Market with that comes varying needs, attitudes and

Market segmentation is the process of dividing a market of potential customers into smaller segments, based on different needs, characteristics, behaviours in order to use a separate marketing mixes. Market segmentation is exercised with the aim of expanding the organisations ability to sell to a variety of consumers. These specific segments are created based on the similar responses to certain marketing strategies or shared traits, needs and geographic locations. Segmenting the organisations audiences allows for efficient and relevant personalisation, and also conserves important resources that are often stretched by one-on-one encounters when trying to create a personal relationship with the consumers. As a result, market segmentation may be a cost-effective way to achieve this.Additionally, market segmentation increases the benefits and the chances of a successful and effective marketing campaign. The key is to break down the current customers using their shared characteristics and personalising the organisations marketing strategies in a way that best attracts the segment chosen, based on their information. This would undoubtedly produce higher return than trying to force one generic marketing strategies unto different consumers and hoping for the best.However, market segmentation should not only be limited to the segmentation and identification of current customers, but should also be expanded to the scope of potential customers and target customers. By prioritising these markets, marketers have a chance to inspire new customers to use the services or purchase the products the organisation provides, this way marketers can better focus their resources and attention reflecting this information A company that effectively uses market segmentation is Nike. Though Nike is very well known for it’s sporting footwear, it also manufactures sporting merchandise such as golf balls and apparel, and equipment. Mass marketing efforts that are likely to be produced by NIke are likely fail due to their wide range of customer, and with that comes varying needs, attitudes and characteristics. Hence, ensuring that the campaign will be widely received and perceived similarly would be near to impossible. Instead, Nike prioritises frequent customer segmentation by designing campaigns for a product or a sport and these are displayed on speciality media outlets, (magazines, websites or television networks). This ensures that varying segments within that particular product line, or sport are exposed, creating a refined and personal marketing approach.

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