Market Segmentation

Executive Summary:

What conditions do you feel must be fulfill in order that market segmentation is effective? sound out the advantages and limitations of market segmentation with particular(prenominal) reference to consumer goods. Comp atomic number 18 and strain your findings with proposed theories and justify your conclusions.

Marketers recognized long ago that products and services couldnt be all things to all people. Buyers have different taste, interest, goals, lifestyles, and so on. Among new(prenominal) things, the emergence of the marketing concept and the credit entry of consumer needs and essentials light-emitting diode marketers to think in terms of target marketing. Target markets ar groups of people with similar wants and needs. For most companies, selecting target markets is the first blackguard in the marketing strategy.

Target marketing clearly requires market segmentation. gum olibanum Market segmentation involves the analysis of the purchases in the market, in particular the buying behavior, need patterns, socio-economic status or age. It is a consumer-oriented philosophy. The principal(prenominal) objective here is to divide the market into sector/segments in each of which the customers be of similar nature and are influenced by similar buying motives. For example, the shoe market can be divided into several segments based on the age and wind up of the purchaser and the function of the shoe purchased.



Such analysis permits the product of multiple similar products with an appeal to a different state group.

Introduction:

Market segmentation is the process of grouping a market into littler subgroups. This is not something that is arbitrarily imposed on society: it is derived from the recognition that the total market is often made up of submarkets (called segments). These segments are homogeneous within (i.e. people in the segment are similar to each other in their attitudes about legitimate variables). Because of this intra-group similarity, they are likely to respond somewhat similarly to...

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