Market segmentation seeks to differentiate between various segments of a market and addresses to the needs and requirements of each market. In this way they make products and introduce services which are specifically meant for that particular segment of the market only. There are various approaches that can be applied in the segmentation of market.
Amongst the most effective one of these is the rifle approach as opposed to the shot gun approach. In the shot gun approach the marketing efforts are scattered across where as in the rifle approach marketing strategy is focused on those buyers that they perceive have the greatest chance of satiating. Before the segmentation approach companies went ahead to improve their marketing efforts through the following ways
- Mass marketing – this involves mass production, mass distribution and mass promotion of a single product for all buys.
- Product variety marketing – a seller mass produces various products each customized in different ways and forms. These include modifying features, styles qualities and sizes- which were designed to account for the customer needs for change
These are just random excerpts of essays, for a more detailed version of essays, term papers, research paper, thesis, dissertation, case study and book reviews you need to place custom order by clicking on ORDER NOW.