The Discussion topic for this current events Discussion focuses on Identifying m

Question

The Discussion topic for this current events Discussion focuses on Identifying market segments and targets. Select one article that applies to Identifying market segments and targets. Compose a short summary (300–500 words) explaining why and how this article is relevant to your unit's materials. Keep in mind, when responding to each unit's Article Review Discussion, your opinion is highly valued; however, the ability to integrate concepts and theories to support your ideas is also critical. This is true, not just in this class but during your business career. Knowing what to do and how to do it is a valued skill in business, but knowing what to do and how to do it in every situation is the key to success. It is always important to apply theory to support your opinions! The better able you are to apply BOTH logic and theory, the better able you are to transfer your learning into practical application regardless of the task, project, or job.

Explanation / Answer

For any one entity to satisfy the varied needs of the large and diverse world that we live in is an impossible task.

We live in a world of scarce resources and thus must focus and deploy our resources accordingly to make an impact rather than attempting to go for too much and be found to be ineffective.

The process of thus dividing the market into homogeneous groups based on similar interests mapped through geographic, demographic characteristics and psychographic profiling is what market segmentation is all about.

For marketing strategies to be executed effectively the identification of target markets thereafter is necessary. For example in the automobile business in India the market is broadly segmented as luxury cars, large sedans, mid-size cars and basic cars. Now in the small basic car segment the Nano from the house of the Tatas targets people with families having a modest income. Whereas, the Indica from the Tatas positioned itself more so as a small rugged basic functional vehicle. Marketing strategies were thus developed to address these target markets accordingly.

D'Lites chain of restaurants was launched from Atlanta because Atlanta had the demographic characteristics of what the chain was offering - patrons in the 30-40 age bracket, oriented towards sports and having a certain income level.

Market segmentation and having a target market and respective marketing startegies is thus vital to the success of any business enterprise. Eventually successful products and brands thereof get positioned in the market that contribute significantly to the success of those entities.

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.