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Secondly the marketer could ignore the differences in the segments, and choose to aim a single product at all segments i.e. Marketing Teacher designs and delivers online marketing courses, training and resources for marketing learners, teachers and professionals.
Theoretical Literature demotes that Segmentation is process that an organisation adopt to segregate the market into different groups according to the dissimilar characteristics which might need different products. The market segmentation is intended to increase competency, sales volume and profit ability of the organization. Measurable: Segmentation of market is operational only when the information on the buyer's need and characteristics are measurable. Accessible: the market segment should be accessible through exciting marketing institutions such as middlemen, advertising media, company sales forces- with a minimum of cost and wasted efforts. Stable: Market segmentation should be adequately stable over a time period to cover the investment made in segmentation. Heterogeneous needs and characteristics: The effective segmentation of marketing requires different in buyer's characteristics. Numerous studies have described segmentation as the process of dividing the market into groups of customers or consumers with similar needs. There are numerous segmentation that include Geographic segmentation, population density or climate, demographic segmentation that is markets segmented by age, sex, size and family type, psychographic segmentation like markets segmented by life-style variables and behavioural segmentation such as markets segmented by purchase occasion, benefits sought, user status. Geographic segmentation is a marketing strategy that divide segment according to geographic region such as nations, states, regions, counties, cities, or neighbourhoods. Demographic variables are basically a personal statistics such as income, gender, education, location (rural vs. Psychographic segmentation is based on the notion that the types of products and brands an individual purchases will replicate that person' personality and patterns of living. Marketers can also segment on benefits sought, essentially bypassing demographic explanatory variables.
Profiling: In this stage all the identified clusters are profiled about attitude, age, sex, need, personality, behaviour, psychographics, and demographics. Evaluate market segment and selection of target market: In this stage the marketer has to foresee demand for each component and has to analyse competitive position of the company. Development of positioning strategy and establishing a marketing plan: After the selection of market segment, it must be positioning for its own product for making target market more accessible and company should develop overall marketing plan about product, distribution, price and promotion. Organizations make best efforts to ensure that their marketing has positive impact on consumers. When segmentation process is completed on the different groups and classes, Organizations will have to select targets. Selecting target market segments: A business can either target the buyers largely or in narrowly. Choosing a Targeting Strategy: As per product life cycle stage, company resources, market variability, competitor's strategies, and business can select targeting strategy. Socially responsible market targeting: While formulating a market targeting plan, it is important to ensure that it is parallel with the social and legal policies and sensitivity of the markets.
Undifferentiated Targeting: This approach refers to the market as one group with no individual segments, therefore using a single marketing strategy. Concentrated Targeting: This approach involves in selecting a particular market place on which marketing efforts are targeted. Multi-Segment Targeting: This approach is used when marketers need to focus on two or more well defined market segments and want to develop different strategies for them.
Customized marketing: In some markets, the requirements of individual customers are exclusive and their purchasing power is more to make designing a separate marketing mix for each customer a viable option. There are various factors that must be considered while target market selection: Target marketing adapts a marketing mix for one or more segments recognized by market segmentation.
Incorrect targeting strategy results of wrong targeting strategy: Ineffective increase and targeting led to improper product offers, unsuitable marketing appeals, wrong pricing, and overemphasis on the brand name. To sum up, Segmentation and targeting is precious tool for companies to increase market share.
Companies must focus on the current market environment, buyer preferences, and competitor actions to launch their targeting strategy. Customer-Driven Marketing Strategy: Creating Value for Target Customers 7 Principles of Marketing. Market Segmentation Using Multiple Segmentation Bases PRIZM NE classifies every American household into 66 unique segments organized into 14 different social groups. A firm may select undifferentiated marketing, concentrated marketing or differentiated marketing.i. In other word, the marketer targets a single product offering at a single segment in a market with many segments. Here a marketer will target a variety of different segments with a series of differentiated products. The Seller, groups various people into segments on the basis of analogous characteristics, tastes, perception so that they will have a similar response to a specific product launched specifically for each segment.
