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Segmenting the Market, Target Margeting

Distinguish between the terms market segmentation and target marketing .Include a brief definition of the concepts.

Next, explain this comment: "Sometimes a firm can achieve a key differential advantage by simply emphasizing how its offering satisfies existing consumer desires and needs better than its competitors do. Sometimes demand patterns must be modified for consumers to perceive a firm's product differentiation as worthwhile."

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Market Segmentation:

The purpose for segmenting a market is to allow your marketing/sales program to focus on the subset of prospects that are "most likely" to purchase your offering. If done properly this will help to insure the highest return for your marketing/sales expenditures. Depending on whether you are selling your offering to individual consumers or a business, there are definite differences in what you will consider when defining market segments.

source: http://www.businessplans.org/Segment.html

Market segmentation is the process in marketing of grouping a market (i.e. customers) into smaller subgroups. This is not something that is arbitrarily imposed on society: it is derived from the recognition that the total market is often made up of submarkets (called 'segments'). These segments are homogeneous within (i.e. people in the segment are similar to each other in their ...

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Distinguish between the terms market segmentation and target marketing .Include a brief definition of the concepts.

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