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Assignment of Marketing Segementation Process - 2

Marketing Segmentation Process

According to Wedel & Kamakura (2000), adopting marketing strategy into marketing campaign of the company’s product require marketers to include marketing research to enhance the effectiveness of marketing process. Marketing segmentation is supposed to be the most imperative aspect of the marketing strategy. To Beane & Ennis (1987), every organization applies well defined and well equipped marketing strategy but without including marketing segmentation process the marketing strategy is incomplete. In the context of importance of marketing segmentation number of studies has demonstrated evidence according to which development of marketing segmentation in marketing strategy is indispensible for the marketers. With the differentiation of marketing needs and changing environment of marketing criteria it is observed that there are two different types of markets approach present including Business to Business (B2B) and Business to Customers (B2C). However, studies have found that B2B market approach is not as common as B2C because there are more companies with customer based products and very few with offering products to another business. To Croft, (1994), with the passage of time there is improved marketing tactics available for companies and due to increased population with higher demand of products the companies are persistent using specific marketing segmentations. According to McDonald & Dunbar (2007), companies due to affected by large customer base mostly serve for B2B market. Similarly, B2B market needs to have the involvement of multiple individuals with the purchasing decision and longer processes for purchasing. As far as difference of both type of market segmentation is concerned B2B market segmentation more focuses on the identification of group of companies while B2C market segmentation is to combine individuals possessing same minds seeking identical benefits in a product or service. Order online assignment writing help.

 

Business to Business Market Segmentation Process

Business to Business (B2B) is one of the most important segmentation that is used for segmentation process by targeting and product positioning.  According to Croft (1994), in B2B market segmentation the purpose of company is narrowed with choices to have competitive advantage while there are few chances of success. In B2B market segmentation process the company analyzes the market comprised of companies and collect the company’s information to target them with correctly positioned products (Boone& Kurtz, 2010). According to Batra & Shepard, (1999), the process of market segmentation is composed of three steps and these three steps are segmentation, targeting and positioning. Hire the best dissertation writing help.

Segmentation:

There are different major segmentation variables for B2B marketing segmentation used for targeting group of companies in specific industry and they are segmented as: industry demographic such as: company size and location;  operation variables of company such as use of technology, user or nonuser status, company’s capability; purchasing approaches of company such as power structure, nature of existing relationships, general purchase policies and purchasing criteria; some situational factors including urgency, specific application, size of order and personal characteristics of customers of the company such as consumer’s similarity in attitude towards risk and loyalty (Longenecker et al. 2005). The level to which segmentation is utilized in industrial markets may be different depending on the evolving conditions in the surroundings and environments. Buy cheap essay writing service.

Targeting and Positioning:

Targeting and positioning are most important aspect of marketing segmentation process. According to Croft (1994), specific market must be targeted using segmentation according to its features like the place where company operates its business. According to Hutt & Speh (2007), B2B market segmentation is categorized as macro-segmentation and micro-segmentation. The macro segmentation basically focuses on the characteristics and situation of a company which could be size, industry, location, and operating market. Micro segmentation includes more detailed information and observation about the companies such as buying decision, as well as importance of purchasing. Get coursework writing help online.

Targeting and positioning in B2B market segmentation helps the marketers to identify the particular markets with above mentioned characteristics while positioning aims to find a space in the market for the product. In this context, there is great emphasize on the need to make market analysis that could make the market segmentation process effective in terms of appealing more customers (fimrs). The position of product is defined by Croft (1994) as the best way to offer the product to selected customers. Get thesis online from the professionals.

 

Business to Customer Market Segmentation Process

Business to Customer (B2C) market segmentation is identified as the most effective market approach with recognition from different marketers. However, marketers emphasize on the use of same process followed in B2B market process including segmentation, targeting and positioning, the market segmentation processes in B2C entails different requirements with the different level of customers’ requirements.

Segmentation:

In B2B segmentation process involves identification of group of customer according to their requirements and market value of the product. For segmenting the customer based market segmentation there is need to collect certain information which is based on variables and helps to identify customer market to target. However, profiling is supposed to be very significant aspect which includes customers’ information related to demographics, psychographics and behavioral tendency. In this regard, customer market trends are taken into account with particular personal traits for instance buying habits, demands, customer attitude and customer satisfaction.

Targeting and Positioning:

Acceding to Gilligan & Wilson (2009), targeting and position process in B2C market segmentation process requires targeting and determining the part of the market to be chosen. According to Jobber (2009), the process of targeting in B2C market segmentation process involves the decision to be taken according to groups of customers that are attractive to customers. Moreover, it is also important to review the chosen segments across the selected market strategy. In addition, positioning is the next step which incorporates the formulation of appropriate place or position for the product.

 


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