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Summary Of Spokane's Cases

594 Words3 Pages

Market segments are the various groups of customers associated with a specific industry. These market segments are most important to evaluate since by making these market segmentations, the owners of the industries could make specific strategies regarding targeting these market segments. Some of the industries prefer staying committed to only one market segment whereas other industries prefer exploring various market segments in order to see which one suits them best in terms of revenues generated (Kokemuller, 2014). In case a single market segment is targeted, then a single policy is generated by the company for all the population of that market segment. Since the entire population of a market segment has the same demands as well as same requirements, therefore, a single policy is …show more content…

However, the disadvantage of this system is that if the requirements of that product decreases within the target market, then the company would have to face decline. The companies which employ the strategy of focusing on various market segments instead of one and then making separate policies for each and every one of them have advantages and disadvantages of their own (Kokemuller, 2014). By employing this strategy, the company could gain advantage since the amount of revenues generated by the market segments could be increased as compared to single market segment. However, the basic disadvantage associated with this strategy is that the higher costs are involved in this process since all the market segments require the same attention and focus (Merrill, 2015). The apartment industry of Spokane is a multi-segment industry which means that it has to employ different strategies for different market segments of Spokane. These market segments are formed on the basis of similarity of requirements of various customers involved in the same market segment. Therefore, the following market segments have been identified according to the requirements of the

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