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5/25/2020 Originality Report

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SafeAssign Originality Report Summer 2020 - Marketing Management (BADM-53… • Activity 3

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Activity 3

University of the Cumberland’s

Saikrishna Pechara

Dr. Hayley Rice

Market segmentation involves classifying a homogenous market of prospective consumers into clearly identifiable groups under their location, traits, interests, needs, and reactions to a particular market action (Iacobucci, 2014). There are four kinds of market segments: demo- graphic, geographic, psychographic, and behavioral segments. Demographic segmentation is evident in the case of Coca-Cola targeting the youth more than the elderly because of their passion for soft drinks. This segmentation is based on age. Demographic market segmenta- tion examples include age, income, education, ethnicity, annual, location, and family status. It is easy to uncover different sites for market re- search since demographic information is statistical ad factual. An example of demographic segmentation is a brand selling enterprise market- ing platform. The brand is likely to target marketing managers working in large organizations capable of making purchase decisions for their teams. Psychological marketing is the cornerstone of a successful company. Marketing psychology shows the company's competitive edge in the market, and buyer psychology utilized to elevate, streamline, and personalize customer experiences. The marketing psychology examples are authority, liking, price sensitivity, urgent scarcity, and exclusive scarcity. A company that sells beauty products can leverage power to boost the trustworthiness of those products, i.e., imposing a theory that consumers trust individuals in charge, which depicts psychological market- ing. Behavioral segmentation focuses on the behavior or actions of the customers. They include spending habits, purchasing habits, brand interactions, and user status. Luxury car sellers may target clients who have recently purchased (purchasing history) their products; this is a case of behavioral segmentation. The market is segmented based on the history and behavior of the customers. Geographic segmentation is the simplest among the forms of market segmentation, and it categorizes customers based on geographic borders (Liu et.al, 2019). Exam- ples of geographic market segmentation are climate, country, city, urban or rural, and radius around a given region. An example of geographic segmentation is the luxury car company deciding to target customers living in cold climates where vehicles are equipped for snowy weather. The marketing efforts can focus on areas where their target customers are likely to work, eg, urban and city centers. Market segmentation is significant and has a profound impact on firms' profitability. First, it enables firms to achieve greater corporate focus. When a corporation fo- cuses on specific market segments, it can target the right group with the right product (Cross, 2015). This empowers it to tailor specific services and products according to its clients' demands. This goes a long way in ensuring maximum customer satisfaction, thus establishing customer trust and loyalty. Secondly, a business's market competitiveness is likely to increase when it focuses on a specific segment. Companies come up with customized marketing campaigns that target specific consumer segments. Effective marketing campaigns boost firms' sales while effi- ciently utilizing marketing resources. Businesses generate higher profits from the sale of products if their marketing campaigns are fruitful. Thirdly, it enables marketers to be conversant with their customers' needs; this allows them to discover essential features lacking in their prod- ucts. Marketing teams also assess consumers' opinions concerning their products. This enables the business to gauge the popularity of its products. This information allows companies to plan on relevant courses of action on how they can better their products and services to meet the consumers' needs. Fourthly, market segmentation makes it possible for businesses to provide unique communication to different market segments (Venter, 2015). Therefore, firms can identify with various consumers' needs, making it easy to receive valuable feedback concerning their products. This feedback could be quite helpful in the development of customized products. Lastly, businesses may identify market gaps or opportunities in the production and supply of complements. They may step in to provide these essential complementary goods and ser- vices, thus expanding the original product's market. In so doing, the business can achieve a higher return on its investments. Successful com- panies may realize some of the above benefits if they choose to target an entire market, but this would be an uneconomical move since it would lead to not just excessive but also inefficient utilization of resources. Successful companies need to embrace market segmentation if they are to utilize their resources efficiently.

References

Bruwer, J., Roediger, B., & Herbst, F. (2017). Domain-specific market segmentation: a wine-related lifestyle (WRL) approach. Asia Pacific Journal of Marketing and Logistics.

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Cross, J. C., Belich, T. J., & Rudelius, W. (2015). How marketing managers use market segmentation: An exploratory study. In Proceedings of the 1990 Academy of Marketing Science (AMS) Annual Conference (pp. 531-536). Springer, Cham. Iacobucci, D. (2014). Market- ing management. Cengage Learning. Liu, J., Liao, X., Huang, W., & Liao, X. (2019). Market segmentation: A multiple criteria approach combining preference analysis and segmentation decision. Omega, 83, 1-13. Venter, P., Wright, A., & Dibb, S. (2015). Performing mar- ket segmentation: a performative perspective. Journal of Marketing Management, 31(1-2), 62-83.

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There are four kinds of market segments:

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There are many different kinds of market segments you can create

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demographic, geographic, psycho- graphic, and behavioral segments.

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Demographic, Psychographic, Geo- graphic, Behavioral

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Demographic market segmentation examples include age, income, edu- cation, ethnicity, annual, location, and family status.

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The demographic segmentation is typically focused on attributes such as age, gender, income, location, family situation, annual income, ed- ucation, and finally ethnicity

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They include spending habits, pur- chasing habits, brand interactions, and user status.

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Some of these categories include purchasing habits, spending habits, and brand interactions

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this is a case of behavioral segmentation.

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What Is Behavioral Segmentation

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Examples of geographic market segmentation are climate, country, city, urban or rural, and radius around a given region.

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Thirdly, geographic market seg- mentation examples included Cli- mate, city, country, radius around a certain location, urban or rural

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Bruwer, J., Roediger, B., & Herbst, F.

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Bruwer, J., Roediger, B., & Herbst, F

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Domain-specific market segmenta- tion: a wine-related lifestyle (WRL) approach. Asia Pacific Journal of Marketing and Logistics.

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Domain-specific market segmenta- tion a wine-related lifestyle (WRL) approach Asia pacific journal of marketing and logistics, 29(1), 4-26

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C., Belich, T. J., & Rudelius, W.

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C., Belich, T J., & Rudelius, W

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How marketing managers use mar- ket segmentation:

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How marketing managers use mar- ket segmentation

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An exploratory study.

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An exploratory study

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In Proceedings of the 1990 Acad- emy of Marketing Science (AMS) Annual Conference (pp.

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In Proceedings of the 1990 Acad- emy of Marketing Science (AMS) Annual Conference (pp

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Liu, J., Liao, X., Huang, W., & Liao, X.

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Liu, J., Liao, X., Huang, W., & Liao, X

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A multiple criteria approach com- bining preference analysis and seg- mentation decision.

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A multiple criteria approach com- bining preference analysis and seg- mentation decision

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Omega, 83, 1-13.

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Omega, 83, 1-13

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Performing market segmentation:

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Market segmentation analysis