ll forget it is a powerful acne cleanser.” This is an implication that the intended user will have low self-esteem from having an acne breakout and by using Neutrogena Acne Wash you cannot only clear your acne, but you...
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.
(News Target, 2005) dedicated to helping women look their best so it is no wonder companies such as Nivea is re-evaluating their posture in the U.S. market, positioning themselves to take advantage of the growing interest in cosmetic remedies to turning back the clock.
Department stores do not manufacture products nor create their own brands of merchandise, their products are not differentiated. As a result, consumers have low switching costs, customer loyalty is low, as they can easily purchase similar products elsewhere. These lower the barriers to entry, allowing new entrants a chance to gain customers.