The business historian, Richard S. Individual Demographics Although humans are all unique in their own way, people do fit into certain demographics that respond to similar messages.
Any one of them might be the basis for a positioning or a strategy that would appeal to everyone. Here are some examples of market segmentation to prove this point.
Retailers, operating outside the major metropolitan cities, could not afford to serve one type of clientele exclusively, yet retailers needed to find ways to separate the wealthier clientele from the "riff raff". For folks in Phoenix, the raincoats would more likely be a gift or used for travel.
For example, water might be scarce in some regions which inflates the demand for bottled water but, at the same time, it might be in abundance in other regions where the demand for the same is very less.
Some brands are targeted only to women, others only to men. Media segmentation is most often practiced by companies that have some control over the media and can somehow discourage competitors from using that media. The sales concept paid little attention to whether the product actually was needed; the goal simply was to beat the competition to the sale with little regard to customer satisfaction.
For instance, private elementary schools might define their target market as highly educated households containing women of childbearing age. Football is played in the fall, basketball in the winter and spring, and baseball in the spring and summer or at least this used to be the pattern.
At the same time it would be highly inefficient to tailor the marketing programme to each specific customer. But segmenting requires more than just similar features. Around this time, firms began to practice the sales concept or selling conceptunder which companies not only would produce the products, but also would try to convince customers to buy them through advertising and personal selling.
Before committing to a segmentation plan, figure out just how much targeting you can afford to do. Can we charge enough for it?
Seattle gets lots of rain annually.
Demographic Segmentation Gender, age, income, housing type, and education level are common demographic variables. The firm can develop a marketing programme for each relatively homogeneous and meaningful segment of the total market.
These examples also reveal that geographic segmentation is sometimes a surrogate for or a means to other types of segmentation. Geographic If you segment your market geographically, you look at regional characteristics, population density and sometimes even climate as common influences on your potential customers.
This type of segmentation is particularly useful when trying to market a specific type of product. Place The place where the target audience lives affect the buying decision the most.
Then you target the different segments with different ad campaigns. Are Segments Worth Targeting? Even if your product is not a game and has no advanced technology, you can present your message in a commercial or an ad with a high-tech look to appeal to this demographic.
In an undifferentiated approach, the marketer ignores segmentation and develops a product that meets the needs of the largest number of buyers. Different industries are also natural business segments to use.
Typically, verbatim comments from consumers are used to build batteries of psychographic or lifestyle statements these two terms are used interchangeably. Department stores sometimes schedule midnight promotional events. The segments must be large enough to be worth targeting.
Many marketers combine all three approaches. Lifestyle Other than physical factors, marketers also segment the market on the basis of lifestyle. A chainsaw company might only market its products in areas with forests.Effective marketing is based on three key elements, the marketing philosophy, market segmentation and consumer behavior.
Hagen-Dads has been noted to practice the consumer-driven philosophy whereby they rely on research to discover consumer preferences, desires and.
Market segmentation is a common practice among all the industries. It is not possible for a marketer to address the mass with same marketing strategy. Here are some examples of. Today, Segmentation, Targeting and Positioning (STP) is a familiar strategic approach in Modern Marketing.
It is one of the most commonly applied marketing models in practice. In our poll asking about the most popular marketing model it is the second most. Marketing Concept and Marketing Segmentation in Practice; Marketing Concept and Marketing Segmentation in Practice.
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We will write a custom essay sample on Marketing Concept and Marketing Segmentation in Practice specifically for you for only $ $/page. Market segmentation is the process of identifying a specific set of characteristics that differentiate one group of consumers from the rest. In respect to ice creams, although many people eat them.
Concept Of Market Segmentation Marketing Essay. The marketing theory demonstrate that to develop a successful marketing strategy correctly, service marketers must develop segmentation strategies based on the attributes and behaviour patterns of target customers.Download