3. Purchasing power (dominant factor):- Segmentation done on the basis of purchasing power of the customer. It has various bases on which the market can be segmented. It is necessary to communicate in a segment-specific way even if product features and brand identity are identical in all market segments. On that basis, organizations have better chances to increase their market shares in the overall market. GM has identified about 40 different ‘customer needs’ and correspondingly, 40 different market segments in which it would present with its vehicles. Many brand uses a model or a celebrity to position their product. Is it compatible with the firm’s resources and capabilities: – Having reached the conclusion that the premium segment is sizeable, growth oriented, profitable and accessible, the firm has to now find out if the segment matches its resources. Normally, most suppliers in a market or in a market segment will be positioned along the diagonal. How much they can spend will depend on the income. Market leadership in selected segments improves the competitive position of the whole organization in its relationship with suppliers, channel partners and customers. Market segments targeting infants include products like Baby Food, Toys, Nappies. Achieving market segmentation from B2B sectorisation. Clustering is a com-mon technique for market segmentation since it automatically finds similar groups within a given … Thus the choice of target marketing for a given industry can decide the fate of the industry in the market. It is too expensive for the mass market and its quality is not good enough for the premium segment. INTRODUCTION. For having a pleasant driving experience Maruti Omni the instrument panel is sleek, the steering columns just positioned just right, seat are adjustable with control lever and gear shaft at hand-touch distance. In addition, the assignment outlines how the automobile markets can be segmented as well as examines the benefits of this approach. Skin care cosmetics brands often offer special series for babies, teens, normal skin, and elder skin. Non-functional areas mean change in size, color or packaging of the product. And brand positioning denotes the positioning of the brand viz-a-viz the competing brands in the chosen product category. 2. d.    Competitiveness: – For surviving in this competitive and changing environment innovative resources, talent pool, competitive advantage, strong financial backup etc are very important. According to Philip Kotler’s definition of market segmentation, “Market Segmentation is the sub-dividing of customers into homogeneous subset of customers where any subset may be conceivably selected as market target to be reached with distinct marketing mix.”. Target marketing provides a focus to all of your marketing activities. Consistency: – Consistency in positioning means keeping the positioning plank/bases intact for longtime. For example, many car manufacturers offer a product range that caters for the needs of all phases of a customer life cycle: first car for early teens, fun-car for young professionals, family car for young families, etc. While for older person and professional it has created the steel series watches and also the famous, Sonata. On the other hand, if the firm can develop a competitive advantage, for example, via patent protection, it may find it profitable to pursue a larger market segment. 5. 3) Which Segment is Attractive- Out of all segments, the marketer will decide which segment is attractive and will yield him higher profit than others. Marketing Assignment Free Sample on Segmentation Targeting Positioning made by our Phd Marketing Assignment Help Experts Call +1(213)438-9854 or LiveChat. To understand this in a better way considers an example of shoe manufacturing company. a) Competitive Strategies- It requires a unique or a superior product attribute in regard to a competing product. Income level would have to be middle to upper class as these mobiles phones are going to be little expensive. Differentiation is done to make a product more attractive than other competitive products. They iterate that any brand is valued by the perception it carries in the prospect or customer’s mind. There are different factors contributing for varying mind set of consumers. d.    Climate: – Segmentation as per climatic condition or weather. 2)   Company Type: Business customers can be classified according to type as follows : a. INTRODUCTION: – There was a time when finding the best customers was like throwing darts in the dark. The volume of sales required for profitability. 6) Expanding of the segment- When the product is positioned in the mind of the customer, owner can finally expand the segment. Now we will have to see, who the consumer will be for the product. •Market segmentation is customer-oriented. This risk is the higher, the less distinguished the segments are. b. Sales potential for the firm in the segment. The objective of the market segmentation is to identify the high yield segment, the ones which are more profitable and have high growth potential. pp.21-54 Lewis, B.R., 2013. The Neumann Business Review. It is the largest segment in Indian market. He will market the product in malls, theatres as these places encounter such people most often. Helps concentrate efforts on the most productive and profitable segment, instead of frittering them over irrelevant, or unproductive, or unprofitable segment. Mobile phones are not gender specific, as males and females both use smart mobile phones. Introduction of new or neglected attributes; e.g. Segmentation is the means or the tool; choosing the target market is the purpose. At the same time, it has to note that the premium segment too is sizeable, as it account for over 120,000 tonnes. For example, an employed person will be a better target market segment for company selling stitched suits while the market segment of students will be better for company selling shorts and casual t-shirts. But all these segments need not form its target market. Generate greater customer satisfaction- Once the market is divided into smaller segment, customer satisfaction will be increased. The segmentation of the detergent market has two most dominant categorization: Psychographic and Demographic … Several other brands of different companies are competing in the segment. Size of Metropolitan Area- Size of the population. 