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Will You Add? - Market Segmentation - Effective Tool to Capture Opportunity and Edge
Hey - how about those White Sox. Their well is dry for 88 years, all the way back to World War I, 1917 to be exact. Then - Kazaaaam, they sweep the series in four straight games.There are a lot of reasons they won this year.They have a great manager and in case you don't follow baseball, his name is Ozzie Guillen. When the game was over the 41 year old manager didn't go jumping up and down with his players, he said, "I have to respect the other team." A class act!For the White Sox - the winning di
Marketing is the advertising, selling, and branding of products or services. All businesses perform some level of marketing. There are thousands of marketing books, but how do you sift through them all? Perhaps you can start with Marketing For Dummies? Whichever way you or your business perform your marketing functions, it is always useful to be aware of the latest marketing terms and definitions. Here is one big list of marketing terms and definitions that can be useful for marketing professionals and dummies alike: <
There is an ongoing agreement that no one type of market segmentation is comparatively more effective than the other (Papers4you.com, 2006). Industries and companies around the globe has proved that according to firm’s resources, effective utilization of any market segmentation on ‘proactive basis’ has lead to capture profitable opportunities. Many types of segmentation are discussed in literature, however practically, two major types are commonly known as Single- Target Market Approach and Multiple Target-Market Approach.
Companies has gained edge by even adopting ‘ Single Target Market Approach’ that involves segmenting the market and select one of the homogenous segment as the company’s target market ( Quester et al, 2001). Practical examples were also highlighted as, for instance in Australia, National Australia Bank (NAB) and Coles super markets availed edge over competitors by proactively targeting new homogenous target market known as ‘super consumer’. This segment has specific characteristics such as connected to internet, own a mobile phone, spend large amounts on fashion items, go to restaurants and have cable TV subscription. NAB attracted this new segment by offering easy to use online banking service, however, Coles offered 24 hours shopping, comparatively huge range of ‘up-market’ cooked meals and tailor-made fresh food items on demands of super consumer (Papers4you.com, 2006).
Similarly company can adopt ‘Multiple Target Market Approach’ that involves choosing two or more market segments and then taking each of them as different a separate target market to develop marketing strategy (Quester et al, 2001). It is also referred as ‘Benefit Segmentation’ where each divided segment is taken as benefit group on the basis of benefits that segment seek from company (Kotler & Armstrong, 1999). Companies also used such segmentation as tool for capturing new opportunities in a effective way. For instance effective service providers in gym industry are realizing that unlike in 1980s where aim of gym membership is to make better appearance is being added by the market concerned with health issues such as heart diseases, posture and BP. So service providers who proactively realized changing trend in market quickly shifted from single market approach to multiple one by offering different products for different groups such as normal fitness services to appearance conscious group and health related expensive services to elite cl
Big Risks As a retailer we take on big risks when we enter into the domain of large national shopping center conglomerates, or even a smaller independent mall, and establish our businesses within the confines of their domain.Whether we are an independent, a franchise, or part of a chain, every shop requires an enormous injection of capital, risk, apprehension and anxiety.We enter into long leases requiring us to commit to our ability to operate a successful business for years on end, weatheri
Companies has gained edge by even adopting ‘ Single Target Market Approach’ that involves segmenting the market and select one of the homogenous segment as the company’s target market ( Quester et al, 2001). Practical examples were also highlighted as, for instance in Australia, National Australia Bank (NAB) and Coles super markets availed edge over competitors by proactively targeting new homogenous target market known as ‘super consumer’. This segment has specific characteristics such as connected to internet, own a mobile phone, spend large amounts on fashion items, go to restaurants and have cable TV subscription. NAB attracted this new segment by offering easy to use online banking service, however, Coles offered 24 hours shopping, comparatively huge range of ‘up-market’ cooked meals and tailor-made fresh food items on demands of super consumer (Papers4you.com, 2006).
