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Assignment of Marketing Segmentation Process - 1

The Market Segmentation

The term marketing segmentation is meant to divide the market (customers) into different group forms at the same time considering the similar customers’ needs and demands for that particular products or services (Weinstein, 2004). To Croft (1994), marketing segmentation process helps the marketers to identify the prospective customers by distributing them and profiling them according to their needs and product market status. Moreover, according to McDonald & Dunbar (2007), market segmentation process not only divides the group of customers for their particular characteristics but also provides process of compiling the different customers’ information that eventually assists the marketers to evaluate their target market. According to Hooley & Saunders (1993), specific market segmentation provides similar response to marketing action while market condition has great importance in assessing the marketing segmentation. Cahill, (2006) argues that marketing segmentation is of key importance for marketers as it is built on the common basis the findings of the customer segmentation and customer profiling can be even more complicated if it is not managed appropriately. Mazanec & Strasser, (2000) define the marketing segmentation as additional expenses for the promotion of products but at the same time they support the idea of using market segmentation at the best of the procedure. In regard to theoretical perspectives among different marketers for the adoption of market strategy and other marketing activity Dalgic (2006) describes the marketing segmentation as the most recognizable and systematic approach. Different marketers have emphasized on the use of market segmentation to enhance the effectiveness of marketing campaign (Boone & Kurtz, 2010). Buy assignment help online from experts.

 

To Batra & Shepard (1999), an appropriate and effective application of marketing segmentation largely helps to reduce the risk of scarce of firm’s resources and ensuring other marketing mix factors such as products, price, place and promotion. The consideration of this marketing mix greatly enhances the customers’ needs and requirements towards the particular products. Moore (2005) suggested that no company can afford to target the entire market for its single product while it is not possible that company offers wide range of products that target to all customers. To Kotler & Keller (2006), market segmentation provides such companies with opportunity to specify and identify niche market for its product. Thus, a company is able to focus on specific group of customers and can easily be persistent to modify or enhance its productivity to increase the customers’ satisfaction. According to Capon (2008), the process of product offering to specific group may increase the customers’ satisfaction as this process allows the company to focus on the needs and demands of particular group of customers. Different marketers have identified the market segmentation as great opportunity for the company to save their resource and utilize them for increasing the efficiency of their products in terms of increasing the customers’ satisfaction. According to Weinstein (2004), market segmentation is about product differentiation and product variation. Furthermore, diverse market segment needs to have different variations to offer for the provision of satisfaction through the segments. Hire the best dissertation writing help.

Weinstein (2004) defines the variation of different segments that could help to appeal the market segments. As Croft (1994) has described the marketing segmentation, according to him market segmentation represents different attribute such as demographics, psychographics, lifestyles, values and behaviors. For assistance buy cheap coursework writing service.

However, the term possesses broader sense as it shows the division of customers with similar characteristics and common sharing (McDonald & Dunbar, 2007). Moreover, marketers believe that there should be more attributes of customers to decide the target market because more specific attributes greatly helps the sub-categorization of target groups. Thus, besides demographic, psychographic and behavioral tendency, culture is also an important part of the segments and has an effective role in increasing the success of market segmentation. In this regard, McDonald & Dunbar (2007) have demonstrated similarity with other marketers who have defined the market segmentation as division of market into particular group of customers. To McDonald & Dunbar (2007), the definition of market segmentation given needs to add kinship which is considered as cultural aspect of the customers. However, the definition given by McDonald & Dunbar (2007) involves the culture as important aspect which differentiates marketing segmentation of McDonald& Dunbar (2007) from others. The most common similarity observed among the definitions provided is the agreement over purpose and application of segmentation. With regard to objective achievement through market segmentation there is great concerned about the concentration of marketing energy and other marketing forces. In order to achieve the marketing purpose through marketing segmentation there has been number of marketing strategy and approaches. The success of marketing segmentation process relies on the adoption of the most unique and specific market segments. According to Fifield (2008), the more a marketing segment is unique the lesser there is chance of imitation. Order essay writing help online.

 

According to Cahill (2006), uniqueness is the market segmentation also reduces the possibility of increased competitiveness in market. According to Cantet al. (2009), when a company maintains specification in choosing the segments there is comparatively little possibility to compete with alternative product in the market. To Mazanec & Strasser (2000), the availability of products with same features decreases the credibility as well as reliability of the product. However, many studies have suggested that introducing variety of product into market is not possible but it is possible to come out with possibly unique idea. According to Gilligan & Wilson (2009), marketing segmentation is based upon the economic and marketing concept it is made up of organization and consumers. Furthermore, to Jobber (2009), market segmentation can be applied with certain process and this process is used differently for different customers such as according to Pinson & Jinnett (1996), Business to Business B2B and Business to Customer B2C are two types of approaches used when intends to apply the marketing segmentation. To Soutar (2003), successful market segmentation requires to meet different criteria such as price based quality, incorporating characteristics into product for giving satisfaction to specific group of customers. However, market segmentation should incorporate different needs of the customers and must show exhibits common needs. Thus, it can be concluded that marketing segmentation is an important marketing strategic process B2B and B2C marketing segmentation process are the approaches of marketing approach. Get thesis help online from the professionals

 

 


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