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What is the most important reason for a firm to segment?© BrainMass Inc. brainmass.com October 25, 2018, 9:22 am ad1c9bdddf
Source: The Art and Science of Marketing: Marketing for Marketing Managers , by Grahame Dowling. Oxford University Press © 2004
"For most organizations, market segmentation is a primary way to search for and exploit market opportunities.
Market segmentation—is the process of partitioning a heterogeneous market into a number of homogeneous groups of consumers.
Market segments—are groups of actual or potential consumers who can be expected to respond in a similar way to a product or service offer. That is, they want the same types of benefits or solutions to problems from the product or service, or they are expected to respond in a similar way to a marketing programme.
When customers are segmented primarily according to their needs, it is clear how products and services ...
Firms segment to better satisfy the needs and wants of their customers.
Assessing Marketing Opportunities
Create your own marketing strategy for it.
â?¢Define and explain what segmentation is, and discuss different segmentation bases you could use for your product/service.
â?¢Based on your segmentation, describe each of the target markets that you would seek to reach. Explain why they will be the most profitable for your product/service.
â?¢Develop a value proposition for your product/service through differentiation and positioning. Include the following:
â?¦Introduce at least two (2) competitors and explain their current positioning in the market (what do they promise to deliver?)
â?¦Discuss possible competitive advantages your product/service can use to differentiate itself from these competitors (product, services, channels, service, people or image) and select which one(s) to use to build your positioning.
â?¦Based on this differentiation, explain your value proposition and develop a positioning statement