Market Segmentation This document prepared and presented by
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Market Segmentation
The purpose for segmenting a market is to allow your marketing/sales program to focus on the subset of prospects that are "most likely" to purchase your offering. If done properly this will help to insure the highest return for your marketing/sales expenditures. Depending on whether you are selling your offering to individual consumers or a business, there are definite differences in what you will consider when defining market segments. Category of Need
The first thing you can establish is a category of need that your offering satisfies. The following classifications may help.
For businesses:
Strategic - your offering is in some way important to the enterprise mission, objectives and operational oversight. For example, a service that helped evaluate capital investment opportunities would fall into this domain of influence. The purchase decision for this category of offering will be made by the prospect's top level executive management.
Operations - your offering affects the general operating policies and procedures. Examples might be, an employee insurance plan or a corporate wide communications system. This purchase decision will be made by the prospect's top level operations management.
Functional - your offering deals with a specific function within the enterprise such as data processing, accounting, human resources, plant maintenance, engineering design, manufacturing, inventory control, etc.
This is the most likely domain for a product or service, but you must recognize that the other domains may also get involved if the purchase of the product or service becomes a high profile decision. This purchase decision will be made by the prospect's functional management.
For the individual consumer:
Social Esteem or Pleasure - your offering satisfies a purely emotional need in the consumer. Examples are a mink coat or a diamond ring. There are some products that are on the boundary between this category and the
Functional category such as a Rolex watch (a Timex would satisfy the functional requirement and probably keep time just as well).
Functional - your offering meets a functional requirement of the consumer such as a broom, breakfast cereal or lawnmower.
Segmentation of Needs
Then you should establis...
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...ularly concerned with keeping employees informed and educated, so educational offerings are not of great interest.
Strongly influenced by offerings that most closely deliver the 'end results' desired, even if they are not the most cost effective.
Self Helpers - consistently defines/designs solutions to their problems, likes to acquire tools that help in the innovation process.
Will usually consider new products/services, but the related concept must have been proven to be effective.
Often consider just because they use a certain technology that is relevant to the development program they have underway.
Will always want to review competitive offerings, but will usually choose the one offering the most effective 'do it yourself' features.
Usually consider themselves technically competent and will expect very effective use of proven technology.
Not especially inclined toward technically complex offerings, would rather have user friendly, but thought provoking, offerings.
Conversion costs usually not a major concern if offering promises potential for innovation.
Usually concerned with keeping employees informed and educated, so educational offerings are of interest.
Segmentation variables can be classified into four major classes; geographic, demographic, psychographic and behavioural. The use of these categories either individually or in combination assists companies to identify and establish market segments which is relevant to the product or service they are offering. This in turn helps these organisations to evaluate the relevant segments to choose the pertinent target market.
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.
BIFF: I am not a leader of men, Willy, and neither are you. You were never anything but a hard-working drummer who landed in the ash can like all the rest of them”(Miller 132). Someone is finally telling Willy how people see him and that he needs to get his head out of the clouds. He has to be told that he lives a humble life and will never be a big name. What pushes him over the edge is that he is being told this by his own son. Willy knows Biff loves him because he tells him the truth about who he is. That is when Willy is finally at peace and makes the decision to kill himself, for his family.
The Epic of Gilgamesh is the greatest text of Mesopotamia and one of the earliest pieces of world literature. Gilgamesh quest for immortality explores human concerns about death, friendship, nature, civilization, power, violence, travel adventures, homecoming, love and sexuality. (pg. 95) “The Gilgamesh of the epic is an awe-inspiring, sparkling hero, but at first also the epitome of a bad ruler: arrogant, oppressive, and brutal.” (pg.96) Gilgamesh is 2/3 god because of his superhuman strength and endurance; he is 1/3 human because of his mortality. His epitome of a bad ruler will cause the gods to give consequences to his actions.
However, at this point it is essential to note that Starbucks’ products are premium products and its customers are also the premium customers who fi...
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).
In the play called Antigone by Sophocles there is king name Creon. King Creon is an old man that was throne only king because his nephews that were to be throne king died due to fighting each other till death because of the throne and the power of king over whelm them. Now that the nephews died their uncle which is Creon is now the king. As he turn as the new king of Thebes he made a new law that if anyone buries Polyneices body they will be sentence to death. This was one of the ideas that Creon selfishness and benevolent came into effect. Creon allows his pride to mark his decisions and influence his destiny, refusing to have mercy on his own nephew.
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To begin with, Creon and Ill have power socially and politically. Creon is the King of Thebes and Ill is the “most popular personality” (Dürrenmatt 15) of Guellen. Sophocles and Dürrenmatt set the stage by implying that their current situation will last–– “the gods” (Sophocles 170) themselves appoint Creon as king and the people of Guellen unanimously “[agree] to nominate” (Dürrenmatt 15) Ill as the mayor's successor. Furthermore, foreshadowing of their actions towards Antigone and Claire appears as approval. The elders of Thebes assure Creon that he has power over the “living and the dead” (Sophocles 172), justifying his actions towards Polyneices's body and empowering his punishment of Antigone. Ill, on the other hand, represents Guellen's last chance for survival. “All depends” (Dürrenmatt 14) on Ill's ability to capitalize on his and Claire's ...
Creon’s self-righteous attitude as stated through the quote, “Whatever you say, you will not change my will.” (Sophocles, 20) causes him to believe he is superior to all as he is King and thus does not listen to anyone. As spoken through the quote, Creon’s excessive pride causes him to be selfish and ignorant as he determines that no one can change his mind as he is “all-knowing” since he is King. This excessive pride showcased by Creon leads to his downfall and defiance of the divine law as he completely disregards and tries to justify his actions against the divine law (law created and planted in society by the gods) which become devalued each time he tries to justify his actions. In Anouilh’s version, it is again Creon’s selfishness and excessive pride that leads to his downfall. Creon’s super-ego stops him from listening to anyone as Creon becomes too “power-hungry”; this is shown through the following quote, “Curse you! Find the love for your outlet down there. No women while I live shall govern me.” (Anouilh, 66) This quote shows how Creon himself does not have the power to listen to others as he values his position in society more than the people in society. After talking to Teiresias, Creon doesn’t believe that Antigone could be right and that he could be wrong as his self-righteous just won’t allow him to listen, a characteristic
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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.