ipl-logo

Literature Review Market Segmentation

2014 Words9 Pages
SECTION 3
REVIEWS OF STUDY AND PAST STUDY FINDINGS

3.1 Definition of Market Segmentation
Segmentation refers to the process of dividing the target markets into several groups to search and investigate their current behaviour, evaluating each segment and select target markets which exhibit similar attribute and then develop an appropriate of marketing mix to meet the specific needs for those selected target which includes developing messages and tailoring programs.

3.2 Review of Theories
Reviews of the literature were chosen associated with the selection of variables used to segment markets.
Market segmentation is one of the important tools for the firm choose to adopt it as a marketing strategy. It enables the firm to meet the better understanding in customer needs and also a greater understanding of how to communicate effectively with customers in the market regarding on what they can benefit from the offerings by a firm. The aim of the process of market segmentation is to form segments containing groups of consumers that having similar needs. These segments can be formed using a variety of distinguishing variables, comprising demographic, behavioural and cognitive variables.
As a result, group membership defined demographic as “the most prevalent form” (Beane, 1987, Hammond, 1996). A studied by (Thorndike cited in Belk, 1975), demographic refers to ‘person characteristics’ – “lasting and general characteristics of the individual including intellect, sex and race that are
Show More
Related
1809 Words | 8 Pages

An example of demographic segmentation is being used in the automobile market. This is done on the basis of income from a household. Suzuki has a low-price bracket for their cars whereas BMW have a high price bracket so it targets high end buyers who are willing to spend more money. BMW have segmented a market by differentiating their products. Comparing it to Suzuki, BMW allow customers to design their car such as the seat material, colour, wheels and engine.

Read More
837 Words | 4 Pages

Toms shoes are made from environment-friendly materials like natural and organic vegan substance, including the packaging that is made from 80% recycled waste. Going further on the path of social corporate responsibility, the company can broaden the range of their products and services and explore additional sustainable materials to create their products. Internal Environmental Factors: Strengths 1. Mega Brands Inc. sells a wide range of products like puzzles, building blocks, construction sets, and activity craft-based games. Due to the variation in type of the products they sell, consumers have more options to choose from.

Read More
1808 Words | 8 Pages

Purpose and process of market segmentation The purpose of segmentation is to allow the marketer to be better able to reach the consumer needs and wants which increases the positive responses for the brand. Segmentation is important during the promotion process, this is where the team decided who what and where as well as, age gender and things like buying patterns. Because of this, marketing g segmentation comes before targeting. By dividing the audience, it makes it easier to target exactly who and where to send the devices or what to do with their next model.

Read More
1625 Words | 7 Pages

Segmentation, Targeting and positioning, also known as STP are an essential part in marketing today. This model is important for generating marketing communication strategies and it aids the marketers to prioritize schemes and deliver personalized and pertinent messages to diverse audiences. This approach is audience oriented rather than product focused in terms of communication, which results in conveying appropriate messages to the members who are more commercially appealing. Segmentation benefits the managers in finding out the area on which they have to concentrate on in terms of geography, demographics, social factors or behaviors.

Read More
797 Words | 4 Pages

Common definition market, which means economic that’s approach customers in terms of people to find a goods or services they want, while segmentation is processes dividing specific part into many parts of some things. Market segmentation is mean an organization target its product, services, or ideas only to specific groups of consumers rather than to everybody, even if it means that other consumers who don’t belong to this target market aren’t attracted to it, for example is ASIMO might be suitable for housewife to do household works. Honda company has been targeted three major part of market segmentation that is include demographic, behavioral, and psychographic segmentation. Demographic segmentation is based on age, income, family size and socio- economic status, etc.

Read More
1960 Words | 8 Pages

Defining Racism To properly lay out the issue of racism in the play it is desirable to know how the term itself is defined. The Oxford English Dictionary explains Racism as follows: A belief that one’s own racial or ethnic group is superior, or that other such groups represent a threat to one 's cultural identity, racial integrity, or economic well-being; (also) a belief that the members of different racial or ethnic groups possess specific characteristics, abilities, or qualities, which can be compared and evaluated. Hence: prejudice, discrimination, or antagonism directed against people of other racial or ethnic groups.

