products (Business Superbrands‚ 2005‚ p. 231). The AV market has become excessively more competitive over recent years with the substantial growth of competitors such as Samsung‚ Panasonic and Phillips to name a few. 2.0 Aims and Objectives 2.1 Aim The aim of this project is to test the validity and reliability of Sony
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Describe segmentation • Explain demographics‚ Geographic’s‚ psychographics and why companies use these methods to segment the market effectively • Explain different methods used to segment markets e.g. ACORN‚ Mosaic • Explain the different target markets of McDonalds – identify 4 product ranges and describe in detail the target market for each product • Describe the different needs of each target segment • Use examples specific to McDonalds Segmentation Market segmentation is where
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MODULE 3: MARKET SEGMENTATION AND POSITIONING Lecture - 5 FAQS (FREQUENTLY ASKED QUESTIONS): Ques 1 Define Market Segmentation Ans 1 Market segmentation is the process of identifying distinct groups and or sub groups of customers in the market‚ who have distinct needs‚ characteristics‚ preferences and/or behaviors‚ and require separate product and service offerings and corresponding marketing mixes. “Market segmentation can be defined as the process of dividing a market into distinct
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Nestle’ Segmentation Segmentation is defined as a group of people that share one or more characteristics. Each market segment is unique and marketing managers decide on various criteria to create their target market(s). They may approach each segment differently‚ after fully understanding the needs‚ lifestyles‚ demographics and personality of the target. Some e.g. of common characteristics are: interests‚ lifestyle‚ age‚ gender‚ etc. Common types of market segmentation include: geographic‚ demographic
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Segmentation Why segmentation? External factors - globalization - clutter - knowledgable customers - competition - technology Internal factors - allocation of resources - effective marketing programmes - opportunies For NPD or/and market development Breaking down the market Potential market (everyone out there) Available market ( those who could buy the product) Target market (those we address) Penetrated market (those who actually buy the products) From
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Segmentation and TESCO Case: Segmentation is essentially the identification of subsets of buyers within a market who share similar needs and who demonstrate similar buyer behavior Using segmentation analysis helped Tesco PLC‚ Britain’s largest retailer stores to decide on their future marketing strategy and to appraise their competitive strengths Tesco realized the requirements for effective segmentation and that it must be Measurable‚ accessible‚ Differentiable‚ Substantial and Actionable
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http://www.mcdonalds.com/corp/invest/pub/2006_Annual_Report.html (accessed 7.12.2007) Eric Schlosser (2001). Fast Food Nation. United States: Houghton Milfflin Kotler‚ P.‚ Ang‚ S.H.‚ Leong‚ S.M. and Tan‚ C.T.‚ (2003)‚ Marketing Management: An Asian perspective‚ 3rd Edition. Singapore: Prentice-Hall Kotler‚ P.‚ and Armstrong‚ G..‚ (2006). Principles of marketing. 11 ed. United States of America: Pearson Prentice Hall Stephenson W.E.‚ (24.8.1986). The Fast-Food Factories: McJobs are Bad for Kids
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P R I C I N G In the market economy the business success of any company or entrepreneur mostly depends on the correctly chosen strategy and tactics of pricing on goods and services. Pricing is a rather difficult process because prices mostly depend on the situation in the market. The range of political‚ economic‚ psychological and social factors has a great influence on the price level. Today your price can be determined by the costs factor‚ and tomorrow its level will depend on the customer’s behavior
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(Wikipedia‚ 2010). Markets Segments can be separated into: • geographic segmentations (i.e. their location)‚ • demographic/socio-economic segmentation (gender‚ age‚ income occupation‚ education‚ sexual orientation‚ household size‚ and stage in the family life cycle)‚ • psychographic segmentation (i.e. similar attitudes‚ values‚ and lifestyles)‚ • behavioral segmentation (i.e. occasions‚ degree of loyalty)‚ • product-related segmentation (relationship to a product) Which is the market segment of a company’s
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Marketing‚ market segmentation is one of the key marketing strategies to look into. This essay is aimed to explain the concept of market segmentation and its benefits as a substitute to a mass marketing approach. Considering successful market segmentation‚ it is vital to go through three activities called STP process that should be undertaken‚ usually sequentially‚ if segmentation is to be successful (Baines et al.‚ 2011). STP process consists of three steps: segmentation‚ targeting‚ and positioning
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