Marketing

Marketing Management

Assignment No. 2

The previous assignment was about consumer attitudes and the buying behavior. So for all those products we will do a segmentation targeting and positioning which the company would to to position itself in market.

(Source: Principles of Marketing 13th Edition by Philip Kotler)

Market Segmentation:

Market segmentation is the identification of portions of the market that are different from one another. Segmentation allows the firm to better satisfy the needs of its potential customers. This means the process of grouping of customers whose behavior is similar. This way the firm can serve them better as each require different marketing mix and strategies.

* The Need:

Today’s competition requires one to be best all the time. This is possible only if the needs are understood better. The needs are not same for all customers, different customers have different requirements. All of these customers can not be satisfied with a single treatment.

Mass marketing is something which is not efficient these days as the preferences of customers differ and the same offering their needs.

The Target marketing is the new trend where it accepts the diversity of customers and satisfies them individually by treating their needs or wants. The first step in this is to identify the different segments which are what the market segmentation is doing.

* Basic Requirements:

We have seen the needs of the marketing segmentation. To make an effective segmentation we need to have certain parameters. So one can say the quality of segmentation depends on these following parameters.

* Identifiable: The attributes used for the classification should be measurable so that one can verify.

* Accessible: The segments should be reachable and approachable through communication channels.

* Substantial: The selected segment should be reasonably large so that it is worth targeting them.

* Unique Needs: If one offers uniqueness the...