Marketing Segmentation
Marketing 100
Assignment 1
Title: Target Market Report : Beyonce
Name: William Heng Wui Seng
Student ID: HWWSD101
Lecturer: Mr. Chris Bright
Class time: Wednesday, 1.30pm – 5.30pm
Market Segmentation.
1.0 Segmentation Theory.
Market segmentation is a concept in economics and marketing. It is a strategy that involves dividing a larger market into subsets of consumers who have common needs and applications for the goods and services offered in the market. `What’ is market segmentation’ ( Tatum, 2010). Market segmentation is used by all businesses and organization regardless of its mass. A relatively small firm should use market segmentation to find a niche in the marketplace because it is realistically impossible for a small firm to compete against a much bigger firm in marketing the similar product. For example, magine the difficulties in developing a new brand of cola and competing against Coke and Pepsi. So by finding a small niche in the marketplace, it’ll be a much more successful approach. For example, this is what Snapple and Tom’s Of Maine toothpaste did. `Market Segmentation and Targeting’ (Journal of Internet Commerce, 2007, 6(1), 83-99.)
`Weinstein(2004, 3) claimed that’ the overall purpose of using market segmentation is to improve a company’s competitive positon and better serve the needs of the customers. Other objectives of market segmentation includes increasing sales, improved market share and also to enhanced the image and reputation of the business. On top of that, market segmentation can also help businesses to Differentiate your products and services to meet your customer needs and desire, find hidden needs and make improvements to your existing products, Target your marketing mix to the customers most likely to want your products or services, Identify behaviors and buying motives for your products, Identify your most and least profitable customers, Help you avoid unprofitable markets and Increase brand loyalty and
Assignment 1
Title: Target Market Report : Beyonce
Name: William Heng Wui Seng
Student ID: HWWSD101
Lecturer: Mr. Chris Bright
Class time: Wednesday, 1.30pm – 5.30pm
Market Segmentation.
1.0 Segmentation Theory.
Market segmentation is a concept in economics and marketing. It is a strategy that involves dividing a larger market into subsets of consumers who have common needs and applications for the goods and services offered in the market. `What’ is market segmentation’ ( Tatum, 2010). Market segmentation is used by all businesses and organization regardless of its mass. A relatively small firm should use market segmentation to find a niche in the marketplace because it is realistically impossible for a small firm to compete against a much bigger firm in marketing the similar product. For example, magine the difficulties in developing a new brand of cola and competing against Coke and Pepsi. So by finding a small niche in the marketplace, it’ll be a much more successful approach. For example, this is what Snapple and Tom’s Of Maine toothpaste did. `Market Segmentation and Targeting’ (Journal of Internet Commerce, 2007, 6(1), 83-99.)
`Weinstein(2004, 3) claimed that’ the overall purpose of using market segmentation is to improve a company’s competitive positon and better serve the needs of the customers. Other objectives of market segmentation includes increasing sales, improved market share and also to enhanced the image and reputation of the business. On top of that, market segmentation can also help businesses to Differentiate your products and services to meet your customer needs and desire, find hidden needs and make improvements to your existing products, Target your marketing mix to the customers most likely to want your products or services, Identify behaviors and buying motives for your products, Identify your most and least profitable customers, Help you avoid unprofitable markets and Increase brand loyalty and