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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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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Introduction: Product positioning is closely related to market segment focus (Berry‚ 2008). Product positioning involves creating a unique‚ consistent‚ and recognized customer perception about a firm’s offering and image. Products in the same category can be positioned in many different ways. Below are three examples of different positioning strategies for hair care products. Advertisement (1): ASIENCE Deep Nourish ASIENCE Shampoo Deep Nourish is specially formulated for Asian hair that is
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Case Brief Summary Nike is one of the world’s top shoemaker companies. It was established by Phil Knight and Bill Bowerman in 1964. At the beginning‚ the company was looking at Asia to find the cheapest sources of production for its shoes. Nike never owned a factory in Asia‚ instead the company found subcontractors with whom they contracted production. Nike got started selling low-priced but high quality shoes in the 1960s manufactured by the Onitsuka Tiger Company‚ a Japanese manufacturer. As
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Contents Page Executive Summary 2 Nike Inc. 2 Footwear Industry 3 Analyzing a Footwear Company.................................................................3 Trends in the Footwear Industry…………………………………………4 Nike’s Strategic Enablers in Gaining Competitive Advantage 4 Marketing & Promotion…………………………………………………...4 Production & Distribution………………………………………………...5 R&D………………………………………………………………………...5 Acquisition Strategy………………………………………………………..5
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Asses 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
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those people who are responsible for market research‚ product development‚ pricing‚ sales and strategy. Market segmentation is the identification of portions of market that are different from one another. Every individual falls under one or other demographic segment of the society ‘Mr. Philip Kotler has defined a market segment as a group of customers who share a similar set of needs and wants (Philip Kotler‚ 2009).’ A market segment is a sub-set of a market made up of people or organizations with
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The whole idea of market segmentation is to dividing the markets into distinct groups of buyers who have distinct needs‚ characteristic or behavior or who have might require separate products or marketing mix. In KFC‚ they have considered four variables for market: 1. Geographic segmentation 2. Demographic segmentation 3. Psychographic segmentation and 4. Behavioral segmentation. 1. Geographic Segmentation Dividing the market into different geographical units such as nations‚ states‚ regions
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company. Nike was founded in 1970 is today’s top shoe company. Nike serves people of all ages regardless of gender; they can service all your needs. From shoes‚ to clothes‚ to accessories‚ Nike has been an innovator in the global shoes business. This is why it is the leading brand in the shoe business over Adidas and Reebok. Bill Bowerman‚ a University of Oregon field coach‚ and Phil Knight‚ a middle-distance runner from Portland who attended Oregon in 1955‚ were the visionaries behind Nike. Bowerman
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Introduction The Gap Inc. is a global specialty retailer that operates stores selling casual apparel and accessories for men‚ women‚ and children (Yahoo Market Guide‚ 2001). Under the Gap‚ are the Old Navy and Banana Republic brands (Yahoo Market Guide‚ 2001). Demographic/Psychographic/Geographic Segmentation Gap The Gap’s target age segment is males and females ranging from seventeen to twenty-five years old (Cosmopolitan‚ 2000‚ p. 2). The typical family life cycle for a Gap customer
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