Explore BrainMass

Explore BrainMass

    Market Segmentation Concepts

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    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?

    © BrainMass Inc. brainmass.com June 3, 2020, 11:09 pm ad1c9bdddf

    Solution Preview

    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 ...

    Solution Summary

    The solution examines market segmentation concepts for companies today. Brand-specific examples are provided.