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Marketing Management – Module-427. Identifying market segments, targets.
Levels of market segmentation.
Most companies are turning to micro-marketing at one of the four levels:segments, niches, local areas, andindividuals.
Segment marketing.
A market segment consists of a group of customers who share a similar set of needs and wants. The marketers task is toidentify such segments, and decidewhich one(s) to target.The key benefits that segment marketingoffers over mass marketing are – 
 
The company can better design, price,disclose and deliver the product or service and also can fine-tune themarketing program and activities to better reflect competitors’ marketing. Buta segment of this sort, where all arealike, is a fiction, as not everyone in thesegment wants the same thing. It istherefore, suggested to have flexiblemarket offerings to all members of asegment.A
flexible market offering
consists of two parts: (1) a naked solutioncontaining the product and serviceelements that all segment membersvalue, and (2) discretionary options thatsome segment members value. Each of the discretionary option will carry anadditional charge.e.g., Automobile companies in Indiaoffer different versions of the same
 
model with different features. The basemodel may not have air conditioner or  power steering, or power windows.Domestic airlines in India offer economyclass and business or executive class.Prices for the two options aresignificantly different. The executive or  business-class passengers get extrafacilities – comfortable seats, better menu for food, and greater preferencewhile checking in and boarding theaircraft as well as in luggage clearance.
Niche Marketing.A niche is a more narrowly definedcustomer group seeking a distinctivemix of benefits
. Niche is identified bydividing segments into sub-segments. Niche products: EZEE – mild detergentfor woolen and other delicate clothes.
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