Task 3 Market Segmentation Essay
Market segmentation is one of the key marketing approaches that business players use to remain competitive. The segmentation entails dividing a market into distinct groups of buyers to help meet their unique needs, priorities and interests. Rather than competing in an entire market against supposedly superior competitors, segmentation allows companies to identify a specific niche of the market that can probably give a competitive edge. Consequently, market segmentation can allow companies to project their sales and profits with more certainty.
There are different approaches through which market segmentation can be implemented. One form of segmentation is geographic segmentation where products are divided based on geographic units such as nations, states, regions or even countries. The marketer will therefore adapt marketing programs that fit the geographical needs. Marketing approaches such as advertising and the localization of the products must therefore take care of the geographical regions (Elbarghathi, 2019). The second form of segmentation is psychographic segmentation where a population is divided into groups that have similar values, lifestyles and psychological characteristics. Psychological segmentation can as well be derived from a group’s activities, interests and opinions (AIO) statements. By monitoring the lifestyle of a given target market, specific products and prices can be designed.
Demographic segmentation is another unique marketing approach where a product market is classified based on age, gender and other demographic indicators. The aim is to ensure the products/ services are tailored to meet the specific needs of this target population. Whichever the factor influencing the segmentation approach used, segmentation allows marketers to design marketing strategies that are specific to the target market. Additionally, the approach helps understand customer needs and the establishment of products that are tailored to address the needs of a specific market.
Task 3 Market Segmentation Essay
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