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Market Segmentation Assignment Help
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Segmentation is the process of dividing or bifurcating or breaking down the larger marketing units into smaller marketing units. These smaller marketing units are similar with each other with related characteristics. In the process, an entire market is divided into different segments based on customers or locations. This division is homogeneous groups of consumers. It is a marketing strategy. Marketing strategy is a strategic process where the target market is divided into different sub groups on the basis of consumers, businesses, location which shows some similar needs and priorities. After that these sub groups are strategically designed and strategically implemented on the target sub – groups of the market. Managers use marketing segmentation to better identify and understand their target customers so that they can achieve their targeted market objectives. Market segmentation is all about defining and dividing the larger market segment into smaller ones which are homogenous. This is done to clarify the identical segments which have same characteristics demands or needs. Doing so facilitates an effective marketing mix framework which highly supports the customers. It is very useful marketing tool for the companies which are quite large and are not able to handle everything in one go. So they divide their market into required segments so that the task becomes easier and better to be worked on. Such companies divide the total needs into small segments so select those segments which the company is well potential to manage with. Marketing segmentation allows the companies to target different categories of consumers divided on the basis of need, taste and location etc. A particular market segment is a small unit or group which is divided out of a larger unit or group of market, where the smaller group is comprised of likeminded, similar individuals. A particular segment is distinct from other one. Thus market segmentation allows the company to be strategically more selective regarding the customers for whom they are doing marketing of their products or services. Market segmentation enables the companies to concentrate their marketing energy to gain greater competitive advantage with in the marketing segmentation.
Features of Marketing Segmentation:
- Marketing segmentation should be highly measurable. The measurability of market segmentation means how many potential customers and how many businesses are there in the market segment.
- Market segmentation should be accessible by communication and distribution channels. For example, sales force, distributors, transportation, internet or telecom.
- Market segmentation should be durable. It should not change too easily and quickly.
- Market segmentation should be substantial so that it can be profitable.
Consumer Marketing Segmentation:
A market is segmented on the basis of many factors which are potential enough to influence the behavior of consumers. There are following factors which are responsible and based on them, market segmentation is done.
- Geographic Segmentation
Companies need to attend geographic needs and wants of the customers. Market is segmented geographically, on the basis of many units such as:
Regions: country or state
Population Density: rural, urban, sub – urban
City Size: area size, growth rate, population size
Climate: similar climatic patterns
- Demographic Segmentation
This category of market segmentation breaks down the into various life stage groups. Demographic distribution is important and crucial. Here, follows are the variables on the basis of which market segmentation is done demographically:
Family Life Cycle
- Psychographic Segmentation
This segmentation is done on the basis of life styles, personality characteristics and social class etc. These factors are:
- Behavior Segmentation
It is one of the most favorable tools. In this case, the market is segmented on basis of attitude, use of product, response to the product, or consumer knowledge. These variables include
Occasions of Product Usage
Business Market Segmentation:
A business market is segmented on the basis of variables of consumer market. The approach for business market segmentation is quite similar to that for consumer market segmentation. Following variables are targeted while segmenting a business market:
Company Size: This tells what the size of the company is. What company size should be served?
Purchasing Approaches: nature of existing relations, purchasing criteria, purchasing policies etc.
Product Usage: frequent, occasion, on holidays etc.
Situational Factors: Urgency, seasonal trend etc.
Geographic: based on regions.
Industry: Which industry is to be served?
Other types of marketing segmentation included are:
The very first step to be followed while developing market segmentation strategies is to identify the total market, i.e. to define the total market for a particular product. Market segment is helpful in identifying and targeting customers which best fit for a particular business. It becomes really hard to follow each and every customer as every customer has his or her own personal choices, needs or wants etc. Market segmentation plays vital roles in marketing strategies. Market segmentation facilitates customer oriented marketing. It further facilitates the marketing mix. Without marketing segmentation, effective marketing strategies can’t be designed. Segmentation is effective in increasing the competitiveness. For a company to expand its market in different location, place or country, market segmentation is the first and most important tool to be approached. Segmentation further helps in customer retention, better communication, increasing profitability etc. Market segmentation helps in producing commercial advantage for the companies. With help of marketing segmentation, companies can do more efficient advertising. Managers can compare and spot better marketing opportunities. Companies can set realistic selling targets and priorities with help of marketing segmentation. Companies can use their resources more effectively so that new profitable opportunities can be identified. With help of better market segmentation, companies can concentrate and allocate total marketing budget. As the market is bifurcated into smaller units, so it becomes easier for the marketers to modify their products or services which better suits the target market segments according to the consumers. It helps in establishing better marketing management system. Companies can use their resources more strategically and more effectively so that more competition can be derived. Market segmentation serves a better tool for cost reduction and project development. Companies can identify new markets with greater potential where they can earn better business focus. Market segmentation serves as the foundation for differentiated market analysis. Market segmentation involves great market research.Marketers have to be strong at market knowledge. Market segmentation reduces unpredictable risks due tochange in market environmentor risks which are associated with the product i.e. how, where, when the product or service will be marketed. A good segmentation example is of Kellogg’s. The company markets the Frosties to the children whereas it markets it Crunchy Cornflakes to adults.
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