Market Segmentation
Find a product of two example businesses in your country or region, from your own experience or from your reading. If you cannot find such examples, use one or two case studies from your textbook or obtain one or two case studies from your local lecturer. Be sure to cite and reference the name and source of your case(s) in your assignment report. The product of one business should be mainly a good and the product of the other business should be mainly a service.
a) Explain how the example businesses have segmented the market for its major product and what its marketing mix strategies are.
b) If you were the marketing managers involved, what parts of (i) would you do the same and what would you do differently? Why?
EXECUTIVE SUMMARY
Market Segmentation is an essential part of the Marketing Strategy. It allows organisation to effectively target the relevant groups of consumers, allowing for the creation of a more effective marketing strategy. The strategy will guide a company to better satisfy the needs and wants of customers while creating value, be it for a product or service.
TABLE OF CONTENTS
1. Introduction Page 5
a) Explain how the example businesses have segmented the market for its major Page 6 product and what its marketing mix strategies are.
2. Market Segmentation
a. A Service Page 6
b. A Product Page 8
b) If you were the marketing managers involved, what parts of (i) would you do the same and what would you do differently? Why? Page 11
3. Conclusion Page 12
4. References Page 13
INTRODUCTION
The basic idea of marketing is the process of identifying and satisfying the needs and wants of customers preferably at a profit. These needs can be tangible or intangible in nature and can be satisfied by a product or a service.
When marketing for a product or service, one must understand the difference in order to
a) Explain how the example businesses have segmented the market for its major product and what its marketing mix strategies are.
b) If you were the marketing managers involved, what parts of (i) would you do the same and what would you do differently? Why?
EXECUTIVE SUMMARY
Market Segmentation is an essential part of the Marketing Strategy. It allows organisation to effectively target the relevant groups of consumers, allowing for the creation of a more effective marketing strategy. The strategy will guide a company to better satisfy the needs and wants of customers while creating value, be it for a product or service.
TABLE OF CONTENTS
1. Introduction Page 5
a) Explain how the example businesses have segmented the market for its major Page 6 product and what its marketing mix strategies are.
2. Market Segmentation
a. A Service Page 6
b. A Product Page 8
b) If you were the marketing managers involved, what parts of (i) would you do the same and what would you do differently? Why? Page 11
3. Conclusion Page 12
4. References Page 13
INTRODUCTION
The basic idea of marketing is the process of identifying and satisfying the needs and wants of customers preferably at a profit. These needs can be tangible or intangible in nature and can be satisfied by a product or a service.
When marketing for a product or service, one must understand the difference in order to