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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
What is market opportunity analysis? definition and meaning. (n.d.). BusinessDictionary.com
- Online Business Dictionary. Retrieved March 6, 2013, from
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.
- Fall '12