Market Segmentation
Market segmentation
Introduction
Market segmentation is a marketing strategy that is one of steps goes into defining the selection of consumers who have common need and will assist consumers with products that satisfy their individual sets of needs and buying practices. The purpose of market segmentation is to guide the consumer purchases, businesses are offering through marketing and sales program to maintain sales and growth of the business to survive from competitive market industry. In order to achieve that, businesses rapidly release product with similar characteristic. Therefore an organization needs to respond consumer’s preference, willing to change and quickly adapt to the new ways of conducting business. The logical segmentation of marketing planning process will determined what an organization can become and how it can achieve that goal from selected segments and formulate marketing activities including geographic such as region, size, population or climate, demographic such as gender, income, age or occupation or psychographic such as activity, interest, opinion or attitude and behavioral such as benefits sought, usage rate or brand loyalty.(Business Software Resource 2012) If it is perform systematically, it will allow a company to achieve its highest return such as Nissan, breaks out of sales declines and weak product lineup in 2002 and Wireless Telecommunication Industry, makes profits $152.6 billion USD in 2011.
Theory
The logical segmentation of marketing planning is enabled to set a strategic planning that will determining what an organization can become and how it can achieve that goal from selected segments and formulate marketing activities. The key stages of this process fall into three stages including goal setting, compiling a situation review, strategy formulation and monitoring.(Malcome and Ian 2003)
When an organization decides to set a goal, they need to collect information about size and growth of market will be into and
Introduction
Market segmentation is a marketing strategy that is one of steps goes into defining the selection of consumers who have common need and will assist consumers with products that satisfy their individual sets of needs and buying practices. The purpose of market segmentation is to guide the consumer purchases, businesses are offering through marketing and sales program to maintain sales and growth of the business to survive from competitive market industry. In order to achieve that, businesses rapidly release product with similar characteristic. Therefore an organization needs to respond consumer’s preference, willing to change and quickly adapt to the new ways of conducting business. The logical segmentation of marketing planning process will determined what an organization can become and how it can achieve that goal from selected segments and formulate marketing activities including geographic such as region, size, population or climate, demographic such as gender, income, age or occupation or psychographic such as activity, interest, opinion or attitude and behavioral such as benefits sought, usage rate or brand loyalty.(Business Software Resource 2012) If it is perform systematically, it will allow a company to achieve its highest return such as Nissan, breaks out of sales declines and weak product lineup in 2002 and Wireless Telecommunication Industry, makes profits $152.6 billion USD in 2011.
Theory
The logical segmentation of marketing planning is enabled to set a strategic planning that will determining what an organization can become and how it can achieve that goal from selected segments and formulate marketing activities. The key stages of this process fall into three stages including goal setting, compiling a situation review, strategy formulation and monitoring.(Malcome and Ian 2003)
When an organization decides to set a goal, they need to collect information about size and growth of market will be into and