Read More
1346 Words | 6 Pages

a. The product and production orientation of marketing asserted that a company should first develop product and then they should scan the market for sale opportunities. Now days in the modern world the market have changes. The process orientation of marketing requires a company to first to analyse the market, understand customer requirement and then develop products. In todays world, the modern marketing is based on the reverse process, in which the first the customer needs and demands are identified. The subsequent market program of the firm depends on how the market identifies the potential customer, profiles them, target them and positions his offering in the minds of customer.

Read More
916 Words | 4 Pages

Market are segmented in order to make it easier for businesses to target these segments according to the features and habits they exhibit. These segments must be definable, specific, profitable, and is has room to grow. The following outlines the segmentation for the market of Mercedes Benz broken down into demographic, behavioral and psychographic segmentation. Demographic Segmentation: Markets can be segmented by geography where the business would market its offering towards individuals living in a certain area.

Read More
957 Words | 4 Pages

Introduction The concept of identity has been a notion of significant interest not just to sociologists and psychologists, but also to individuals found in a social context of perpetually trying to define themselves. Often times, identities are given to individuals based on their social status within a certain community, after the assessment of predominant characteristics that said individual has. However, within the context of an ethnicity, the concept identity is most probably applied to all members of the ethnical group, and not just one individual. When there is one identity designated for the entire group, often times the factor of “individuality” loses its significance, especially when referring to the relationship between the ethnic

Read More
1876 Words | 8 Pages

What is sociology? Before taking this class, I honestly had a very limited understanding of what sociology meant. However, because of the great diversity of people living in America, I have now realized how viewing the world with a sociological perspective can help me grasp the reality of many beliefs and practices in society today. Starting off with understanding the origin and purpose of sociology and transitioning into major topics such as race and ethnicity and education, I have gained new perspectives on how to observe the world around me.

Read More
1402 Words | 6 Pages

According to TrackMaven, market segmentation is the process of dividing the market of potential customers into groups, or segments, based on different features. The created segment consists of consumers who will respond to the same marketing strategy and who share the nature of the same interests, needs, or locations. McDonald uses demographic segmentation as their main types of market segmentation. According to Sakshi Natani (2016), McDonald in Malaysia used mainly demographic segmentation, which divided in age, income, family-life cycle and social class.

Read More
1027 Words | 5 Pages

Answer: (a): Market segmentation is the first step in defining and selecting a target market to pursue and penetrate. Basically, market segmentation is the process of splitting up an overall market into two or more groups/classes of consumers. Each group of consumers is called as a market segment. Each group (or market segment) should be similar in terms of certain characteristics or product/ service needs. In business world, market segmentation is considered to be a most important tool in enabling marketers to better meet customer needs and requirements.

Read More
761 Words | 4 Pages

The process of market segmentation involves the division of a market into groups of smaller size whose needs, behaviour and characteristics are distinct from each other. These smaller groups or 'segments ' may require separate marketing strategies. There are four major market segmentation variables namely behavioural, psychographic, geographic and

Read More
1649 Words | 7 Pages

Name: Jasmit Singh ID: J13013948 Section: DB 4 Lecturer: Ms Lingkeswari Table of contents Content Page Introduction 3 Market segmentation 4-5 Product strategy 6-7 Pricing strategy 8 Place strategy 9 Promotion strategy 10 Conclusion 11 Reference 12 Introduction BMW (Bayerische Motoren Werke AG) is a German automobile company which was founded in 1916 and is headquartered in Munich, Bavaria, Germany. BMW is now one of the largest car manufacturer in the world for its exceptional level of quality and producing cars with sporty driving characteristics. The BMW company 's slogan in English is "The Ultimate Driving Machine" or Sheer Driving Pleasure" which was originally translated from German slogan which is

Read More
1004 Words | 5 Pages

1. MARKAT SEGMENTATION Market segmentation is a strategy that is generally used by a company to identify and define the target customers, and provide the supporting data for the marketing plan elements. There are five types of market segmentation which are demographic segmentation, geographic segmentation, psychographic segmentation, benefits segmentation and volume segmentation. • Demographic Segmentation Demographic segmentation is market segmentation according to age, family size, religion, race, gender, income and education. By using this segmentation, a company can categorize the needs of consumers more easily and target its consumers more accurately because demographics can segmented into several markets.

Read More

More about Literature Review Market Segmentation

Related Topics

Open Document