Similarly company can adopt ‘Multiple Target Market Approach’ that involves choosing two or more market segments and then taking each of them as different a separate target market to develop marketing strategy (Quester et al, 2001). It is also referred as ‘Benefit Segmentation’ where each divided segment is taken as benefit group on the basis of benefits that segment seek from company (Kotler & Armstrong, 1999). Companies also used such segmentation as tool for capturing new opportunities in a effective way. For instance effective service providers in gym industry are realizing that unlike in 1980s where aim of gym membership is to make better appearance is being added by the market concerned with health issues such as heart diseases, posture and BP. So service providers who proactively realized changing trend in market quickly shifted from single market approach to multiple one by offering different products for different groups such as normal fitness services to appearance conscious group and health related expensive services to elite cl
Credit card companies are changing. There are so many of them out there that they need to do things that set them apart from the tons of other credit card services available. In addition to being a major credit card company, Discover card services also offers a great scholarship program to high school juniors. Their support of education is one more thing to like about the Discover card.This scholarship focuses on more than just academic success. Any high school junior that has at least a 2.75 grade point average
Similarly company can adopt ‘Multiple Target Market Approach’ that involves choosing two or more market segments and then taking each of them as different a separate target market to develop marketing strategy (Quester et al, 2001). It is also referred as ‘Benefit Segmentation’ where each divided segment is taken as benefit group on the basis of benefits that segment seek from company (Kotler & Armstrong, 1999). Companies also used such segmentation as tool for capturing new opportunities in a effective way. For instance effective service providers in gym industry are realizing that unlike in 1980s where aim of gym membership is to make better appearance is being added by the market concerned with health issues such as heart diseases, posture and BP. So service providers who proactively realized changing trend in market quickly shifted from single market approach to multiple one by offering different products for different groups such as normal fitness services to appearance conscious group and health related expensive services to elite cl
There are several forms that applicants need to submit for registering a Nevada limited liability company (LLC). These forms primarily relate to the articles of organization. The operating agreements are considered to be the most important of all forms for applicants wishing to establish an LLC. There are two types of operating forms, depending on the nature of the company. The first is the manager-managed operating agreement comprising of several members. The second is the member-managed operating agreement. Each has i
Similarly company can adopt ‘Multiple Target Market Approach’ that involves choosing two or more market segments and then taking each of them as different a separate target market to develop marketing strategy (Quester et al, 2001). It is also referred as ‘Benefit Segmentation’ where each divided segment is taken as benefit group on the basis of benefits that segment seek from company (Kotler & Armstrong, 1999). Companies also used such segmentation as tool for capturing new opportunities in a effective way. For instance effective service providers in gym industry are realizing that unlike in 1980s where aim of gym membership is to make better appearance is being added by the market concerned with health issues such as heart diseases, posture and BP. So service providers who proactively realized changing trend in market quickly shifted from single market approach to multiple one by offering different products for different groups such as normal fitness services to appearance conscious group and health related expensive services to elite cl
Do you suspect that you have black mold in your Los Angeles home? Black mold is most commonly a greenish black color. In most cases, you can tell right away whether or not the mold in your home is black mold or not. While it is always advised that you get mold removed and taken care of, there are some types of mold that you should have removed right away. One of those types of mold is black mold.One of the many reasons why Los Angeles black mold removal is so important is because of the health risks. Black mo
Hence the discussion shows that market segmentation is imperative for developing marketing strategy and can be used as an effective tool to gain edge , however key here is adopting ‘ proactive approach’ to realize changing trends.
References
Kotler, P & Armstrong, G, (1999), ‘Principles of Marketing’, Eight Edition, New Jersey: Prentice- Hall Inc
Quester, P, G, McGuiggan, R, L, McCarthy, E, J & Perreault, W, D (2001), Basic Marketing- A Managerial Perspective’, Australia: McGraw Hill Book Company Australia Pty Limited
Papers For You (2006) "C/M/316. The benefits of segmentation", Available from http://www.coursework4you.co.uk/sprtmrk6.htm [19/06/2006]
Papers For You (2006) "K/M/10. Explore the theories surrounding the core marketing principle of Segmentation, Targeting and Positioning", Available from Papers4you.com [19/06/2006]
Perreault, W, D & McCarthy, E, J, (2000), ‘Essentials of Marketing- A Global Management Approach’ International Edition, USA: McGraw Hill Companies Inc
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