Nov 02, · Reflection Essay 3: Market Segmentation and Targeting Market segmentation is a marketing strategy which involves dividing an extensive target market into subsets of consumers who have the same common needs and priorities, and then applying strategies to target the blogger.comted Reading Time: 2 mins MARKET SEGMENTATION essay. Marketsegmentation is the division of customers based on their similarityof needs and wants. By dividing the international markets, companiescan efficiently allocate their limited resources in a manner thatbeats the competition and enhances customer satisfaction (Surhone etal. , p) 1. The Travel Market can be segmented into 3 segments: Luxury travellers, Adventurers and Budget travellers. These segments are identified by demographics like age and income, psychological factors like personality, and benefits sought like needs and product features. Luxury travellers are usually older or middle-aged consumers who are already financially prosperous and look for relaxation and
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Marketsegmentation is the division of customers based on their similarityof needs and wants. By dividing the international markets, market segmentation essay, companiescan efficiently allocate their limited resources in a manner thatbeats the competition and enhances customer satisfaction Surhone etal. First,the separation enables a business to focus on the particular needs ofits patrons. The ability to focus allows it to address the specificrequirements of the customers, market segmentation essay, which in turn improves thesatisfaction of clients.
For example, Toyotahas benefited from increased sales through focusing on the specificneeds of international consumers. Second,subdivision of international markets increases the competitiveness ofthe company products.
Consequently, the organization can save on its resources by focusingon target customer as compared to producing generic products. Specialization results market segmentation essay the creation of robust commodities that canbeat the competition. For example, Coca-cola uses a global marketsegmentation in developing its products, as well as, market segmentation essay designing itsmarketing strategies. Through a mix of niche and targetingstrategies, the company can enhance its competitiveness and boost thesales.
For instance, the diet coke wasdesigned for the health conscious clients Bhasin n. Geographical segmentationenables the organization to address the differing needs of customersin a given locality, market segmentation essay. From the perspective, the market is analyzed interms of factors such as age, gender, family size and life market segmentation essay, occupation, education, social class, lifestyle andpersonality Schiffmanp.
Behavioralcharacteristics such as occasions, benefits, user rates, loyaltystatus and attitude towards a product inform the need to relocateinto a new market. Companies dealing in automobiles, clothing,cosmetics, travel and financial services differentiate their globalmarkets based on income, age, lifestyle and gender Surhone et al. Forexample, Toyota recognized the rise of incomes in emerging marketstherefore, it designed market segmentation essay entry tactic for exploiting them.
Thegrowth of earnings led to the emergence of middle-income earners withvarying needs to buy automobiles. The company entered and managed todominate the African market despite the existence of othercompetitors such as Volkswagen, Nissan, Ford and BMW. The key successfactor for the Toyota Company is the fact that it has something foreveryone.
Thesegmentation of the international markets enables a business to winthe loyalty of its customers. Client retention augments the returningcustomers that, in turn, spur the growth of sales.
Besides, it servesas a marketing strategy as satisfied clients refer their friends. Theability to win customer loyalty has contributed to the current growthin the sale of Toyota cars. Frenchs Forest, N. Beau Bassin, Mauritius: Betascript Publishing. Amsterdam: North-Holland. Related essays: Exploiting Open-Market Innovations essay Marketing Mix Market Mix essay Perfect Competition Market Foreign Exchange Unit essay How the Global aviation market has been affected by Aviation Law essay.
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, time: 7:46MARKET SEGMENTATION essay Essay — Free college essays
Nov 02, · Reflection Essay 3: Market Segmentation and Targeting Market segmentation is a marketing strategy which involves dividing an extensive target market into subsets of consumers who have the same common needs and priorities, and then applying strategies to target the blogger.comted Reading Time: 2 mins Feb 06, · Market segmentation is the process of dividing the market into parts that are different from one another. It is the identification of potential customers who would buy your products. Different customers have different needs and it is not possible to satisfy these needs by treating all customers in a Estimated Reading Time: 10 mins Jan 01, · Market segmentation is the division of a market into different groups of customers with distinctly similar needs and product/service requirements. Or to put it another way, market segmentation is the division of a mass market into identifiable and distinct groups or segments, each of which have common characteristics and needs and display similar responses to marketing actions
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