3. Occasions- Occasions when a consumer might purchase a product. Market Segmentation - Marketing Aptitude Assignment. Target marketing contrasts with mass marketing, which offers a single product to the entire market. So, the target will be kids, youngster and mature adults. Titan’s product segmentation on the bases of age:-. 4. 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. Marketing Segmentation Assignment . Company size:-Whether the company is a large scale industry / a small scale industry. In this essay, define the marketing concept and summarize its relationship to marketing myopia. If an organization … 11. A typical segment-based price variation is by region. Generally; cosmetics, footwear, jewelry and clothes industries divides the market on the basis of gender. Usage- Consumers can be segmented on the basis of the usage status. The analysis that goes into market segmentation results in a market profile,a detailed representation of the various segments within the broader market, the characteristics of members of each segment, and the position of competitors … The market realities will have to be taken into consideration. This segment is sometimes referred to as the small car segment. Therefore, it is advisable to use in-depth market research to determine relevant parameters in order to understand how customers rate different products and marketing variables. As discussed in the Unit I Lesson, the marketing concept consists of elements that concern market segmentation and how it relates to target markets. Mercedes Car – symbol of luxury and exclusiveness. Actually, the aim should always be to go as deep as possible in segmenting the market so that segments that are most attractive and most suited can be chosen. Often, customers position a product in relation to a brand or product that is especially visible to them. Demographic Variables: Demographic segmentation is a factor used by Nike to target individuals according to their … Whether the firm can offer superior value to the customers in the segment, The impact of serving the segment on the firm’s image, Access to distribution channels required to serve the segment, The firm’s resources vs. capital investment required to serve the segment. There should be perfect match between promise and action. Benefit sought: – Quality / economy / service / look etc of the product. Fashion for elite class:- Product positioned for fashionable elite class or member of the society, who always want to stay ahead in term of fashion and demands exclusive products only. In other words, segmentation and targeting help the firm not only the characteristics of each of the segments but also the ‘distinctive excellence’ that is required for catering to the specific needs of the consumers in each of them. And, consumer (the end user), who makes a market, are of varying characteristics and buying behavior. In other words, what are the substitute products that serve the same need? Negative, positive, over enthusiastic effects may be reported by the company. Price ranges between Rs 6 to 8 lakh. B2B sellers segment market on the basis of business and the county. Industry: – Whether the industry is manufacturing industry / service industry. Example: Mercedes is positioned for luxury segment, Volvo is positioned for safety. In order to capture this heterogeneous market for any product, marketers usually divide or disintegrate the market into a number of sub-markets/segments and the process is known as market segmentation. Helps crystallize the needs of the target buyers and elicit more predictable responses from them ; helps develop marketing programmes on a more predictable base; helps develop market offer that are most suited to each group. These common characteristics allow developing a standardized marketing mix for all customers in this segment. Note that larger segments are not necessarily the most profitable to target since they likely will have more competition. The popular segment will be accessible only to the firm with a cost advantage, since price is a major determinant in this segment. The marketer can thus identify the relatively less satisfied segments and succeed by concentrating on them and satisfying their needs. Topics >> Banking >> Marketing aptitude questions for bank exams -07/07/14 « Previous; Next » Market Segmentation - Marketing Aptitude Assignment Q1. specialization strategy and offering new products to its existing market segment. Geographic segmentation may be considered the first step in international marketing, where marketers must decide whether to adapt their existing products and marketing programs for the unique needs of distinct geographic markets. For example- sweets are purchased on Christmas, Easter, Diwali and other festivals. 1. Attainable market share given promotional budget and competitors’ expenditures. Another point is that costs of marketing, distribution and promotion in the business are quite high and are constantly on the rise. Rationale: There are many tools marketers use to attract and persuade prospective customers to buy their products and services. Variables of buyer behavior are:-. As a result of which the company repositioned it as an ingredient for a variety of sweets and other preparation, in addition to daily use in tea/coffee. Segmentation of the market on the basis of behavior, psychograph, demography and geography helps a company to realize which segment would be the main target market. into position B) will normally lead to in shift of market shares in favour of this product. a. Looking for segments, which are relatively less satisfied by the current offers in the market from competing brands. This is precisely why some marketing gurus/experts have described segmentation as a strategy of dividing the markets for conquering them. Analysis will readily indicate to the firm that in bath soaps, the premium segment happens to be the high growth segment. Watches like Rolex are positioned as luxury segment watches, thus they being one of the most expensive have become a symbol for accomplishment in life. Brand loyalty of existing customers in the segment. What is the most favoured position and yet vacant? But the owner simply opened a fast food chain right next to the restaurant. Whether market segmentation is successful or not can be evaluated by the following questions-. This in turn, will help the marketer develop marketing offer/programmers that most suited to each groups. 