Effective market segmentation forms the foundation for a winning marketing strategy as it reveals how and why customers are different and pinpoints what unmet needs customers are looking to satisfy with new products and services. Market segmentation involves dividing a larger target market into smaller segments of consumers, businesses, or countries that appear to have common needs, interests, and priorities. It is then possible to design marketing strategies to specifically target that segment. You were introduced to this idea last week, now you will dig deeper into what this means and the impact.
Learning Outcomes covered in this module:
In todayâ€™s economy and changing competitive landscape, individual brands appear to sell effectively to only certain segments of any market and not to the whole market. Sound marketing objectives rely on knowledge of how segments which produce the most customers for a companyâ€™s brands differ in requirements and susceptibilities from the segments which produce the largest number of customers for competitive brands. Market segmentation is a crucial marketing strategy that aim to identify and delineate market segments or â€œsets of buyersâ€ which then become targets for the company’s marketing plans (Tynan & Drayton, 2010). A strategy of market segmentation attempts to regain some of the benefits of the closer association with customers which was the strength of traditional business operations.
Read the following chapters in the assigned text:
Chapter 8: Marketing Research: From Customer Insights to Actions
Chapter 9: Market Segmentation, Targeting, and Positioning
Watch Video – How to segment a market
Watch Video – Consumers who need sunglasses
Refer to: Developing a Market Segmentation
Read the following and respond:
How might a lawn mower company use segmentation for positioning purposes? At present,
the manual reel mower market is rather small but growing. What marketing mix recommendations could be used to significantly expand this market?
- Minimum Page Length â€“ 2 full pages (excluding title/header and reference list); 12-point Times New Roman; double spaced; and page numbering.
- Be sure to answer the entire question to receive maximum credit for this task.
- Use and include information from the weekly course content and outside sources to support the conclusions contained in the paper.
- All sources should be cited in proper APA format (in-text citations and a reference list).