1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
ira [324]
3 years ago
14

Explain the importants of marketing segmentation

Business
1 answer:
Nina [5.8K]3 years ago
7 0

A market segment is a subgroup of people or organizations that have one or more characteristics in common that cause them to have the same product needs. Everyone needs water to drink, but does everyone need bottled water? For companies to successfully reach their precise customer, they need to divide a market into similar and identifiable segments through market segmentation.

The main reason companies divide markets into identifiable groups is so that the marketing team can create a custom marketing mix for the specific group. For example, Farmer Joseph realized early on that not everyone would purchase his expensive organic produce. He did not want to exhaust his financial budget by advertising to the masses. Instead, he identified his target market and created a specific marketing plan to communicate effectively with his prime customers.

His target market consisted of females age 18-65, with an income of $50,000+, who have healthy eating habits and who are concerned about pesticides. His plan consisted of ad placement in local women's magazines, newspapers and also email blasts to a list that he formulated with age and income specifics. Lastly, he advertised with a local gym about his healthy produce. Marketers have numerous choices in how they can segment a market.

If the farmer had planned on targeting everyone, then the type of segmentation would have been called no market segmentation. The opposite type of segmentation would be if he decided to target based on every individual factor available. This would be called a fully segmented market. Other choices include segmenting just by gender, income, lifestyle, ethnicity, family life cycle, age group, or even a combination-type.

Companies will not survive if the marketing strategy is dependent upon targeting an entire mass market. The importance of market segmentation is that it allows a business to precisely reach a consumer with specific needs and wants. In the long run, this benefits the company because they are able to use their corporate resources more effectively and make better strategic marketing decisions.

You might be interested in
LO 7.3Which is not a section of the cash budget?
Bad White [126]

Answer:

allowance for uncollectible accounts

Explanation:

The cash budget represents the cash inflow and cash outflow position with respect of cash receipts and cash payments i.e cash disbursement plus it also involves financing needs i.e how much amount is to be borrowed

But it does not involve the allowance for uncollectible accounts  as it is not shown in the cash budget because it is shown under the debtors side with the negative amount of the balance sheet

Like

Assets

Current Assets

Account receivable                                             XXXXX

Less: Allowance for uncollectible accounts       XXXXX  

Net account receivable                                      XXXXX

8 0
3 years ago
9. Study Question #9 Ch 7. Evaluate the following statement describing the strategy that East Asia used from the 1970s to the 19
horsena [70]

Answer:

East Asia's accomplishment in accomplishing a high development rate is a miracle.The example of overcoming adversity centers around outside trade,savings of government and above all in teaching young men and young ladies so that by accomplishing high education level they can accomplish high financial growth.East Asia likewise have a high PPP(Purchasing Power Parity)which helped them to accomplish high growth.Countries like China and Japan are putting more in colleges.  

Fare - situated methodology assumes a significant job being developed of East Asia.Many nations like Japan,Taiwan,China moved to send out polocies to cultivate high econmic growth.Of course,open exchange will be a significant development driven motor and the creating nations will considered it as a most significant weapon in accomplishing growth.Thus,industrialisation is a significant rebound for East Asia to accomplish high financial development.  

Therefore,industralisation,openness to trade,educational accomplishment and import-send out approaches helped East Asia to accomplish high econmic development.  

(b)We know the idea of 'theory of unavoidable losses or Total Factor Productivity.It states that at one point including one extra factor of creation brings about a lessening increment in output.For example,if we utilize laborers to fabricate an item then at a specific level the creation is steady and by utilizing more,the yield decreases.So we can say that the given articulation is valid.  

TFP is a significant factor for high development rate.East Asian nations have accomplished a high growth.Most of this is from factor accumulation.East Asia TFP can't and along these lines the nations lost their normal development achievement.High monetary development brings about low TFP.

8 0
3 years ago
What is the most fastest car in the world
gtnhenbr [62]

Answer:

Bugatti Chiron Super Sport

Explanation:

The Bugatti Chiron Super Sport can go 304 MPH

7 0
2 years ago
Norwegian Cruises is a company that owns and manages a large fleet of ships used primarily for cruises along Norwegian fjords. F
Bezzdna [24]

Answer:

Explanation:

hsjeneuejene

4 0
2 years ago
Read 2 more answers
Which of the following should you include in e-mails?
saul85 [17]
I would say letter “E” but the government already knows all of our personal information, so whats the point... probably being watched threw your computer/phone camera rn
7 0
3 years ago
Other questions:
  • Critics of the National Income and Product Accounts (NIPA) argue that the accounts are outdated and fail to account for "intangi
    10·1 answer
  • An important skill for the beginning home inspector is
    13·1 answer
  • A monopolist has the total cost function c(q) = 750 + 5q. The inverse demand function is 140 - 7q, where prices and costs are me
    10·1 answer
  • So, say a person named Bertrand is an avid supporter of protectionism. His primary platform is the idea that the United States i
    12·1 answer
  • The continuing cycle of erratic demand causing forecasts to include safety stock which in turn magnify supplier forecasts and ca
    5·1 answer
  • Market-leader Frito-Lay sells so many snacks to U.S. stores that it operates the country's seventh-largest private fleet of truc
    15·1 answer
  • This card works like a short-term loan? <br> A. debit<br> B. credit
    8·2 answers
  • Delaney Inc. has several transactions with foreign entities. Each transaction is denominated in the local currency unit of the c
    11·1 answer
  • which statement provides the best advice about instant messaging and texting on the job? a. maintain one contact list for both p
    8·1 answer
  • For kodak film inc. , the advent of digital technology can best be described as what type of innovation?.
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!