Preview

Segmentation and Target Marketing Paper

Better Essays
Open Document
Open Document
1028 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Segmentation and Target Marketing Paper
Segmentation and Target Marketing Paper
Amy Escobar
June 16, 2014
MKT/571
Erica Hayes

Segmentation and Target Market Paper Market segmentation is described as “the process of defining and subdividing a large homogenous, market into clearly identifiable segments having similar needs, wants, or demand characteristics. It’s objective is to design a marketing mix that precisely matches the expectation of the customers in the targeted segment” (Business Dictionary, 2010). This week’s assignment asked the student to select a company and examine that organization’s characteristics for market segmentation. Included is also the positioning statement regarding the company’s brand. As defined above, market segmentation allows organizations to categorize the consumer into small groups based on different characteristics. These characteristics are behavioral, demographical, psychographic, and geographical segmentation or differences. All consumers are not created equal. Consumers are different in many ways but by classifying similar desires or wants of consumers a target market is created. Market segmentation allows organizations to better understand the consumer and allows the consumer to be better educated or informed regarding a particular organization’s products (Mangement Study Guide, 2013).
Mary Kay Cosmetics Established in 1963 with only five thousand dollars, Mary Kay Ash and her son, Richard, Mary Kay Cosmetics was formed. Founded on the Mary Kay’s religious beliefs and belief that women’s lives needed to be beautiful, this company grew to become one of today’s top Fortune 500 companies. “Fortune magazine recognized the company as one of The 100 Best Companies to Work for in America and also named Mary Kay Inc. one of the best companies for women” and “with more than 2.5 million independent beauty consultants in more than 35 markets worldwide, the company continues to one of the greatest success stories in business” (Mary Kay Inc., Unknown). Mary


References: Business Dictionary. (2010). Market Segmentation. Retrieved June 14, 2014, from Business Dictionary: www.businessdictionary.com/definition/market-segmentation.html Mangement Study Guide. (2013). Need for market segmentation-why market segmentation. Retrieved June 14, 2014, from Management Study Guide: http://managmentstudyguide.com/need-for-market-segmentation.html Mary Kay Inc. (Unknown). Remembering her life. Retrieved June 14, 2014, from Mary Kay Tribute: http://www.marykaytribute.com/HerLife.aspx Summerer, L. (2014, June 15). Senior District Sales Consultant. (A. Escobar, Interviewer) Aurora, Colorado. Retrieved June 15, 2014 UK Essays. (2013, November). The marketing strategies of Mary Kay Cosmetics business essay. Retrieved June 14, 2014, from UK essays: http://ukessays.com/essays/business/the-marketing-strategies-of-mary-kay-cosmetics-business-essay.php?cref=1
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Better Essays

    Mkt 421 Marketing Plan Phase 2 Paper
    • 1524 Words
    • 7 Pages

    Mkt 421 Marketing Plan Phase 2 Paper

    “Market segmentation is a two-step process of (1) naming broad product-markets and (2) segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes” (Perreault, Cannon, & McCarthy, 2011, p. 92). To complete successful market segmentation an organization must gather information on potential customers, divide the population into various market segments, estimate the most profitable segments, and rank the market segments by potential sales. This process is imperative during the marketing process because it distinguishes…

    • 1524 Words
    • 7 Pages
    Better Essays
    Read More
  • Satisfactory Essays

    Marketing Research and Segmentation
    • 300 Words
    • 2 Pages

    Marketing Research and Segmentation

    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
    Read More
  • Powerful Essays

    Segmentation and Target Market Paper.
    • 1889 Words
    • 6 Pages

    Segmentation and Target Market Paper.

    The fundamental component of Market segmentation is a market-based strategy. A market segment is a purchase behaviors and different descriptive characteristics and specific group of customers with distinctive customer needs (Baker M.J, 1995) By categorizing markets into sub sectors, targeting marketing effort in such a way as to meet the other requirement and technical requirements of each of these, organizations may be able to secure big competitive position than if they attempted to satisfy the fundamental requirements of the market as a whole. In market segmentation there are four criteria that have to be satisfied in order for market segmentation to be effective. A market segment should be accessible, identifiable, substantial, and stable. In Identifiable, there should be indicators of observable that enable the segment to be defined and quantified (Baker M.J, 1995). Accessible, that is, it should be probable to target specifically the segment using distribution channels and existing communication. In Substantial, that the segment should be of enough size to make the effort involved in segmentation worthwhile. In the Stable, the segment there should be capitalized by sufficient time on the investment implicated in segmentation (Baker M.J, 1995).…

    • 1889 Words
    • 6 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    MARKET SEGMENTATION
    • 4820 Words
    • 14 Pages

    MARKET SEGMENTATION

    Market segmentation provides businesses with the possibility of customizing a unique set of elements known as the 4P’s (product, price, place, and promotion) for specific target markets. Therefore, it allows them to satisfy their customers’ needs in a more effective way, through a value proposition that is potentially superior to that of any other competitor. Market segmentation refers then to the process of defining and breaking down a wide market into clearly identifiable and homogeneous groups of consumers with similar characteristics, wants, and needs.…

