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    Market Segmentation 1 Market Segmentation

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    Market segmentation refers to dividing the market into groups that have similar needs. It allows businesses to fully satisfy customer needs and reactions to products. Segments vary in composition and are unique. After segmentation, companies choose target markets using strategies like undifferentiated, multi-market, or concentrated targeting. Positioning creates a brand image and develops products to convince customers of benefits. It helps long-term growth by building brand image. Positioning involves product introduction and market testing.

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    Market Segmentation 1 Market Segmentation

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    ruchibagal1993
    42 views3 pages
    Market segmentation refers to dividing the market into groups that have similar needs. It allows businesses to fully satisfy customer needs and reactions to products. Segments vary in composition and are unique. After segmentation, companies choose target markets using strategies like undifferentiated, multi-market, or concentrated targeting. Positioning creates a brand image and develops products to convince customers of benefits. It helps long-term growth by building brand image. Positioning involves product introduction and market testing.

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    Market segmentation refers to dividing the market into groups that have similar needs. It allows businesses to fully satisfy customer needs and reactions to products. Segments vary in composition and are unique. After segmentation, companies choose target markets using strategies like undifferentiated, multi-market, or concentrated targeting. Positioning creates a brand image and develops products to convince customers of benefits. It helps long-term growth by building brand image. Positioning involves product introduction and market testing.

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    © All Rights Reserved
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    Download as docx, pdf, or txt
    42 views3 pages

    Market Segmentation 1 Market Segmentation

    Uploaded by

    ruchibagal1993
    Market segmentation refers to dividing the market into groups that have similar needs. It allows businesses to fully satisfy customer needs and reactions to products. Segments vary in composition and are unique. After segmentation, companies choose target markets using strategies like undifferentiated, multi-market, or concentrated targeting. Positioning creates a brand image and develops products to convince customers of benefits. It helps long-term growth by building brand image. Positioning involves product introduction and market testing.

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    MARKET SEGMENTATION 1

    Market Segmentation

    Essay Paper

    July 25, 2014

    281 words

    Name of Student

    University Affiliation
    MARKET SEGMENTATION 2

    Market Segmentation

    Market segmentation refers to dividing the market into groups (segments) that possess

    similar needs of the particular business1. Market segmentations enable full satisfaction of

    customer needs that possess variations due to tastes and preferences. Market segments vary in

    composition (homogeneity) and are unique from the others. These market segments possess

    different reactions to market products, hence, need to be divided2 into distinct portions.

    Targeting

    In insurance, after segmenting markets, the next step is to choose your targets. The main

    methods of choosing targets vary, but it includes, undifferentiated market, which views the

    whole market as one single group, thus it uses a single marketing strategy. The other strategy is

    multi-market targeting, which uses the same marketing strategy to market product on different

    segments, which is considered to possess the same needs. Finally, concentrated market target, is

    a strategy that chooses the particular segment and applies all marketing strategies there.

    Targeting is particularly useful in attaining effective marketing and full market coverage.

    Positioning

    This is an act of creating a brand image and product development in the minds of

    customers. Positioning includes convincing the customers about the perceived benefits of buying

    your insurance products3. Positioning helps in long-term company growth since it helps to built

    brand image in the market. Positioning takes a form of product introduction and market testing.

    1
    Wedel, M., & Kamakura, W. A. (2000). Market segmentation: conceptual and methodological
    foundations (2nd ed.). Boston: Kluwer Academic.

    2
    McDonald, M., & Dunbar, I. (2004). Market segmentation how to do it, how to profit from
    it ([3rd ed.). Amsterdam: Elsevier/Butterworth-Heinemann.
    3
    Hooley, G. J., & Saunders, J. A. (2004). Marketing strategy and competitive positioning (3rd
    ed.). Harlow, England: Prentice Hall Financial Times.
    MARKET SEGMENTATION 3

    Bibliography

    Hooley, G. J., & Saunders, J. A. (2004). Marketing strategy and competitive positioning (3rd

    ed.). Harlow, England: Prentice Hall Financial Times.

    McDonald, M., & Dunbar, I. (2004). Market segmentation how to do it, how to profit from

    it ([3rd ed.). Amsterdam: Elsevier/Butterworth-Heinemann.

    Wedel, M., & Kamakura, W. A. (2000). Market segmentation: conceptual and methodological

    foundations (2nd ed.). Boston: Kluwer Academic.

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