Market segmentation, targeting, and positioning Assignment Sample Singapore
Every customer has different choices, tastes, and buying nature and so no customer can choose and satisfy among stipulated options. That’s the reason the concept of market segmentation introduces in the business industry so to increase the productivity level of the organization as well as to satisfy the potential customers.
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This is the reason almost every company chooses the strategy of target marketing where markets are broadly classified into segments and allocate the products and services in such segments.
These segments help the business to grow and work as a customer-centric strategy. The marketing manager plays an indispensable role in creating segments of the market and targeting the audience in a better manner. It’s one of the core areas of creating an effective marketing strategy to target the profitable group.
This course explains the meaning, scope, significance, impact, analysis, and evaluation of three major concepts that are market segmentation, market targeting, and market positioning.
The course enables the marketer to categorize the segments and allocates the most appropriate audience in such segments. These segments are classified on certain criteria such as age, demographics, price, products, sex, etc, and break the market into segments.
After doing so, the business focuses on each segment separately and develops such products and services that satisfy the demands of such segments. Target marketing gives a high-profit margin to the business as it is one of the identified customer-centric strategies.
Assignment solution of Market segmentation, targeting and positioning
At the end of this course, the students will be able to learn the following outcomes:-
1.Explain the meaning of market segmentation, market targeting, and market positioning.
The market involves every type of customer in regards to age, sex, religion, belief, etc, and procure different choice selection that’s the reason market segmentation comes into force. The market segmentation confers the market into various groups that help in the next stage that is targeting the appropriate audience.
The course SPT laid down emphasis on the meaning of these three major terms as a market segment is a group of individuals, class, business, or organization that holds similar interest in regards to products and services.
This concept gives the business background as to choose the most appropriate market segment to serve. The students in the course prepare to identify different marketing programs to create an effective market segment.
It also explains how target marketing differs from mass marketing and customized marketing programs that focus on small segments. It gives a brief overview of the final stage that is product positioning.
2.Market segmentation is a consumer-oriented process and can be applied to almost any type of market. Discuss the significance of market segmentation.
When the first stage that is market segmentation is identified by the marketer, the next step is to determine the productive target section because every segment has diverse voices and preferences.
By classifying the market into segments, it gives a better understanding of customer choices and preferences. The market segmentation gives the business a way to grow and develop and meet every individual customer’s satisfaction.
There are variables in the segmentation that address the issues of such a group and lead to business stability. The market segmentation prepares the students to formulate a systematic program that leads to a healthy and profitable future. The course elaborates on the significance of market segmenting and how to target such market segments.
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3.Explain the five major categories of market segmentation that are demographic, geographic, psychographic, behavioral mad product-related factors.
These five categories of market segmentation are nothing but variables that dominate the market position and lays down impact on the business. The course includes the meaning of all five categories and how to create a segment on such a basis.
As the demographic segment has its foundation on race, age, sex, income, occupation, religion, and nationality. The easiest way of creating an effective segment is based on demographics segmentation. On the other hand, the course explains the significance of geographic segmentation created based on location, population density, etc.
The course discusses various segmentation variables and methods to formulate them effectively.
4.Discuss various ways for effective segmentation and explain the characteristics:-
The course incorporates several ways in which market segmentation can prove to be effective and must have relevance to the product and service. Before formulating the segments in the market, it is important to analyze and determine what type of segment the business requires.
As it is important to measure the size and purchasing power of any segment.
The market segmentation becomes effective when it reaches several people at a time and opts for action at the right time. The course covers teachings on alternative marketing strategies such as undifferentiated, differentiated, concentrated marketing and distinguishes with market segmenting strategies.
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