Explain Why It Is Important for Marketers to Understand the Concepts of Market Segmentation and Target Marketing. Discuss in Detail Different Methods Market Segmentation and Target Marketing Strategies Available to Use
EXPLAIN WHY IT IS IMPORTANT FOR MARKETERS TO UNDERSTAND THE CONCEPTS OF MARKET SEGMENTATION AND TARGET MARKETING. DISCUSS IN DETAIL DIFFERENT METHODS MARKET SEGMENTATION AND TARGET MARKETING STRATEGIES AVAILABLE TO USE BY MARKETERS. PROVIDE EXAMPLES TO SUPPORT YOUR ANSWERS ON THE BASIS OF EITHER A SINGLE CASE COMPANY OR SEVERAL COMPANIES FROM ANY INDUSTRY OF YOUR CHOICE.
Table of Contents
TITLE PAGE 1
TABLE OF CONTENTS 2
INTRODUCTION 3
MARKET SEGMENTATION 3
TARGET MARKETING 6
ONLINE NETWORKING SITES 7
CONCLUSION 8
REFERENCE LIST 9 INTRODUCTION
Market segmentation and target marketing are the two key components of marketing strategy. The importance of understanding them cannot be underestimated by the marketers in order to be successful. This essay will enlighten the value of segmentation process and the choice of target markets.
It consists of two parts. The first one familiarises the reader with a concept of market segmentation. Then examines the various methods and bases of market segmentation, highlighting the benefits of successful approach and bringing to the attention the risks of poor application. The second part explores the strategies of target marketing available for the marketers. It clearly shows the advantages and disadvantages of each of the tactics. Various theories will be introduced, aiming to show that the area is still not clarified and evolving. The work compares and contrasts different views and shows the development of the techniques and methods used in the contemporary world. The author will demonstrate the connexion of these two processes in context of creating the marketing strategy.
The online networking sites – Facebook and LinkedIn will be used as examples. The reader will see how these giants of the networking industry have successfully identified the relevant segments and applied the individual strategies for their target markets. It will also be explained how the other businesses are able to conduct the process of
Table of Contents
TITLE PAGE 1
TABLE OF CONTENTS 2
INTRODUCTION 3
MARKET SEGMENTATION 3
TARGET MARKETING 6
ONLINE NETWORKING SITES 7
CONCLUSION 8
REFERENCE LIST 9 INTRODUCTION
Market segmentation and target marketing are the two key components of marketing strategy. The importance of understanding them cannot be underestimated by the marketers in order to be successful. This essay will enlighten the value of segmentation process and the choice of target markets.
It consists of two parts. The first one familiarises the reader with a concept of market segmentation. Then examines the various methods and bases of market segmentation, highlighting the benefits of successful approach and bringing to the attention the risks of poor application. The second part explores the strategies of target marketing available for the marketers. It clearly shows the advantages and disadvantages of each of the tactics. Various theories will be introduced, aiming to show that the area is still not clarified and evolving. The work compares and contrasts different views and shows the development of the techniques and methods used in the contemporary world. The author will demonstrate the connexion of these two processes in context of creating the marketing strategy.
The online networking sites – Facebook and LinkedIn will be used as examples. The reader will see how these giants of the networking industry have successfully identified the relevant segments and applied the individual strategies for their target markets. It will also be explained how the other businesses are able to conduct the process of