Market Segmentation Concepts
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How are companies today using the concept of market segmentation? What are the ways companies are segmenting markets? Please give at least two brand-specific examples. Do you think they will change any of these methods over the next several years? Why?
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Solution Summary
The solution examines market segmentation concepts for companies today. Brand-specific examples are provided.
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Answer 1
Market segmentation is the best strategy for targeting the market. It helps an organization to better understand the needs of its customers and satisfy them accordingly (Lovelock, 2008). In this process, a market is divided into sub parts containing customers with homogeneous needs and attributes. Adequate market segmentation improves the effectiveness of marketing (Kotler, 2002).
Market targeting is an essential process for all the companies. It assists the organizations to identify the markets, which consist of customers with different needs and enables organizations to satisfy their needs effectively (Lovelock, 2008). The market segments must be measurable, accessible, and differentiable and should respond differently to different marketing-mix elements and programs (Criteria for segmentation, 2008).
There are various factors that are considered by the company at the time of segmentation such as ...
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