Once a marketing manager has selected the broad product market and identified potential customers’ needs, the next step in the approach for segmenting product-markets is to
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Once a marketing manager has selected the broad product market and identified potential customers’ needs, the next step in the approach for segmenting product-markets is to
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- Discuss the concepts of market segmentation and product positioning, and explain how they are related. What are the variables that can be used to segment markets? Also, how many variables should typically be used to segment markets efficiently? Justify your answer.Segmentation, Target Market Identification and Positioning: What are some ways one can conduct a segmentation analysis considering various ways to segment the wider market and select the optimal target market segment(s) for generatorsYou are launching a new product in the market of kohat, consider evaluating the market through SWOT analysis for your business. Explain the type of segmentation and positioning strategy you might consider for your business.
- 4.Define market segmentation and discuss its related strategies.Select a market or product category for study. Whether it’s a market in which the firm already competes, a new but related market or product category, or a totally new market, the overall market or product category should be clearly defined. Choose a basis or bases for segmenting the market: There are no foolproof procedures for selecting segmentation variables, but the segmentation scheme must produce segments that meet the four essential criteria discussed earlier in this chapter (substantiality, identifiability, and measurability, accessibility, and responsiveness). Select segmentation descriptors: Segmentation bases need to be clarified with descriptors to identify the specific segmentation variables to use. For example, if a company selects demographics as a basis of segmentation, it may use age, occupation, income, or some combination of these as descriptors. Profile and analyze segments: The purpose of this step is to determine the segments’ size, expected growth, purchase…Listed below are a number of firms and how they approach segmentation. Identify what type of segmentation base the firm is using. Identify whether one segmentation base in combination (that is, hybrid segmentation) has been used. A bank that markets home loans to young married people and financial planning services to retired people. A mobile phone company that targets people who frequently holiday in Northern areas of the country A cheese manufacturing company that targets people buying cheese platters for a dinner party or function. Prestige car manufacturers who highlight the status associated with owning one of their vehicles. Clothing brand manufacturers target those consumers who are interested in purchasing their near arrivals. A book publisher that specializes in children’s books A home-delivered water company advertising in a ‘health’ magazine
- 4)Outline the different approaches to segmenting consumer markets . Provide examples to demonstrate your understandingExplain what type of segmentation your company might use for its market and describe who their target market is. Assignment should be double spaced, 12-point fontName and describe the four major sets of variables that might be used in segmenting consumer markets. Which segmenting variable(s) do you think Bata is using?
- Do the market segmentation for SUCRAL (a substitute of sugar for diabetic patients), what different basis you can use to segment the market? Develop a Marketing Mix using Product, Price, Place and Promotion for SUCRALYou are opening a bookstore, and now working on the marketing plan. Select two target markets for your business. Please explain the criteria you considered in segmentation. Present an appropriate marketing mix for each target market. Provide explanations on your decisions.List the steps involved in segmenting markets?