BENEFITS OF MARKET SEGMENTATION Gautam S Rashingkar Market Segmentation ● Dividing a market into smaller groups of consumers or organisations in which each consumer has a common characteristic such as a need or a want. ● It involves building up or breaking down of potential buyers into groups called market segments. ● By doing so the marketers will have a better understanding of their target audience and thereby make their marketing more effective BASIS OF MARKET SEGMENTATION 1. 2. 3. 4. 5
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Consumer Behavior: Market Segmentation Contents Introduction 1 Concepts of Market segmentation 1 Case of a jewelry company 3 Conclusion 7 Reference 8 Introduction Market segmentation‚ as a crucial step of marketing‚ is not what you do to a product‚ but something you know about your customers. A good knowledge of your customers can enable you to yield twice the result with half the effort. Every consumer is different. Some prefer stylish products‚ while some want cheap and durable
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8 Principles of Marketing Identifying Segments and Targets – Part 2 Market Segmentation Segmenting Consumer Markets Demographic segmentation divides the market into groups based on variables such as age‚ gender‚ family size‚ family life cycle‚ income‚ occupation‚ education‚ religion‚ ethnics‚ generation‚ and nationality It is the most popular segmentation method‚ because consumer needs‚ wants‚ and usage often vary closely with demographic variables‚ and they are easier to measure
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COURSE: MARKETING MANAGEMENT SUBMITTED TO: FARAH ALI NAWAZ SUBMITTED BY: MAZHAR JAFFRI 10667 MOHAMMAD FAHAD 10700 MOHAMMAD BASIT MAHENDER ADVANI 7454 DATE: 18-04-2010 ACKNOWLEDGEMENTS Through this I would like to thanks Almighty ALLAH‚ The most merciful‚ for providing us the skills and strength to fulfill a task‚ which could not have seen and achieved without His blessings. Now‚ we can move forward but with great thanks and appreciation to those who have supported and
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To develop a successful marketing strategy‚ it is important to identify the appropriate consumer segments. There are four steps you should perform to conduct the market segmentation process effectively. Step 1: Identify segmented markets The first step of the market segmentation process is to identify the segmented markets. It is important to select the segmenting strategy that most accurately categorizes consumers according to your product or service. For example‚ suppose that your company
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Market segmentation is the division of the total market into smaller‚ relatively homogeneous groups. It is necessary to segment or classify the various people or institutions in order to identify those with sufficient purchasing power‚ authority‚ and willingness to buy. Because no single marketing mix can satisfy all marketing segments‚ it is important to establish target markets and apply the appropriate marketing strategies in order to maximize market share. Since 1887‚ The Raleigh Bicycle
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2.1 Segmentation What is market segmentation? It means‚ dividing the market into distinct groups of buyers in order to set a product in it and define the marketing mixes. This means‚ that everyone has got different needs and wants‚ so it is necessary to segment the market. There are different variables‚ which can be used to segment a market. 2.1.1 Geographical segmentation Geographical segmentation includes the region‚ where the customers come from. We target on the whole of the Netherlands
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Marketing segmentation Market segmentation is the process of dividing the market into dissimilar‚ distinctive groups of people who have similar needs to be satisfied‚ alike wants and behavior‚ or might want some products and services. Markets can be divided depending on a number of wide –ranging criteria. They are: geographic (region‚ county‚ climate etc.)‚ demographic (age‚ gender‚ family size‚ religion) psychographic (personality‚ life style‚ attitude etc.) behavioral (benefit sought‚ brand loyalty
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Promotion…………………………………………………………………..5 2.0 Segmentation Theory…………………………………………………...………………….6 2.1 Defining and Explaining Segmentation……...……………………..…………..........6 2.2 Explaining Three Benefits of Mercedes-Benz Brand from using Segmentation ……7 3.0 Target Market Identification……………………………………………………………...7 3.1 Geographic Segmentation…………………………………………………………...7 3.2 Demographic Segmentation………………………………………...……………….8 3.3 Psychographic Segmentation………………………………..………………………8 3.4 Behavioral Segmentation……………………………………...…………………
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the benefits of IKEA segmenting its Market..... Market Segmentation involves dividing the market into identifiable sections specific to the business’ needs. Market Segmentation will allow IKEA to differentiate their products and to market them more effectively. It may allow them to find a niche in the market which will allow them to gain a competitive edge and possibly gain more market share (in the long run). Market Segmentation will allow IKEA to identify new product opportunities by analysing
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