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Concept Of Market Segmentation, Targeting And Positioning. Market Segmentation Apply On Hotel And Personal Computer.

1986 words - 8 pages

Market SegmentationMarket Segmentation means breaking down the total market into self contained and relatively homogeneous subgroups of customers, each possessing its own special requirements and characteristics. This enables the company to modify its output, advertising messages and promotional methods to correspond to the needs of particular segments. Accurate segmentation allows the firm to pinpoint selling opportunities and to tailors it's marketing activities to satisfy on consumer needs.Through the process of market segmentation, there are certain variables to identify customer groups, such as needs, income geographical, location, buying habits and other characteristics as well, we can focus on the parts of the market that it can serve best and make great profit.Importance of Market SegmentationDue to the fact that resources are limited. Therefore, all business will minimize their resources and maximize their profit to gain their benefit. In order not to waste any times and money on promoting their production in the wrong direction. Market segmentation is needed to spot their product's market opportunities, gain competitive advantage and target marketing activity on promotion.Step of Market Segmentation processi)Market Segmentation*Identify bases for segmenting the market*Develop profiles of resulting segmentsii)Market Targeting*Develop measures of segment attractiveness*Select the target segmentiii)Market Positioning*Develop positioning for each target segment*Develop marketing mix for each target segmentMajor Bases For Segmenting Consumer MarketsGeographic SegmentationDividing a market into different geographical units such as type of property, urban, suburban, rural regions, country and climatic zone.Geo-demographic SegmentationDividing a market into groups based on the notion that people, who live close to one another, within the same physical geography, share broad characteristics of financial means, tastes, lifestyles and purchase habits.Demographic SegmentationDividing a market into groups based on demographic variables such as age, sex, education, occupation, income, social class, family/household status, life-cycle stage, religion, nationality and race.Behavioural SegmentationDividing a market into groups based on benefits sought, usage, loyalty preference, perceptions, readiness stage (unaware, aware, informed, interested, desirous, intending to buy), marketing factor sensitivity (quality, price, service, advertising, sales promotion, etc.)Psychographic SegmentationDividing a market into different groups based on lifestyle, attitudes, interests, opinions, personality, perception and motivation.Stage One - Requirements for effective segmentationMarket segments must be:1)Measurable The size, purchasing power, and profiles of the segments canbe measured.E.g. population statistic data for baby food marketing.2)AccessibleSegment should be reachable & effectively served.E.g. Licensing office of Transportation Department is a...

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