Market Segmentation Essay -- essays research papers fc

To ca economic consumption different commercialises or to promote your products to different locations or people wholeness has to use a method called market partition. Market segmentation describes the grade of a market into homogenous chemical groups which will respond differently to promotions, communications, ad and other trade mix variable (Cumming). Market segmentation is super important for companies around the world. If a guild doesnt research the playing playing field in which they are going to market or they put a product that is either to expensive or to elaborate in an area that open firet afford that then they will fail as a company. In my paper I will discussion why market segmentation is utilize in around the world, the types of segmentation, some techniques utilize to make segmentation work the best.Market segmentation is to divide the market into small segments. The reason for dividing the market is to make it easier to address the needs of smaller g roups of customers, particularly if they have many characteristics in common (Breen). It is easier if you find things in common that are the same such age, gender, benefits, lifestyles, etc. We also use market segmentation to find niches or to identify under-served or un-served markets. victimization niche marketing, segmentation can allow a new company or new product to target less contested buyers and champion a mature product seek new buyers (Cumming). Niche marketing can also take a normally large, identifiable group within a market, break it into sub groups so marketing can become easier. Niching offers smaller companies an opportunity to compete by forcing their limited resources on serving niches that may be unimportant to or overlooked by larger competitors (Mariotti). In many markets today, niches are normal, as agency decision maker observed, There will be no market for products that everybody likes a little, and that for products that somebody likes a lot (Mariotti). M arket segmentation is also used to be efficient. More efficient use of marketing resources by charge on the best segments for your offering product, price, promotion, and place (distribution). Segmentation can serve up you avoid sending the wrong heart and soul or sending your message to the wrong people (Klein). The question is when do we use market segmentation. The resolving power is, anytime you suspect there are significa... ...ptually distinguishable and do they respond differently to different marketing mix elements and programs? The market segments have to be actionable Can effective programs be designed for attracting and serving the segments. (Mariotte).Market segmentation is one the most important parts of the marketing mix because of its cogency to sell specific items to specific people effectively.Works CitedBreen, Bill, Desire Connecting With What Customers call for Fast Company Issue 67 Febuary 2003 page 86 Gruner + Jahr ground forces Publishing 2003 (www.fa stcompany.com).Cumming, Betsy, Cut Out For Success Targeting Segments Can Help You maintain A Bigger Share of the Overall Market Sales and merchandise January 4, 1994 VNUeMedia Inc. 2003 (www.salesand marketing.com)Klein, E. Karen, Advertising vs. Marketing Business Week October 9, 2003 McGrain Hill Companies 2003 (www.businessweek.com).Mariotti, L John, maximise Your Marketing Dollars Fortune Small Business Monday, January 22, 2001 Time Inc 2003 (www.fortune.com).McElligott, Tuim, Customer circumstantial The Art and Science Behind Amdocs Market Segmentation telephone set October 16, 2003