Hello Ellerie Lagerhausem,
It is agreeable that market segmentation is a meaningful division of the market based on common characteristics into submarkets or smaller markets. Segmentation of the market leads to a more purposeful product marketing and methods to be used for marketing it. There are indeed four significant market segmentation types: behavioral, geographic, psychographic, and demographic segmentation (Dibb, 2016). Geographic segmentation is where the market is divided based on the population of a location, while demographic segmentation is market division on the basis of descriptive factors that are measurable such as family, income, gender, and age. It is also agreeable that psychographic segmentation focuses on the values or lifestyle of targets when dividing the market, while behavioral segmentation is based on customer division concerning similarities in a product using patterns or benefits sought.
Hey Megan Lettieri,
It is true that breaking apart a market into lesser parts virtually to submarkets that are more meaningful based on common characteristics is referred to as market segmentation. It is agreeable that a product's life cycle is impacted by its segmentation since a group segment is identified for that product. The product is afterward is introduced to that segment then the product life cycle is presented. After that, the market segmentation becomes more established, pushing the growth phase to the maturity phase of the product life cycle, where the market begins to approach segmentation (Dolnicar, 2018). The market segment is then eaten away by changes within it, such as change of taste and competition.
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Hello Kaitlyn Johnson,
I particularly agree and like your suggestion that to develop more effective and different marketing techniques focusing on finding one or more members qualities in a similar market is market segmentation. An example is Gillette Razors that manufactures razors for all. However, it manufactures the razors differently since they are used to shave different areas of males and females. It's true that geographical segmentation is based on consumers' physical locations, while demographic segmentation focuses on consumers' measurable qualities such as age (Dibb, 2016). Psychographic segmentation qualities such as interests, opinions, and personalities to develop a market segment and behavioral dwells on market division based on similar product usage patterns and values.
Target Marketing
Hey Arriana Larmony,
I agree that identifying a specific audience that is likely to purchase certain goods/ services and then creating a plan to vend those services and products to that audience is referred to as target marketing. Target marketing is a profitable business strategic move as customization of services and products is made for specific consumers ( Ruiz-Pava, 2019). For instance, when one wants to purchase a particular car model and research it based on previous searches, they will most likely get notifications of similar car brands they may like. After checking the quality and specific needs the purchaser wants, they will end up purchasing the product.
Hello Jennifer Lopez,
It is agreeable that a target is where the market wants to vend its services and goods to a specific group of potential purchasers (Kohne, 2019). It is a very effective method of creating the best outcomes possible. A product is made then a target audience is identified for that product based on how best it suits them. For example, when a tv program, one has to know who the program's content will interest. If it's a dance competition, it will most likely interest talented dancers and young individuals. Marketing is therefore going to be focused on young people and dancers in dancing schools or facilities. That way, the program will sell since it serves the audience's best interests of entertainment and talent development.
Hey Keylla Otero,
What you’ve suggested is true since market segments' evaluation process to identify which segment shows the best promise for development is target marketing. It's a smart move strategically since it helps identify products and services best marketing techniques, who it's marketed to, and whether it is profitable (Kohne, 2019). In the same sense, not all market segments are similar since they differ in size, and some are tough to reach, causing a difference in the profitability of different parts. For instance, a Chevrolet will not be profitable in the high-income market segments than a Mercedes due to their social class.
References
Dibb, S., & Simkin, L. (2016). Market segmentation and segment strategy. Marketing theory: A student text , 251279 .
Dolnicar, S., Grün, B., & Leisch, F. (2018). Market segmentation analysis: Understanding it, doing it, and making it useful (p. 324). Springer Nature.
Kohne, A. (2019). Target Market. In Business Development (pp. 75-84). Springer Vieweg, Wiesbaden.
Ruiz-Pava, G., & Forero-Pineda, C. (2018). Internal and external search strategies of innovative firms: the role of the target market. Journal of Knowledge Management .
