Marketing
Definition
The process of defining and subdividing a large homogenous market into clearly identifiable segments having similar needs, wants, or demand characteristics. Its objective is to design a marketing mix that precisely matches the expectations of customers in the targeted segment.
Few companies are big enough to supply the needs of an entire market; most must breakdown the total demand into segments and choose those that the company is best equipped to handle. Four basic factors that affect market segmentation are (1) clear identification of the segment, (2) measurability of its effective size, (3) its accessibility through promotional efforts, and (4) its appropriateness to the policies and resources of the company. The four basic market segmentation-strategies are based on (a) behavioral (b) demographic, (c) psychographic, and (d) geographical differences.
Read more: http://www.businessdictionary.com/definition/market-segmentation.html#ixzz2ImOtX3b8
Do you think that it was a good segmentation for M&M’s to develop a new version targeting adults?
In observing how M&M’s have changed over time from the addition of peanut butter and almonds to the changing of colors and sizes I think that was a great segmentation strategy to develop a new version targeting adults. The new line of M&M’s is 55 percent larger in size and they come in colors that are appealing to adults in its design (Schiffman & Kanuk, 2007). According to spokeswoman Joan Buyce of Masterfoods USA this creation is designed with adults in mind and "It broadens our portfolio so there's something for everyone" (M&M's get mega-sized, 2012, p.1). Buyce also states that the new M&M's are available in milk chocolate as well as peanut varieties and come with an adult-oriented color scheme which includes teal, beige, gold, maroon, brown and blue-gray (M&M's get mega-sized, 2012). Due to the new line of M&M’s including aspects that target adults I think that it is a
The process of defining and subdividing a large homogenous market into clearly identifiable segments having similar needs, wants, or demand characteristics. Its objective is to design a marketing mix that precisely matches the expectations of customers in the targeted segment.
Few companies are big enough to supply the needs of an entire market; most must breakdown the total demand into segments and choose those that the company is best equipped to handle. Four basic factors that affect market segmentation are (1) clear identification of the segment, (2) measurability of its effective size, (3) its accessibility through promotional efforts, and (4) its appropriateness to the policies and resources of the company. The four basic market segmentation-strategies are based on (a) behavioral (b) demographic, (c) psychographic, and (d) geographical differences.
Read more: http://www.businessdictionary.com/definition/market-segmentation.html#ixzz2ImOtX3b8
Do you think that it was a good segmentation for M&M’s to develop a new version targeting adults?
In observing how M&M’s have changed over time from the addition of peanut butter and almonds to the changing of colors and sizes I think that was a great segmentation strategy to develop a new version targeting adults. The new line of M&M’s is 55 percent larger in size and they come in colors that are appealing to adults in its design (Schiffman & Kanuk, 2007). According to spokeswoman Joan Buyce of Masterfoods USA this creation is designed with adults in mind and "It broadens our portfolio so there's something for everyone" (M&M's get mega-sized, 2012, p.1). Buyce also states that the new M&M's are available in milk chocolate as well as peanut varieties and come with an adult-oriented color scheme which includes teal, beige, gold, maroon, brown and blue-gray (M&M's get mega-sized, 2012). Due to the new line of M&M’s including aspects that target adults I think that it is a