VII Essay

Market segmentation has become critical in business and therefore having a significant marketing plan. Nowadays business launch their products in markets keeping market segmentation in mind.

Women in the go have also not been left behind in terms of market segmentation. In market segmentation there are very many ways to classify what customers really want. It is commonly known as demands, needs and wants.in our scenario in particular, Women on the go needs to know what ladies in the clothing industry want and at what time to be exact. However, for one to decide on the needs market segmentation is the way to go.

1. Demographic segmentation

Demographic segmentation is known to be the simplest form of market segmentation. Most companies, in this case Women on the go, can use it to get the right population in using their products. A good example is Women on the go, it identifies its customers using different variables in their target market. This is from age, gender, income and sometimes even occupation. For Women on the go, this is what defines their demographic situation.

Focusing on women who are in need of dressing assistance for social occasions and are willing to have an organization which can style up their quotient. It also goes on and target affluent women who are rich of upper middle class or who are on business and corporate class who are23 years and above

2. Behavioral Segmentation

Most of the times, this type of segmentation classifies the population according to their behavior that they are perceived to have. In this scenario Women on the go has shown its interest on young ladies due to their perceived behavior of liking trending fashions. Based on this Women on the go decided to find something for them.

3. Psychographic Segmentation

This of type segmentation uses the lifestyle of people, their interest and activities. Here the concept of customer buying behavior is also taken into consideration. For example, Women om the go might have an analysis of how consumers buy their clothes and display their clothes according to the buying trends.

4. Geographical Segmentation

This is a type of segmentation which is based on the geographic location of the target market. In Women on the go case, the geographical places that it targeted are the Metros, tier 2 & tier 3 cities.

Identifying the target market is more clearly defined once a marketer has conducted segmentation on the population, this is because the company would have known every necessary aspect that its customers are expecting on them.

For example when a company studies how its target customers behaves and acts by giving their customers what their customers really need.

Women on the go has customers in the market and they have been able to get them successfully, the targets are listed below;

1. Upper- Medium income ladies, these include women which are aged about 35 – 54. They may be earning around thousands of dollars.

2. Young ladies– they include youngsters aged between20-34 and entails the largest population. This is because for their love of trending clothes and Women on the offers just that.

3. The third and last target market is a person ranging from 55-64 of age. It’s a world-wide retirement average of the retired women clothes lovers all over the world. The come with a lot of money in the market.

The main competitors of women on the go are Avenue, Ann and Cache. The competitions is stiff and making things worse majority of countries had already been invaded by Ann Inc therefore giving Women the go difficult time to make inroads.

Another tough competition emerged when Avenue decided to take is the three- stage expansion process. It decided to enter the market at once however, it has decided to enter the market using the geographical relationship that its target market have this really affected women on go sales. Cache tends to have everything similar to Women on the go it has been able to take a significant market share.

In women clothing fashion industry the health is good and convincing. Due to the stiff competition, every company has increased its product and services therefore, the industry has grown in the last five years. This has been demonstrated by in revenue in the industry. Understanding competitors and health of the industry is important because a company can decide to improve so that it can be to the standards of the most performing company and rich the industry demands.

Women on the go has good internal strengths, these strengths includes how its workers like the working environment therefore giving out the best services to the customers however like any other company faces some risk here and there. As stated before it faces intense competition world-wide, there is a strain on its management.

There is also a risk of failure in the expansion of international market. Women on the go faces foreign exchange risk and there is a risk related to system interruption. Women on the go is faced with opportunities in the market to expand further international however there threats that competitors in the international market might overpower it since they have been there before and they understand the dynamics better.

Reference

Cohen, W. A. (2006). The marketing plan. Hoboken, NJ: J. Wiley & Sons.

Westwood, J. (2016). How to write a marketing plan. London: Kogan Page.

Bord Tráchtála. (1993). The Marketing plan. Dublin: An Bord Tráchtála/The Irish Trade Board.

Thompson, M. L. (1984). Marketing plan.

https://www.cheshnotes.com/2017/09/pestelpestle-analysis-of-the-fashion-retail-industry