1) Determining the need of Consumers- Consumers stand on the first place in the marketing process. For example, it has targeted the Pontiac at active, sports-oriented, young couples, the Chevrolet at price-conscious young families, the Oldsmobile at affluent families, and the Buick at older, more conservative couples. 4. This type of market segmentation divides the population on the basis of … Evaluate the positioning and images, as perceived by the target customers, of competing products in the selected market segments. d) Product Attribute Strategies- Positioning a product based upon a specific attribute can also be compelling to the targeted audience. Benefit:- Product positioned with some beneficial features. In fact, they might be too large, and it might be wise to find a niche within those target markets. Growth rate of the segment. George Day (1980) describes models of segmentation as the top-down approach:  In this approach “firms starts with the total population and divide it into segments”. Assignmenthelp.net is the right place for you. Multi-level segmentation enables better selection of target market and better choice of marketing mix: Multi-level segmentation enables the marketers to choose his target market better. But in the market as the time passed, Maruti Omni cannot acquire a dominant position. Example: when Malboro cut down its prices, its sales dropped immediately, as it began being associated with the generic segment. f.      Occasion: – Holidays and occasion stimulate customer to purchase products. It also helps him to make the winning strategy and strike the right product offer and the right marketing mix. Choosing the target market is related to, but not synonymous with, market segmentation. This is evident from observation and from the proliferation of popular books describing the heterogeneity of local and global markets. 6. Report on Market Segmentation Targeting and Positioning, Cultural Dynamics in Assessing Global Markets, Term Paper of Principal of Marketing on Marketing Plan of AMCL PRAN, Innovative and Development Plan in Marketing of Bank Products, Small Enterprise Financing of United Leasing Company Ltd, Personnel Management vs Human Resources Management, Financial Performance Analysis of Mercantile Bank Limited, Settlement Letter for Service Contract Cancellation, Market Potential of New Energy Drinks in Bangladesh, Report on Marketing Strategies Analysis of Crystal Agencies, Report on Air Conditioners Marketing Survey in Bangladesh, Report on Distribution Channel of Agricultural Product. When it comes to marketing strategies, most people spontaneously think about the 4P (Product, Price, Place, Promotion) – maybe extended by three more Ps for marketing services (People, Processes, Physical Evidence). He will have to choose which is the best among demographic, psychographic and geographical segmentation. Which product function/customer need is it trying to meet? Target marketing tailors a marketing mix for one or more segments identified by market segmentation. If a firm selling a product such as farm equipment, geographic location will remain a major factor in segmenting your target markets since their customers are located in particular rural areas. Once it gains a foothold, it can expand by pursuing a product specialization strategy, tailoring the product for different segments, or by pursuing a market. While for retail store, geographic location of the store is one of the most important considerations, in this case city areas are preferred. 7. It is because there is some distinction between buyer’s characteristics that are reflected by their geographic, demographic and psychographic profiles, and their buying behaviour. Opinions- Themselves, Social, Business, Economics, Education, Products. Size of the segment (number of customers and/or number of units). product relaunch with improved characteristics, Change the relation of price and quality by introducing a new brand; e.g. Ineffective augmentation and targeting led to wrong product offers, inappropriate marketing appeals, wrong pricing, and overemphasis on the brand name. The expectation are that a model or a celebrity is likely to influence the product’s image by reflecting their own image to it. It is difficult to use both quality and price positioning together. As males and females, both are different from each other, their needs will also be different from each other. This footwear company can have the … The impact of applicable micro-environmental and macro-environmental variables on the market segment should be considered. Competition in this segment is extreme in Indian market. If done effectively, marketing segmentation allows an organization to achieve its highest return on investment (ROI) in turn for its marketing and sales expenses. Market Segmentation allows the companies to target different categories of consumers who perceive the full value of certain products and services. 3. 5. For example- If in a region, there are general restaurants but not Chinese, so the company will come to know the need of the consumer. Most cars do not have any fifth door in the car. To make this three marketing process effective a thorough SWOT analysis of the firm is very important. focus on additional features and characteristics (example: car manufacturers focus on very different product characteristics in their commercials, for instance security, fuel consumption, image, luxury interior, fun). 7. It allows the firm to find the potential market for its product and let the firm focus on that particular market. And it uses that feature to gain the consumer interest. Task: Overview: The case study is titled “Targetting attractive market segments: GoProTM" Read and analyse the case and address the 3 questions at the end of the case. In the automobiles sector we can see many car manufacturer give emphasis on different technical aspects such as fuel efficiency, safety, engine performance, power windows etc. Target market is a business term meaning the market segment to which a particular good or service is marketed. Size-wise, the popular segment is a bigger compared to the premium segment. Segmentation of customers based on geographic factors are:-. 