Evaluating Customer Segmentation
OGRAAbstract
Marketing needs are becoming more and more important with evolution of business functions due to globalization and introduction of new marketing channels. Marketing mix could create a link between the needs and wants of a certain consumer. Integrated marketing communications are becoming part of company’s marketing mix. IMC involves coordinating different marketing elements and activities that communicate with consumers. Customer Segmentation is an important part of IMC and with help of marketing positioning, companies can increase profits with existing resources. Advertisers are increasing budgets to increase exposure of products. With new channels introduced, it is important to implement segmentation as part of marketing strategy. Keywords: Segmentation, integrated marketing communication, marketing channels
Evaluating Customer Segmentation Program
Customer segmentation consists of dividing the market into various parts based on factors that can be commonly associated with customer base. For example age, gender, sex, income and other factors can influence creating a market segment. Marketing is becoming an important factor within business operations and growth. Value is defined as the customer’s perception of all the benefits of a product or service weighed against all the costs of acquiring and consuming it. Benefits include functional, experiential and/or psychological. Market segmentation is composed of two distinct groups, 1) have coming needs and 2) will respond similarly to a marketing action. Market segmentation could be based on various different factors. Geographic segmentation is consists of dividing the market into geographic units. Dividing the market on the basis of demographics variables such as age, sex, family size, education, income and social class is called demographic segmentation. Dividing the market on the basis of personality and/or lifestyle is referred to as psychographic
Marketing needs are becoming more and more important with evolution of business functions due to globalization and introduction of new marketing channels. Marketing mix could create a link between the needs and wants of a certain consumer. Integrated marketing communications are becoming part of company’s marketing mix. IMC involves coordinating different marketing elements and activities that communicate with consumers. Customer Segmentation is an important part of IMC and with help of marketing positioning, companies can increase profits with existing resources. Advertisers are increasing budgets to increase exposure of products. With new channels introduced, it is important to implement segmentation as part of marketing strategy. Keywords: Segmentation, integrated marketing communication, marketing channels
Evaluating Customer Segmentation Program
Customer segmentation consists of dividing the market into various parts based on factors that can be commonly associated with customer base. For example age, gender, sex, income and other factors can influence creating a market segment. Marketing is becoming an important factor within business operations and growth. Value is defined as the customer’s perception of all the benefits of a product or service weighed against all the costs of acquiring and consuming it. Benefits include functional, experiential and/or psychological. Market segmentation is composed of two distinct groups, 1) have coming needs and 2) will respond similarly to a marketing action. Market segmentation could be based on various different factors. Geographic segmentation is consists of dividing the market into geographic units. Dividing the market on the basis of demographics variables such as age, sex, family size, education, income and social class is called demographic segmentation. Dividing the market on the basis of personality and/or lifestyle is referred to as psychographic
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