According to theorists, "Market segmentation is to divide a market into smaller groups of buyers with distinct needs, characteristics, or behaviours who might require separate products or marketing mixes" (Charles W.
Differentiation in product needs and buyers' characteristics help the organization for market segmentation to divide total market. The more thoroughly the needs match up, the smaller the segment tends to be, but the higher the best customers are expected to be prepared to pay to have a product that more exactly meets their needs (Blythe, 2003).
These four segmentation will depend on many factors such as "the type of product, the nature of demand, the method of distribution, the media available for market communication, and the motivation of the buyers" (Chisnall 1985). Marketers will modify marketing programs to fit the needs of individual geographic areas, localizing the products, advertising, and sales effort to geographic differences in needs and wants.
According to Lancaster and Reynolds, behavioural segmentation is based on actual customer's' behaviour' towards products. It promotes the product using celebrities, such as football team in order to create a big image in front of users. It involves identifying similarities and dissimilarities among the clusters of demand for the product. In tough competition environment, it is difficult for a mass marketing strategy to succeed. Target market comprises of set of buyers who share common needs or behaviour characteristics that company decides to serve. Based on this perception, marketers can create mass marketing strategies, differentiated, concentrated or micromarketing strategies. In competitive business environment, companies must see to it that they involve the consumers in all phases of product development and buying process. This strategy may be beneficial for a business or product with little competition where you may not need to tailor strategies for different preferences.
Company focuses on a single segment so you can concentrate on understanding the needs and wants of that particular market intimately. Multi segment targeting offers many benefits but can be expensive as it involves greater input from management, increased market research and increased promotional strategies.

Many service providers such as advertising, marketing research firms, architects and solicitors vary their offerings on a customer to customer basis. Target marketing contrasts with mass marketing, which provides a single product to the entire market.
It is stated that none of the company can offer single product to satisfy the entire segment.
Market segmentation is a term that is related with the policy that assesses the national lease market as heterogonous in characteristics given divergence in demands. Target marketing means to choose a market segment and direct marketing efforts toward that segment. Define the three steps of target marketing: market segmentation, target marketing, and market positioning 2. Discuss the need to understand competitors as well as customers through competitor analysis 2. These groups segment people and locations into marketable groups of like- minded consumers that exhibit unique characteristics and buying behavior based on a host of demographic factors. Undifferentiated Marketing (Mass Marketing): The firm tries to reach a wide range of consumers with one basic marketing plan. For example, British Airway’s Concorde is a high value product aimed specifically at business people and tourists willing to pay more for speed.
Getting it approved by senior management requires a well-planned strategy.Look at The Big PictureSetting a marketing budget begins with answering a few questions:What are the major strategic goals for next year? The major aim of marketing is to realize value for customers and create more wealth for organisations. Segmentation is an effective way to explore what kinds of consumers with different needs exist. Segmentation allows marketers to recognize different groups of customers whose behaviours significantly differ from others. Marketers will thoroughly study the population density or regional climate as factors of geographic segmentation. In Usage rate type, the usage can be demonstrated in the form of heavy usage, moderate usage or lesser usage. Everyone has different life style, they have their own opinions but it could be influenced by other people personalities. This survey is conducted to recognize the need of the market and to study the characteristics of market. Through segment evaluation, company can enter into more than one segment and it can also adopt separate marketing program for each of the target markets.
Customers are becoming more diversified and firms are continually differentiating their products relative to competitors. Transforming the needs of market segments into financial services, product features, and delivery channels is a major challenge.
Companies must realize the segment size, growth pattern, segment attractiveness, competitors operating in that segment and company objectives.
It is important to reach out to them and know their preferences before adopting a targeting strategy.
Small companies benefit from this strategy as focusing on one segment enables them to compete effectively against larger firms.
