Preview

Market Stp of Titan and Allen Solly

Good Essays
Open Document
Open Document
3035 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Market Stp of Titan and Allen Solly
MARKET SEGMENTATION, TARGETING & POSITIONING

MARKET SEGMENTATION

INTRODUCTION The market for any product is normally made up of several segments. A ‘market’ after all is the aggregate of consumers of a given product. There are different factors contributing for varying mind set of consumers. It is thus natural that many differing segments occur within a market.
Since it is virtually impossible to cater for every customer’s individual characteristics, marketers group customers to market segments by variables they have in common. Through segmentation, the marketer can look at the differences among the customer groups and decide on appropriate strategies/offers for each group. This is precisely why some marketing gurus/experts have described segmentation as a strategy of dividing the markets for conquering them.
ATTRIBUTES DESIRED FOR SEGMENTATION
Market segmentation is resorted to for achieving certain practical purpose. For this to happen, the segments arrived at must meet certain criteria such:-
a) Identifiable: The differentiating attributes of the segments must be measurable so that they can be identified. To justify separate offerings, the segments must respond differently to the different marketing mixes
b) Accessible: The segments must be reachable through communication and distribution channels.
c) Sizeable: The segments should be sufficiently large to justify the resources required to target them. A very small segment may not serve commercial exploitation.
d) Profitable:-There is no use in locating segments that are sizeable but not profitable. The segments should be relatively stable to minimize the cost of frequent changes
e) Measurable: The potential of the segments as well as the effect of a specific marketing mix on them should be measurable.
f) Compatible: - Segments must be compatible with firm’s resources and capabilities.
BASES FOR SEGMENTATION
Markets can be segmented using several relevant bases. There is a large number of

You May Also Find These Documents Helpful

  • Powerful Essays

    Segmentation Benetton

    • 1568 Words
    • 6 Pages

    Each person has his/her own needs or preferences for a product, services, basket of goods. For this reason companies cannot satisfy to everybody but they look for the way to satisfy to a broad group of people. This is the cause of the existence of market segmentation. Segmentation is a marketing management technique which can help firms to find ways of establishing a competitive advantage.…

    • 1568 Words
    • 6 Pages
    Powerful Essays
  • Good Essays

    Market segmentation- ‘’ market segmentation is the technique used to enables a business to target the needs of different customers. It is about identifying the specific needs and wants of customers…

    • 3211 Words
    • 13 Pages
    Good Essays
  • Satisfactory Essays

    2. Market Segmentation involves dividing a large market into subgroups of customers with similar needs and requests for goods and services. These subgroups are identified by many demographic situations, depending on what it is that the marketer is segmenting them for. Marketing campaigns can then be developed around the needs and wants of the subgroups. The main and basic reason for market segmentation is to help a company understand what the needs are of its customer base. Often by segregating consumers by specific criteria a company can identify other functions for their products that may or may not have been recognizable before. Identifying these other ideas for use of goods and services may help the company target a larger segmentation in that same demographic classification and thus increase market share among a specific sub market…

    • 300 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    Market Segmentation -Hmv

    • 1861 Words
    • 8 Pages

    There are four criteria that have to be satisfied in order for market segmentation to be effective. A market segment should be identifiable, substantial, accessible and stable. Identifiable, at which there should be observable indicators that enable the segment to be defined and quantified. Substantial, meaning that the segment should be of enough size to make the effort involved in segmentation worthwhile. Accessible, that is, it should be probable to target specifically the segment using existing communication and distribution channels. Stable, so that after classification of the segment there should be sufficient time to capitalize on the investment implicated in segmentation. (Baker, 1995)…

    • 1861 Words
    • 8 Pages
    Powerful Essays
  • Satisfactory Essays

    Market Segmentation

    • 354 Words
    • 2 Pages

    Market segmentation is an essential part in today's business world. It is because not all customers have the same requirement and a market strategy which does not recognize this fact will result business failure. Market segmentation is the process of splitting customers, or potential customers within a market into different groups, or segments, within which customers have the same or similar requirements satisfied by a distinct marketing mix. Nike has been successful in market segmentation for selling their soccer boots, which resulted in a significant market share in that particular product category in recent years.…

