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busi db4 - RE Segmenting the Market Target Marketing...

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RE: Segmenting the Market, Target Marketing, Products and Prices Part 1 - In 2 well-written paragraphs, distinguish between these terms: market segmentation and target marketing. Define each concept and provide several insightful examples of each. Target marketing is where companies will develop market segmentation for the product or services it is marketing. The company will have to know which market it wants to market its products or services to. It will have to determine tie “market size, expected growth, competitive position, cost of reaching the segment, and the compatibility with organization’s objective and resources”. By understanding and targeting a market companies will be able to form relationships with business that will help them grow. Market segmentation is a process that can be used to as marketing strategy. Kerin describes marketing segmentation as “the sorting of potential buyers into groups that have common needs and will respond similarly to a marketing action” . The segmentation will assembly buyers of the same kind with its market of sellers. These groups of individual have interests that are related to the sellers in the market segmentation. The segmentation can be split up into demographics of potential buyers. These demographics could be gender, income, religion, age, price, location, and size of household. The segmentations could also be broken down into behavioral, psychographic, and geographic subset markets. Some companies will use market segmentation for other businesses. This is to do business to business production. Many companies will need other businesses to make certain parts or services. Services are important for using market segmentation. For instance, PayPal is a business that enables consumer to pay companies or other individuals for merchandise of services. Many banks will use market segmentation as one of it tools to gain revenue. This is performed by using simply questions or
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