Thursday, October 17, 2019

Discussion Assignment Example | Topics and Well Written Essays - 250 words - 5

Discussion - Assignment Example Several advantages are derived from segmentation including isolating specific market segments that are more interested in what a business offers based on demographic. For example, the toy manufacturing company mainly targets children while cosmetic companies targets women. Salespersons would consider multiple demographic characteristics to segment consumer markets according to age, gender, income, and social class. In this way, an organization can bring suitable products or services to the market. People’s thinking and their favorite activities can be used to segment a niche market. Personal attributes linked to personality, attitudes, interest and lifestyles are characteristics that marketers focus on market segment. This segmentation allows organization to cater for personal consumer interests (Croft, 1994). Another way in which segmentation is important is allowing marketers to identify customers’ preferences and target them with similar offers. A business itself could glean potential opportunities in filling the gaps assumed by businesses dealing in similar products or services. In their direct marketing effort, the marketers could acquire lists of customers and send them mails or call them to introduce their services. The more cost effective a business marketing effort can become relies on more segments identified and brought together to reach more expected customers. Proper understanding of client’s needs is key to offering quality products and services. When customers derive ultimate satisfaction, they are likely to entice non-customers who share similar traits and characteristics, which is a relatively low cost marketing strategy (Weinstein, 2004). Both the firm and the client thus benefit through market segmentation. Integrating marketing mix elements in market segmentation comes in scores of ways. Market segmentation and

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