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CB. Little of what is best in marketing theory and practice works without correct
market segmentation. It is one of the most fundamental ...
... upon to supervise or help direct initial marketing and promotions ... but even unqualified
help can help a little but ... the school that gives you the best balance of ...
... are dependent personalities B) have little experience that ... over 500+ employees in
the Marketing function across ... proposes that: a) Adults learn best when they ...
... to choose whichever conceptualisation best fits their ... that the IMC theory offers
little more than ... Practical IMC Marketing communication messages that are not ...
... has been largely neglected; therefore, little direction can ... we argue that relationship
marketing theory urges managers ... is not in the long-term best interest of ...
Submitted by Dear_Dear28 on July 23, 2007
Category: Business
Words: 3684 | Pages: 15
Views: 246
Popularity Rank: 46,350
Average Member Grade: N/A (Add a Comment / Grade this Paper)
Little of what is best in marketing theory and practice works without correct market segmentation. It is one of the most fundamental concepts in marketing and your choice of which approach to adopt will directly affect the impact of segmentation on your business.
Market segmentation, correctly applied, is about understanding the needs of customers and, therefore, how they decide between one offer and another. This insight is used to form groups of customers who share the same or very similar value criteria. A company is then able to determine which groups of customers it is best suited to serve and which product and service offers will both meet the needs of its selected segments and outperform the competition.
The primary objective of segmentation, therefore, must be how to win and retain the customers you want to serve. This underpins the approach taken by The Market Segmentation Company (tMSC).
'Market Segmentation' definition
The process of splitting customers, or potential customers, in a market into different groups, or segments, within which customers share a similar level of interest in the same or comparable set of needs satisfied by a distinct marketing proposition.
Marketing proposition; the 'tools' or means available to the organization to improve the match between benefits sought by customers and those offered by the organization so as to obtain a differential advantage. Often referred to as the four Ps, this is usually the appropriate mix of product features, price, promotion and place (service and distribution). For the customer, this manifests itself as benefits, cost, relevant image and convenience; in other words, a customer value proposition.
A customer's view of segmentation - meet my needs!
Customers segment themselves and take no notice of how companies segment their market(s). When choosing between competing products and services, customers select the proposition that meets their needs...
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