Segmentation
segmentation, targeting, positioning, differentiation and branding
For many organizations today to be successful they must know what consumers needs are, so as to satisfy them successfully and profitably to avoid wastages of resources. For these organizations to be successful they have to undertake segmentation, so as to know their target market and also to know the available competitors in the market producing the same goods. As a matter of fact, for Colgate to be successful they must segment their market to better know their target market and their competitors.
1. Segmentation overview
Definition of segmentation.
“Segmentation is a marketing strategy which consist of dividing the market in smaller groups allowing the research of categories of consumers presenting a set of homogeneous needs. Or more simply it’s the practice of separating the total market into a number of minor or similar submarkets designated market segments.”
(Daniels, 1995 Essentials of Marketing, P.261,)There are many ways or factors which organizations may use to segment the market. Some of the factors widely used are;
Types of segmentation Demographic segmentation, which considers the number of people living in a particular area a particular time, the climate and the size of the population as well.
Economic segmentation considers the income level of the target market. As a matter of fact I won’t describe the economic segmentation of Colgate Palmolive products because the prices depend on each country and their level of incomes.
Psychographic and behavioral segmentation focuses on groups of people who have similar buying behaviors, believes, styles, attitudes, personality, religion and the opportunity to purchase or use and their fidelity to the brand rate.
COLGATE
For every company to be successful and to achieve their goals and objectives they must use a marketing strategy. While explaining the importance of segmentation to Colgate I will take some basic examples from the
For many organizations today to be successful they must know what consumers needs are, so as to satisfy them successfully and profitably to avoid wastages of resources. For these organizations to be successful they have to undertake segmentation, so as to know their target market and also to know the available competitors in the market producing the same goods. As a matter of fact, for Colgate to be successful they must segment their market to better know their target market and their competitors.
1. Segmentation overview
Definition of segmentation.
“Segmentation is a marketing strategy which consist of dividing the market in smaller groups allowing the research of categories of consumers presenting a set of homogeneous needs. Or more simply it’s the practice of separating the total market into a number of minor or similar submarkets designated market segments.”
(Daniels, 1995 Essentials of Marketing, P.261,)There are many ways or factors which organizations may use to segment the market. Some of the factors widely used are;
Types of segmentation Demographic segmentation, which considers the number of people living in a particular area a particular time, the climate and the size of the population as well.
Economic segmentation considers the income level of the target market. As a matter of fact I won’t describe the economic segmentation of Colgate Palmolive products because the prices depend on each country and their level of incomes.
Psychographic and behavioral segmentation focuses on groups of people who have similar buying behaviors, believes, styles, attitudes, personality, religion and the opportunity to purchase or use and their fidelity to the brand rate.
COLGATE
For every company to be successful and to achieve their goals and objectives they must use a marketing strategy. While explaining the importance of segmentation to Colgate I will take some basic examples from the