marketing
Market segmentation is the division of a market into distinct groups of buyers who might require different products or marketing mixes (Kotler et al, 1994). It is the division of a heterogeneous market consisting of buyers with different needs and wants, into homogeneous segments of buyers with similar needs and wants. Therefore, the segments are heterogeneous between (ie. all the segments are different, eg. one segment all males, one segment all females) themselves, but homogeneous within (eg. within the male segment, all buyers are male; within the female segment, all buyers are female). Segmentation is important as buyers have unique needs and wants. In segmenting a market, marketers look for broad classes of buyers who differ in their needs. There is no one right way of segmenting markets. A marketer has several bases available to him/her for the segmentation of markets. Bases for Segmenting Consumer Markets Segmenting markets on the basis of geography involves dividing the market into different geographical units, eg. states, regions, countries, where the company pays attention to geographical differences in needs and wants. For example, there may be a greater need for T-shi
One of the first problems that faces anyone who is trying to forecast the demand for a product is to work out what is meant by the term 'market'. When you consider predicting demand you also need to think about whether the demand will be the same all through the year. If you launch a new ice-cream you could probably predict that demand would be highest when the weather was hottest. How would this affect your forecast? The term 'market' will have different meanings for an economist and the marketer. Marketers usually define a market as all the possible buyers of a product, but if you are planning the launch of a new product you may not necessarily wish to target 'all' the potential buyers. Many potential buyers do not in fact purchase the product for many years after the product is launched. Market segmentation conducted by the company would reveal the various segments the company's market consists of. The company now has to select which segment(s) it wishes to target. The segments must be large or profitable enough.
Some common words found in the essay are:
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Approximate Word count = 1780
Approximate Pages = 7 (250 words per page double spaced)
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