Marketing Essay

Marketing Essay: Write an essay about the coursebook with the title of: A Segmentation-what does it mean and why is that so important in marketing…

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Marketing Essay

Paper details

Write an essay about the coursebook with the title of: A Segmentation-what does it mean and why is that so important in marketing?

OR

Marketing Concepts– Explain the idea of different marketing concepts (5) and give examples on companies, where different concepts are in use? Please add references and format according to the Centria guidelines. Length 2-3 pages

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Solution

Market Segmentation

Most companies face numerous challenges in maneuvering markets with their products and services. Understanding market dynamics provides managers with the ability to categorize and label products and customers differently hence achieving segmentation across target markets. A market segment is a sub-group made up of people and organizations exhibiting different characteristics, needs, and attitudes towards different markets, products, and services.

Therefore, market segmentation is a process where managers divide giant market spheres into similar and identifiable segments giving organizations and customers satisfactory outcomes. During the 1960s, organizations failed to reach target markets, citing a lack of proper outreach strategies resulting in minimal success rates (Armstrong, 2018). Alternately, marketers adopting a market segmentation approach achieve many benefits, including product development, market development and penetration, diversification, and improving the performance of marketing strategies.

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Market segmentation allows companies to penetrate broad market bases by focusing on specific products. Specialization is crucial since it builds on brand identity hence appealing to target customers as compared to focusing on the general market. Start-up companies should specialize as it will yield quality end products and broaden the customer base. Contrastingly, companies seeking to cover the whole market produce unsatisfactory products and of lower quality to those that specialize.

Additionally, market segmentation helps businesses identify customer segments missing out on services, especially for new markets. Segmentation of consumers is classified based on multiple parameters; behavioral, demographic, geographic, value, and psychographic (Armstrong, 2018). A market manager should exploit these segmentation approaches tactically to ensure all markets need to get addressed. For example, demographic data can help managers make decisions on pricing strategies, which in turn work to attract new customers, taking into account customers are price sensitive.

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Market segmentation informs product development to fulfill customer preferences. Different customer bases exhibit different product needs hence the need for companies to tailor product assortments in line with client needs. For example, an automotive company targeting middle-class households will manufacture cars with more space and seats for the whole family. Therefore, the ability of a company to identify a market gap and exploit it yields improved business practices while keeping customers happy and satisfied (Armstrong, 2018).

Product modification and improvement help business operations to grow beyond set limits. Consequently, the development of new markets arises where product development, together with marketing strategies, prove successful. Market development is essential in marketing since marketers identify and develop new market segments for new and existing products.

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Business operations are driven by sound management decisions towards achieving desired outcomes. These decisions should address organizational and customer needs since they are dependent on each other. Successful businesses depict utilizing segmentation tools effectively for optimal operational results. For instance, diversification describes a process through which a company acquires a new or existing business outside current products and markets.

Most companies find it difficult to diversify into other fields because they lack solid customer bases coupled with ineffective campaign performance to target the right audience with the right message at the right time (Armstrong, 2018). Segmentation gives managers control to identify opportunities, make informed decisions, and implement them.

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Conclusion

The everchanging business environment calls for sound decision-making regarding markets and customers. The market segmentation approach has numerous benefits through identifying, exploiting new markets, and providing tailored products to match customer preferences. The development of products and markets contribute companies collecting data to help market managers assess business conditions and ascertain on possibilities to initiate new ventures. Through segmentation, businesses seek to diversify on products and markets to improve the business status and maintain relevance in the market. Small companies can incorporate market segmentation to boost sales at the same time developing customer bases.

References

  • Armstrong, G. M., Kotler, P., Harker, M., & Brennan, R. (2018). Marketing: an introduction. Pearson UK.

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