Sample Term Paper
Term Paper: As there are lots of customers in a market, each one of them with different needs, wants and perception about a particular product, every individual with diverse heterogeneous needs so it becomes very important for a marketer to divide the total market into groups. These groups should be designed in such a way that people with relatively similar needs should be put together. What we understand by the term market segmentation is the division of a market into different clusters of customers according to their needs associated with a product or service. In other words we can say that market segmentation is the process of breaking a mass market into distinct groups, each of which should have common characteristics and needs (Cant, Strydom and Jooste 2009).
Why need market segmentation:
The primary reason why marketer put so much attention in developing market segmentation is to have control on their limited resources. In other words we can say that companies have restricted resources and with these finite resources it is not possible to fulfill the needs of the whole market. In this situation the best a company can do is to select a group of people and try to cater their needs in the best possible way (Pride, Hughes and Kapoor 2009).
Levels of Market segmentation:
There are four major levels on which a marketer can segment the mass market.
- Geographical segmentation
- Demographic segmentation
- Psychographic segmentation
- Behavioral segmentation
Examples of Market segmentation:
There are lots of examples how companies segment their market according to their customer’s needs and requirements.
- Johnson’s new born product range: Specifically focusing on new born babies
- Colgate double protecting gel: Targeting the adult customers, different from Colgate junior that focuses on youngsters.
- Clinic All Clear Men: because men’s scalps are different from women’s. Segmentation done on the basis of gender.
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