Product specification and specific market groups are considered as an important

Product specification and specific market groups are

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Product specification and specific market groups are considered as an important part of generating income and analysing the financial plans. M&S is mainly focuses on maximising the satisfaction level of its targeted people through offering quality products and services which indirectly support them in establishing the customer market in more significant manner. Their products and services covers all age groups and people to invest and grow structure in more effective and specified manner. Market segmentation as per income group: Price is one of crucial factor which can affect the market segmentation of M&S. Charging high prices on products diminishes the buying power of targeted people as the people have limited disposable income. Therefore, the management have primarily focuses is to analyse the perception of people towards the pricing policy of company and on the basis of which set an effective competitive pricing policies. It includes four segmentation which are described as under: Demographic: Under this, the population has been divided on the basis of gender, age, income level etc. It assist management of M&S to analyse the preferences and needs of targeted people according to their characteristics. For an instance, M&S targeted middle income group due to charging moderate prices. Geographic: Under this, the market has been divided on the basis of locations or regions where the targeted people are located. It help M&S to decide the locations where the demand of their products are high in order to achieve further expansion of business. For example, M&S is primarily targeted UK market due to selling western wear garments which are high in demand. 6
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Psycho-graphic: Under this, the population has been divided on the basis of lifestyle, standard of living and attitude of people. It makes easy for M&S to differentiate people on the basis of their lifestyle so that products has been marketed accordingly. For example, ethnic and traditional wear garments are high in demand in India due to which M&S can easily expand its business through engaging in selling demanded products in such nation (Dholakia, 2012) . Behavioural: Under this, population has been divided on the basis of buying behaviour, brand loyalty of targeted people. This will help M&S to supply its products to such area which are more in demanded by people on regular basis. For example, In UK customers who wear western garments on regular basis remain loyal with M&S. Out of the above mentioned four segmentation, M&S is mainly targeted Geographic and Psycho-graphic segment with an aim of increasing sales figure and revenue in clothing business. Reasons of targeting such two market segmentation: Geographic: As M&S charged moderate price on their clothing products which an easily attracts middle income group.
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