10. Through segmentation, the marketer can look at the differences among the customer groups and decide on appropriate strategies/offers for each group. The competitor approach:- Many brands use competitor as a dominant plank in their campaign. Market segmentation is thus a very important part of the marketing strategy. 3. A shift of a product into a more favourable position in the price-quality-map above the diagonal (e.g. Where the real gap is, where is such a new offer welcome and wanted by the market? This is an offensive strategy. Higher ground clearance to make the car compatible to the rougher road surface in India. Moreover, it is advisable to keep in mind that customer and their individual preferences of a price-quality-combination are not distributed equally along the VEL. He can understand in what way each of the different segments want the product to be, he can then tailor his product, marketing offer and promotional appeal, to fit the individual segment; he can select the priced, distribution method/channels, media vehicles, advertising massages and sales appeal, which will be appropriate. … It is assumed that every segment of market requires different type of price, product, and promotion marketing variables. What are the company’s competencies to fight here? The product user approach:- In this approach, the brand identifies and determines the target segement for which the product will be positioned. It would benefit the firm if the efforts were concentrated on segments that are more profitable and productive ones. Gender:– Product positioned for a particular segment. Sustainable customer relationships in all phases of customer life cycle: – Customers change their preferences and patterns of behavior over time. Such behavioral characteristics may include: For example, a market can be segmented using the demographic base in the first instance, followed by the psychographic base and the buyer behavior/benefit base. a. •The management can respond to meet changing market demand. Example- Scooty Pep, Titan Raga. Consider, for example, The Nine Nations of North America(Garreau, 1982), Latitudes and Attitudes: An Atlas of American Tastes, Trends, Helps distinguish one customer group from another within a given market. Choosing the target market involves several other tasks in addition to segmentation. Due to the product differentiation, brand image of a product is established and it can also allow sellers to charge a higher price. g.    Attitude toward offering: – Enthusiastic / positive attitude / negative attitude / indifferent / hostile. Marketers can differentiate market on the basis of occupation of the individual. By clicking Submit, you read and agree to our new Privacy Policy and Cookies Policy. The purchasing capacity of buyers of this segment is somewhat higher than that of the budget and compact car segment. In this background, the firm may come to the conclusion that it may be worthwhile to gamble in the premium segment rather than the popular segment. Change the relation of price and quality for the existing brand; e.g. Target market signifies only those segments that it wants to adopt as its market. Stiffer rear springs to enable negotiating the ubiquitous potholes on     Indian roads. Product positioning refers to the position of the company, brand or product occupies in the mind of the customer. It also helps him to generate an accurate prediction of the likely responses from each segment of the target buyer. In the present example, the firms quickly sense that the premium segment is more profitable one. The position of the brand has thus to be carefully maintained and managed. With the information generated from multi-level segmentation, he can obtain a deeper understanding of the customers in each segment, their needs, buying motives and buying behaviour. Clearly, the segment cannot be ruled out as lacking in size. It needs to be clarified at the onset that marketing targeting is not synonymous with market segmentation. Example-Colgate total, Clinic plus etc. So, now both the middle aged and youngster can enjoy. As Indian motorists use horn far more frequently than the European where the horns are located on the lever. Luxury and exclusiveness:- Product or services positioned toward luxury segment. Even a relatively lower volume in the segment may bring in good returns. Market Segmentation Bases for Segmenting Business Markets Bases for Segmenting Business … Finally selecting those segments that are most appropriate for the firm. Whether you are looking for assignment help tutors to help you with case study on market segmentation examples or need tutors to explain the concept of market segmentation, assignmenthelp’s online marketing tutor team is best suited to you. Moreover, when buyers are handled after careful segmentation, the responses for each segment will be homogeneous. When segmentation attains high sophistication, customers and companies can choose each other and stay together. 1. 3. Marketers often find practical benefit in using buying behaviour as a separate segmentation base in addition to bases like geographic, demographics, and psychographics. In our example, product A is positioned unfavourably. Examples of companies targeting Market Segmentation for Adult and mature consumers include Magazines, Anti-Ageing products, household goods. Maruti Omni had the boot-latch at the back of the car which can be used both for entering and also for keeping goods. marketing methods are a waste and the company has to adopt a new marketing strategy and thus plans to run an STP marketing strategy. Can the new brand claim the needed distinction and take the position and satisfy that need? 5. Evaluating the firm’s resources and checking whether it is possible to put in the marketing programmes required for capturing the spotted segments with those resources. They are the factors that influence your customers’ purchasing decision. 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