Before choosing a particular targeting strategy, marketers must do cost benefit analysis between all available strategies and determine which will suit your situation best.
Two important factors to consider when choosing a target market segment that include attractiveness of the segment and the fit between the segment and the firm's segment and the firm's objectives, resources, and capabilities objectives.
Manager focuses on products that meet their needs, solve their problems or help them in some way. According to Jobber, segmentation is the identification of individuals or organisations with similar characteristics that have significant implications for the determination of marketing strategy. The ideologies of target marketing are to recognize the major market segments, target one or more of these segments, and alter the marketing effort towards each particular segment.
Explain the fundamentals of competitive marketing strategies based on creating value for customers 3. Here there are a variety of products such as diesel, four-wheel-drive, sports saloons, and so on. Market segmentation is the process of dividing whole market into diverse customer segments.
This enables companies to modify their marketing mix, to furnish to particular needs of different market studies (Kotler, Armstrong, Saunders, & Wong, 2002).
Such as brand loyalty, benefits sought, occasions like holidays, events which stimulate point for marketing. Another example of usage rate segmentations is in the electronics as well as the FMCG industry in industrial buying. This is benefit for us because for example, if David Becham is learning the team building strategies from our institute then the user influencing his fans to join in the same course.
In survey product attributes desired by customers, brand awareness, product usage pattern, demographics features (sex, age, income, family, size) psychographics (consumer's personality, buying oriented and media graphic (news, radio, and TV programmers) are studied.
Factor analysis is used to isolate highly correlated variables and cluster analysis in used to locate homogeneous clusters of needs and character factor.
When the focus is on segmented markets, the company's marketing can better match the needs of that group.
Financial service offers need to assess their own capacity and strategic objectives to discover the appropriate balance between developing products that meet universal needs versus serving the distinct needs of specific segments, and individuals.
Marketers need to choose whether or not the segment has the ability to offer a long-term appeal and basis for development.
This strategy is based on the statement that, in respect to the product in question, customers' needs are very similar if not identical. It is necessary to analyse each segment as a separate marketing opportunity and constantly evaluate the worth of each segment. As the firm did not target those segments and as they become unsuccessful to make product offers that were suitable for them, the end result may be poor.
Companies that target their customers in marketing are also more informed about the prices customers will pay for products and services.
Thus, it supports that these divergent demands be classified into smaller homogeneous market responses that distinguish products and target markets in segments. Targeting or target marketing involves in deciding which potential customer segments the company will focus on. Lancaster & Reynolds stated that the customers can be divided into number of groups according to their loyalty, or their propensity to repurchase brand again is called brand loyalty. Market segmentation enables organizations to focus their resources more efficiently and get success in business. The advantage for the company is that it can produce on a large scale, benefiting from low unit production costs via economies of scale. Niche markets can be targeted successfully by small firms who have comparatively small overheads and, therefore, do not need to accomplish the volume of sales required by big competitors.

Marketers must estimate whether the segment is Distinguishable, Measurable, Sizable, Accessible, Growing, Profitable, compatible with the firm's resources, check if the firm has the differential advantage and distinctive capability for serving the selected segments. Market targeting assists businesses arise with tailor made products and marketing campaigns to fulfil the needs of the different market groups. Market targeting assists businesses come up with tailor-made products and marketing campaigns to address the requirements of the different market groups.
There is systematic way of marketing and the marketing segmentation is the core of marketing. Marketing segmentation always comes before targeting, which assists a company to be more discerning about who they are marketing their products to. Some consumers are fond of brand such as they tend to stick with their favoured brands even when a competing product is on sale. Good example of targeting buying on occasions is Hallmark greeting cards for all occasions. In these segments, the maximum discount goes to the one who buys the maximum whereas others get lesser profits as they also get lesser discounts. Marketing, product and brand managers are constantly being asked to increase their return on investment. How easy it is to track their actions and reactions?Is the category my brand operates in  highly competitive, with many brands fighting for market share?How strong is the competition? Segmentation, targeting and positioning notions for a business products and services are imperative to widen customer base.
