Segmentation & Opportunity Analysis DB

Market segmentation and opportunity are important to

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Unformatted text preview: g segmentation is important because as we all know buyers have different needs and preferences. It would be impossible to devise a marketing plan that caters for customer’s individual characteristics therefore marketers group customers into various segments that have certain characteristics in common (Recklies, 2001). Market opportunity analysis refers to an application of forecasting techniques to the market factors that may influence the demand for a product identified as a market opportunity. Market segmentation and opportunity are important to the mining company I work for because our company that does everything from extraction of minerals, sale of minerals, exportation to whole sellers, purchase from local miners, etc. We must market to different segments in different ways because the needs of a particular miner greatly differ to the needs of the whole sellers we sell our minerals to. For instance, a miner will come in and sell his production to us therefore we must find a way to attract miners. We try to pay the highest price to the miners so they will keep coming back. We sell our minerals to whole sellers therefore we must find a way to gain their trust and attention and foster a good relationship with them. We try to meet deadlines and be reliable to whole sellers. We market all those qualities and that way we remain successful and profitable. References 10 of 30 5/22/13 10:13 AM Collection http://post.blackboard.com/webapps/discussionboard/do/messa... Recklies, D. (2001). Why Segmentation - Marketing Publications - Management Portal. Management Portal by Recklies Management Project. Retrieved March 6, 2013, from http://www.themanager.org/marketing/segmentation.htm What is market opportunity analysis? definition and meaning. (n.d.). BusinessDictionary.com - Online Business Dictionary. Retrieved March 6, 2013, from http://www.businessdictionary.com/definition/market-opportunity-analysis.html What is market segmentation? definition and meaning. (n.d.). BusinessDictionary.com Onli...
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This note was uploaded on 02/08/2014 for the course BUS 504 taught by Professor Robinchase during the Fall '12 term at Post.

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