    • 354 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    Segmentation as known as a process of distinguish buyers which differ in several ways into groups regarding to their needs, characteristics or behaviour. Market segments exist within feckly market. As a marketer, they have to try to different segmentation variables, alone and in combination to find out the best and most meaningful way to identify and analyze the market structure so it is more easily for marketer to achieve in business market ( Kotler. P et al.2006, 218 ). A seller will create a separate marketing program for each buyer as classifying according to their personal preference. Market segmentation comes before the second step and third step, which is market targeting and market positioning in develop idea of targeting market. There are four main major variables to observe in order to analysis consumer market segments, which is:-…

    • 1609 Words
    • 6 Pages
    Powerful Essays
  • Powerful Essays

    Segmentation consists in dividing a population into homogeneous groups of people; these groups must be as different as possible. A business segments to better meet customer’s expectations, to exploit new market opportunities and to concentrate its forces and place of battle. Segmenting customers is to cut it into homogeneous groups, based on specific criteria, each group being distinct from each other and can be chosen as the target of a marketing action. There are many possible criteria for segmentation, which can be grouped into broad categories:…

    • 1931 Words
    • 8 Pages
    Powerful Essays
  • Good Essays

    Market Segmentation

    • 433 Words
    • 2 Pages

    Market segmentation is the division of the total market into smaller, relatively homogeneous groups. It is necessary to segment or classify the various people or institutions in order to identify those with sufficient purchasing power, authority, and willingness to buy. Because no single marketing mix can satisfy all marketing segments, it is important to establish target markets and apply the appropriate marketing strategies in order to maximize market share.…

    • 433 Words
    • 2 Pages
    Good Essays
  • Powerful Essays

    Market Segmentation

    • 2606 Words
    • 11 Pages

    Market segmentation and the identification of target markets, however, are an important element of each marketing strategy. They are the basis for determining any particular marketing mix. Literature suggests the following steps:…

    • 2606 Words
    • 11 Pages
    Powerful Essays
  • Powerful Essays

    Marketing Segmentation

    • 1012 Words
    • 5 Pages

    Market segmentation is the process of dividing the market into dissimilar, distinctive groups of people who have similar needs to be satisfied, alike wants and behavior, or might want some products and services. Markets can be divided depending on a number of wide –ranging criteria. They are: geographic (region, county, climate etc.), demographic (age, gender, family size, religion) psychographic (personality, life style, attitude etc.) behavioral (benefit sought, brand loyalty, decision making until etc.)…

    • 1012 Words
    • 5 Pages
    Powerful Essays
  • Powerful Essays

    Marketing Mix

    • 3324 Words
    • 14 Pages

    This report aims to identify various factors for success in the quality take-away food market. This will be accomplished by comparing two food service companies with a similar strategy – Crust Gourmet Pizza Bars and Real Burger World (RBW) - ended up with remarkably different results from the following aspects; marketing strategy, the environment, consumer behavior and target market and positioning.…

    • 3324 Words
    • 14 Pages
    Powerful Essays
  • Best Essays

    Nivea Marketing Research

    • 1345 Words
    • 6 Pages

    Market segmentation is the key strategic concept in marketing today (Michael N. Tuma, 2011). It is shows as the attempt to distinguish 'homogeneous groups of customers who can be targeted in the same manner because they have similar needs and preferences'. (Wedel & Kamakura, 2002). Good market segmentations helps in understanding the market, the ability to predict buying behaviour accurately and increased profit of companny.…

    • 1345 Words
    • 6 Pages
    Best Essays
  • Satisfactory Essays

    Txt Source

    • 880 Words
    • 4 Pages

    In general, a company should enter only segments in which it can ________ and ________.…

    • 880 Words
    • 4 Pages
    Satisfactory Essays
  • Satisfactory Essays

    e) Vertical: the number of channel levels from raw materials to final product and distribution in which a company will participate.…

    • 347 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    Bata

    • 2164 Words
    • 9 Pages

    Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs (and/or common desires) as well as common applications for the relevant goods and services. Depending on the specific characteristics of the product, these subsets may be divided by criteria such as age and gender, or other distinctions, such as location or income. Marketing campaigns can then be designed and implemented to target these specific customer segments.…

    • 2164 Words
    • 9 Pages
    Powerful Essays

Related Topics