Marketing segmentation and targeting are similarly vital to ensure huge success of a company. The primary targeting of symbol was that be it any occasion, you will find the right kind of card for you. Concentrated Marketing: The firm concentrates on one group of consumers with a distinct set of needs and uses a tailor-made marketing plan to attract this single group.
How aggressive is my competitors’ marketing?What is the budget amount the management team feel comfortable with? A segment is an exceptional group of customers or probable customer who share some common characteristic that make them dissimilar from other groups. If we take example of automobile market some consumers needs speed and performance, while others are concerned about roominess and safety. Market segmentation focuses on that subdivision of prospects that have the utmost potential of becoming customers and generating income. Concentrated marketing can let a firm maximise per unit profits, but not total profits, since only one segment is sought. Companies who segment their markets match their strengths and offerings to the groups of customers most likely to respond to them. It is very important for us to keep a healthy relationship with the customers and to do this they need to understand their customers' demand. Scholars have stated that companies that concentrate to fulfil the needs of one group of consumers over another tend to be more money making. Shree Leathers, Shoe maker in Kolkata targets middle class customers segment for all of its shoes.iii. The objective of segmentation is to focus on marketing energy and force on subdividing to compete within the segment.
Once a commercial advantage is obtained, marketing decisions become considerably safer and more powerful.
Differentiated Marketing (Multiple Segmentation): Differentiated Marketing enables a firm to appeal to two or more distinct market segments, with a different marketing plan for each. If the management team is happy with the accomplishments then these budgets represent a solid starting point for next year.If major strategic changes are to be implemented then previous budgets might not be relevant.
But it is essential for marketer to understand each and every sub-group in order to get the positive result from customers and to compete with competitors in the market. Through segmentation, marketers can apply more specific characterizations to each group, as each group no longer encompasses the entire market.
It combines the best aspects of undifferentiated marketing and concentrated marketing.Firms may use both mass marketing and concentrated marketing in their multiple segmentation strategies. This is also the case for new companies (brands) with no marketing budget history.Task-Oriented One simple way to set the budget is to tally up the costs of all marketing activities planned for next year. It is not practicable to go after all customers, because customers have different wants, needs and tastes. Concentration of marketing energy is the core of all marketing policies and market segmentation is the conceptual device to accomplish this focus.
Psychographic segmentation offers good understanding into the consumer as a person, which is more likely lead to the identification of underlying needs and motives.
The total amount gives you the market budget for next year.One thing to keep in mind is that obtaining accurate costing from various vendors in advance might be challenging.
As a result, psychographic segmentation should deliver a much better understanding of the consumer, which in turn should create more valid and responsive segments and subsequent marketing programs. Multiple segmentation lets a firm diversify and minimise risks because all emphasis is not placed on one segment.
They will always purchase certain styles and usually pay a high price spent more money for them.
Segmenting by demographics is easy for everybody to understand, from management, to sales and customer service staff. The assumption here is that if you want to remain competitive you have spend as much as them.There are a few challenges here.
The strategy for brand loyal customers is very different from that used for acquiring new customers. Cartwright (2002) stated that need is something that people cannot do without, but a want is the method by which people would like the need to be satisfied.
The example of behavioural segmentation by loyalty is observed in the hospitality segment wherein airlines, hotels, restaurants and others give their best to provide the best service possible such that they can retain their customer. Clearly, a company would have difficulty to target such market segments concurrently with one type of product. Amandeep singh (2011) have shown in study that earlier demographic factors were considered for segmentation but they are no longer operative for segmentation in FMCG sector. Used mostly by companies for which Marketing is an afterthought, this methods follows no plan and requires no justification. Some tools, such as social media and e-mail marketing are a try, learn and adjust process, that need time to prove their effectiveness.Some initiatives are easier to track than other.

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