Market Segmentation
[pic]
HI 5004 Marketing Management
Assignment 1
Submitted to:
Jas Paul Chawla
Submitted by:
S M Abdullah Al Mamun (HBD2079)
Table of content
1. Introduction: 4
2. Market Segmentation 5
3. The Concept of Market Segmentation 5
4. The Process of Market Segmentation 5
5. Demographic Segmentation 5
6. Geographic Segmentation 5
7. Psychographic segmentation 6
8. Behavioural Segmentation 6
9. Market targeting 7
10. Market Segmentation Limitations 8
11. The Positioning Concept 9
12. Positioning Strategies 10
13. References 11
Abstract
This paper looks at the use of market segmentation as a tool for improving customer satisfaction in insurance service delivery. Insurance companies are always seeking alternative ways to improve the level of satisfaction among their customers; market segmentation may be a useful tool. The paper argues that in spite of the egalitarian approach that underpins the marketing of insurance, market segmentation may be used to better serve the needs of their customers. In utilizing market segmentation, the insurance companies must pay particular attention to barriers that may negatively impact the effectiveness of the market segmentation exercise.
Consequently, the need to pay particular attention to issues relating to barriers to implementing market segmentation is highlighted. This paper also attempts to address management’s concerns about the practicality and usefulness of segmentation.
Introduction:
The market for any product is normally made up of several segments. There are different aspects contributing for varying mind set of consumers. It is natural that many different segments occur within a market. In order to capture this heterogeneous market for any product, marketers usually divide or disintegrate the market into a number of sub-markets/segments and the process is known as market segmentation. Thus we can
HI 5004 Marketing Management
Assignment 1
Submitted to:
Jas Paul Chawla
Submitted by:
S M Abdullah Al Mamun (HBD2079)
Table of content
1. Introduction: 4
2. Market Segmentation 5
3. The Concept of Market Segmentation 5
4. The Process of Market Segmentation 5
5. Demographic Segmentation 5
6. Geographic Segmentation 5
7. Psychographic segmentation 6
8. Behavioural Segmentation 6
9. Market targeting 7
10. Market Segmentation Limitations 8
11. The Positioning Concept 9
12. Positioning Strategies 10
13. References 11
Abstract
This paper looks at the use of market segmentation as a tool for improving customer satisfaction in insurance service delivery. Insurance companies are always seeking alternative ways to improve the level of satisfaction among their customers; market segmentation may be a useful tool. The paper argues that in spite of the egalitarian approach that underpins the marketing of insurance, market segmentation may be used to better serve the needs of their customers. In utilizing market segmentation, the insurance companies must pay particular attention to barriers that may negatively impact the effectiveness of the market segmentation exercise.
Consequently, the need to pay particular attention to issues relating to barriers to implementing market segmentation is highlighted. This paper also attempts to address management’s concerns about the practicality and usefulness of segmentation.
Introduction:
The market for any product is normally made up of several segments. There are different aspects contributing for varying mind set of consumers. It is natural that many different segments occur within a market. In order to capture this heterogeneous market for any product, marketers usually divide or disintegrate the market into a number of sub-markets/segments and the process is known as market segmentation. Thus we can
References: Smith, W. R. (1956), ‘Product differentiation and market segmentation as alternative marketing strategies’, Journal of Marketing, July, 3–8. Kotler P & Keller, K, Burton S (2008) Marketing Management 1st Adaptation edition published by Pearson Education Australia Pty Ltd.