Question

Market segmentation and targeting

Explain each process and how understanding their importance based on the marketing efforts that have been targeted at you personally.

Answer 1

Segmentation refers to a process of bifurcating or dividing a large unit into various small units which have more or less similar or related characteristics.

• Market segmentation is a marketing concept which divides the complete market set up into smaller subsets comprising of consumers with a similar taste, demand and preference.
• A market segment is a small unit within a large market comprising of like minded individuals.
• One market segment is totally distinct from the other segment.
• A market segment comprises of individuals who think on the same lines and have similar interests.
• The individuals from the same segment respond in a similar way to the fluctuations in the market.

Targeting :

A target market is the specific group of people you want to reach with your marketing message. They are the people who are most likely to buy your products or services, and they are united by some common characteristics, like demographics and behaviors.

It refers to a concept in marketing which helps the marketers to divide the market into small units comprising of like minded people. Such segmentation helps the marketers to design specific strategies and techniques to promote a product amongst its target market.

Importance based on the marketing efforts that have been targeted personally :

1. The marketing people try to develop good brand image in the minds of people in order to sustain in the market.

2. The strategy is to explain all the features and differentiation in the product to the target consumers in a systematic manner leading to good impression on the consumer with respect to presentation and product qualities

3. They produce their product in such a way, that the proposed consumer is almost on edge to buy their product.

4. They try building good relations with the target consumers in order to retain the market share and sustain. They reach out to the consumers and takes knowledge of what more is required and desired by the consumer, what better can be done in the product to make the consumer needs fulfilled.

5. Feedback Survey is the primary source of consumer needs which can be utilised to develop and gain competitve advantage in the market by fulfilling the desires and needs of consumers and avoiding the useless features in product, as mentioned in feedback.