Market segmentation criteria essay sample even mcdonald's, which has one of the most recognizable brands in the fast food industry, cannot satisfy every customer's need related to food however, the company has a strong customer base that consists of different types of consumers. The basis for the segmentation is the social background of customers since the product, snackfood, is oriented on the lower- and middle-class customers, who lead an active lifestyle and have little. Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs and applications for the relevant goods and services depending on the specific characteristics of the product, these subsets may be divided by criteria.
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. Target market selects one or two market segments to focus on (hurd a, barcelona rg and meldrum, jt 2008) the last segmentation criteria for the park and recreation profession is perceived need youth at risk, inactive children and low income families are just a few examples of segments that may. Among the criteria for market segmentation or psychographic it is characterized by three variables: the personality, attitude and lifestyle that are mixed (and somewhat confused) criteria behavioral segmentation personality is a set of psychological characteristics that directly influence the way of life. Concept of market segmentation marketing essay marketing managers must understand the importance of segmenting a market and the specific criteria for successful segmentation.
Market segmentation enables companies to target different categories of consumers who perceive the full value of certain products and services differently from one another generally three criteria can be used to identify different market segments basis of market segmentation gender the. Market segmentation market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs geographic segmentation the market is segmented according to geographic criteria—nations, states, regions, countries, cities. Levels of market segmentation •segment marketing •individual marketing •niche marketing •local marketing segment marketing: dividing the market into different segments on the basis of homogenous need segmented on basis of broad similarity with regard to some attributes.
There are following criteria for an effective segmentation: i measurable and obtainable the segment has to be accessible and servable for the organisation that means, the customer segments may be decided considering that they can be accessed through various target-group specific. How segmentation criteria affect target market selection relying purely on socio-economic and demographic data only provides a partial glimpse into the needs, preferences and wants of a given target market. Market segmentation, targeting and positioning market segmentation concept : market segmentation is a concept in economics and marketing a true market segment meets all of the following criteria: it is distinct from other segments (different segments have different. About the criteria for effective segmentation following the development of market segments by the firm, they then need to the main goal of this stage of the stp process is to ensure that the market segments that have been constructed by the firm meet with basic requirements and guidelines, which.
Market segmentation criteria essay by m kukoyi, university, bachelor's, a-, july 2006 market segmentation criteria (2006, july 31) in writeworkcom. Market segmenting - essay sample market segmenting is the process of dividing the market into dissimilar, distinctive groups of people who have similar needs to be satisfied, alike wants and behavior, or who might want same markets can be divided depending on a number of wide-ranging criteria. Segmentation of a market must be homogenous within, heterogeneous between, substantial and operational these criteria ensure that the marketing mix and the segmenting divisions are profitable and useful for identifying customers as well as their needs, trends, wants, etc.
The marketing essay below has been submitted to us by a student in order to help you with your studies please ensure that you reference our essays however, a successful segmentation method must produce segments that meet the four basic criteria namely: substantial, identifiable, accessible. Essay on the criteria or bases of market segmentation market segmentation is one of the most interesting and useful tools in marketing management in modern economics, no company sells its products to individual customer because of mass production techniques. Consumer market segmentation we will write a custom essay sample on while many of the consumer market segmentation bases can be applied to businesses and organizations, the following are 5 criteria that indicate whether you have selected a viable target market: size.