Market segmentation strategy involves dividing the market into groups, where individuals have similar needs and wants for services and products. It could also be a segmentation of people on the basis of behavior, culture and economic status. To get a clearer picture of what is market segmentation, one can always look into the definition provided by business dictionary.com, market segmentation is defined as, "Process of defining and sub-dividing a large homogenous market into clearly identifiable segments having similar needs, wants, or demand characteristics" (Meadows, 2008).
Companies need to segment their market for different reasons. Before one market's products or services, one needs to understand their customers, and find ways and means to satisfy their wants. This is imperative to stay ahead of the competition and build the brand. This is done through extensive market research. Although it is not possible to satisfy individual needs and even to understand all of them, a clearly defined market segmentation strategy will help create a market to cater to groups of individuals that will make economic sense to mass produce and distribute. The concept of target market segmentation strategy also falls under the blanket of market segmentation, except the former recognizes and understands the diversity of customers and provides them with products and services that suit their specific requirements (McDaniels & Kolari, 2008). A successful market strategy strives to understand different segments and its different needs; works on the exhibited common wants and responds immediately.
Apple has historically been troubled by big-box sales staffers, who are ill-informed about its products, a problem that made it difficult for Apple to set its very different products apart from the rest of the computing crowd. By creating a store strictly devoted to Apple products, the company has not only eliminated this problem but has made an... [continues]
Cite This Essay
(2010, 09). The Marketing Strategies of Apple, Inc.. StudyMode.com. Retrieved 09, 2010, from http://www.studymode.com/essays/The-Marketing-Strategies-Of-Apple-Inc-410389.html
"The Marketing Strategies of Apple, Inc." StudyMode.com. 09 2010. 09 2010 <http://www.studymode.com/essays/The-Marketing-Strategies-Of-Apple-Inc-410389.html>.
"The Marketing Strategies of Apple, Inc.." StudyMode.com. 09, 2010. Accessed 09, 2010. http://www.studymode.com/essays/The-Marketing-Strategies-Of-Apple-Inc-410389.html.