Market Segmentation

MARKET SEGMENTATION

Prin . Of Mgmt , MT2050 , Section 2

Spring 2007

Tricia Torpey

I . Introduction

I .1 Importance of market segmentation

Market segmentation is the partitioning of markets into same group of consumers , which is every of them responding unlikely to marketing communicating , pricing and some other elements of the marketing mix . It is vital for consumer positioning and differentiation . As small as possible , market segmentation be supposed to shaped in the dissimilarities among customers in every segment . Therefore , each segment is able to be directed through a separately

targeted marketing mix (Michman , R .D , 1991

Market segmentation and the determination of target markets are a significant factor in every strategic business . They are the foundation for identifying element of marketing mix . Market segmentation can be conducted by recognition of consumer 's requirements , demands , and market segments . Furthermore , it can be done by improve charts of consequent market segments (Michman , R .D , 1991

Market Segmentation analyses market segmentation monetary funds systems , employment , approaches and application to show business how represent excellent segmentation plans . Market segmentation continues and brings required marketing report in nowaday 's stimulating economy when brand-new markets and product classes appear and conventional market segments dissolve (Michman , R .D , 1991

I .2 Examples of successful companies

McDonalds , as successful company , segments their market by applying a strategies of inexpensive price and by the characteristics of its products . They target the market especially to the children , but they also offer meal menu that appropriate to family . McDonalds is implementing quickly services for the customers ( McDonald 's , 2007

II . Research Statement

Market segmentation is approach define and target the particular markets . This is the activity of separating a market become a different group of customers that need various products . A main aspect to get accomplishment in nowaday 's market is obtaining elusive dissimilarities to offer marketing boundary to the company . Companies that target particular markets can sell their products and services more productively than a business targeting at the common consumer (Michman R .D , 1991

Accurate market segmentation is vital to a productive result for the strategical marketing plan of action . Every company need to b on the market segmentation that concentrates on buyer 's requirement and activity in the market . Company should has an effective means to create market segments . Moreover , they should has an richly certificated method to conduct market segmentation

Discussion

III .1 Market Segmentation

Markets in every company are becoming progressively segmented . It is probably to intensify in the future as an outcome of sociology cultural , economical , and technological causes . These happening will effect the development variety of life-styles , customer

Orientations , and selections , analysing conventional market segments become littler and more individual stations . Market segmentation intent to perform some attributes such as segmentation of customer groups product and service offerings , and communicating (Weinsteins Art ,1993

The marketing idea is including considering consumers and fulfilling their requirements in the market competition . Different consumers show different requirements , and it is unrealistic to fulfil every customers by dealing with them...