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Market Segmentation

Market Segmentation

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Published by HARSHAD
MARKET SEGMENTATION MARKETING
MARKET SEGMENTATION MARKETING

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Published by: HARSHAD on Jun 23, 2008
Copyright:Attribution Non-commercial

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12/08/2012

original

 
06/22/081
MARKET SEGMENTATION
DEFINITION:-
According to Philip Kotler “MarketSegmentation is the subdividing of market intohomogeneous sub-set of customers, where any subsetmay conceivably be selected as market target to bereached with distinct Marketing Mix.According to William Stanton, “Market Segmentationconsists of taking the total heterogeneous market for aproduct and dividing it into several sub-market ofsegments, each of which tends to be homogeneous in fullsignificant aspects.Thus, Market Segmentation is a process of grouping twoor more customers for a product or services so as toserve their needs in a better way.
 
06/22/082
IMPORTANCE OF MARKET SEGMENTATION
1.Allocation of Market budget.2.Adjustment of the product to the market need.3. To estimate level of sales in a given market4. To overcome competition effectively.5. To develop effective marketing programme.6. To promote marketing activities.7. To modify the existing product or to develop newproduct to satisfy needs of potential buyers.8. To have more precise definition of market9. To contribute towards achieving company goals
.
 
06/22/083
IDENTIFYING MARKET SEGMENTS &IDENTIFYING MARKET SEGMENTS &SELECTING TARGET MARKETSSELECTING TARGET MARKETS
LEVELS OF MARKET SEGMENTATIONLEVELS OF MARKET SEGMENTATION
1.SEGMENT MARKETING 1.SEGMENT MARKETING 
::
A Market segments consists of a group of customers whoA Market segments consists of a group of customers whoshare a similar set of wants.share a similar set of wants.
2.NICHE MARKETING 2.NICHE MARKETING 
: A niche is more narrowly defined: A niche is more narrowly definedgroup seeking a distinctive mix of benefitsgroup seeking a distinctive mix of benefits
3.LOCAL MARKETING 3.LOCAL MARKETING 
 Target Marketing is leading to marketing programsTarget Marketing is leading to marketing programstailored to the needs & wants of local customer groups.tailored to the needs & wants of local customer groups.
4.4.
INDIVIDUAL CUSTOMER MARKETING INDIVIDUAL CUSTOMER MARKETING 
 The ultimate level of segmentation leads to ‘Segment ofThe ultimate level of segmentation leads to ‘Segment ofOne’One’

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