    • 4820 Words
    • 14 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Market Segmentation -Hmv
    • 1861 Words
    • 8 Pages

    Market Segmentation -Hmv

    Market segmentation is the fundamental component of a market-based strategy. A market segment is a specific group of customers with distinctive customer needs, purchase behaviours and different descriptive characteristics. (Best, 2000) By categorizing markets into sub sectors, targeting marketing effort in such a way as to meet the technical and other requirements of each of these, organisations maybe able to secure greater competitive position than if they attempted to satisfy the general requirements of the market as a whole.…

    • 1861 Words
    • 8 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    What Is Segmentation and Marketing Strategy
    • 4588 Words
    • 19 Pages

    What Is Segmentation and Marketing Strategy

    Market segmentation is one of the central pillars of modern marketing and is found at the very core of the marketing process. Some writers suggest that segmentation is the most important activity within modern marketing. This claim is debatable but what is true is that the general principles and processes of market segmentation are absolutely vital to effective marketing strategies for the vast majority of firms operating in today’s highly competitive economy.…

    • 4588 Words
    • 19 Pages
    Powerful Essays
    Read More
  • Satisfactory Essays

    Market Segmentation
    • 354 Words
    • 2 Pages

    Market Segmentation

    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
    Read More
  • Good Essays

    Market Segmentation
    • 433 Words
    • 2 Pages

    Market Segmentation

    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
    Read More
  • Powerful Essays

    Mary Kay Cosmetics
    • 2689 Words
    • 11 Pages

    Mary Kay Cosmetics

    Mary Kay Cosmetics Inc’s (MKC) was facing challenges of increasing number of competing direct selling organizations in the US cosmetics market and was not satisfied with their sales revenue generated from international sales. They believed MKC culture could be transferred internationally and that Mary Kay Ash’s charisma, motivation and philosophy were likely to appeal to women throughout the world.…

    • 2689 Words
    • 11 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Market Segments and Targets
    • 1619 Words
    • 7 Pages

    Market Segments and Targets

    Market segmentation is the process of grouping a market into smaller subgroups. This is derived from the recognition that the total market is made up of segments. These segments are homogeneous within (ex: people in the segment are similar to each other in their attitudes about certain variables). Because of these similarities, they are likely to respond similarly to a given marketing strategy (Zikmund, 1996, p. 258).…

    • 1619 Words
    • 7 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Dove's Campaign for Real Beauty Case Study
    • 3115 Words
    • 13 Pages

    Dove's Campaign for Real Beauty Case Study

    Unilever’s Dove beauty product has proven successful of its relaunch and repositioning strategy. Despite this success, Kerstin Dunleavy needs to determine how to maintain the brand’s momentum while staying ahead of the competition and continuing to redefine beauty by maintaining a sense of integrity in society. Kerstin Dunleavy is required to use different advertising, publicity and sales promotion strategies in order to continue onto phase two of…

    • 3115 Words
    • 13 Pages
    Powerful Essays
    Read More
  • Better Essays

    Segmentation and Target Market
    • 1581 Words
    • 5 Pages

    Segmentation and Target Market

    Market segmentation does not only happen from the side of the organization, consumers also segment themselves. Consumers will select the proposition that best meets their needs. Therefore the organization must ensure that their product meets the consumers’ needs better than the other supplier. A detailed understanding of who…

    • 1581 Words
    • 5 Pages
    Better Essays
    Read More
  • Powerful Essays

    Market Segmentation
    • 2606 Words
    • 11 Pages

    Market Segmentation

    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
    Read More
  • Good Essays

    Mary Kay
    • 1370 Words
    • 6 Pages

    Mary Kay

    Mary Kay is one of the largest cosmetic companies in the United States. Mary Kay Ash started her dream in 1963 when she first opened the doors to the very first Beauty by Mary Kay in Dallas, TX (Mary Kay, Inc.) It all began after she spent 25 years in direct selling for Stanley products. After a successful career with Stanley products, she started writing a book about direct sales, but it became a book about managing people. She started thinking about what a “dream company” would look like. It took her 20 years to actually publish the book. She decided to start a direct sales company since she was so familiar with it. She wanted something that would be appealing to women who could sell according to their own schedule. Once she found the proper structure, she decided on a product line of skin care.…

    • 1370 Words
    • 6 Pages
    Good Essays
    Read More
  • Best Essays

    marketing segmentation references
    • 259 Words
    • 2 Pages

    marketing segmentation references

    Aaker, D. and Joachimsthalaer, E.A., (2000), “The Brand Relationship Spectrum: The Key to the Brand Architecture Challenge”, California Management Review, Vol. 42, No. 4, pp. 8-23.…

    • 259 Words
    • 2 Pages
    Best Essays
    Read More

Related Topics