Market Segmentation and the Marketing Concept
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Explain how market segmentation is related to the marketing concept. If you could give an example or two with references would be greatly appreciated! Thank you.
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The expert explains how market segmentation is related to the marketing concepts.
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Customer needs vary. As a result of this fact organizations understand the need to appeal to everyone while trying to alienate no one. When I think about market segmentation I think about organizations that analyze current trends and the organizations that strive to integrate an innovative product with the potential of becoming a household brand that every consumer must have. Marketing in my opinion is a way for an organization to customize their products in accordance with consumer need, demand, and want. According to Kerin et al, 2006 there are fundamentally five steps in the segmenting process, which include;
1. Group potential buyers
2. Types of products to be sold
3. Estimated size of potential markets
4. Selected target audience
5. Strategy to reach the desired market.
The marketing mix (Product, Price, Place, and ...
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