Question

Identify the four bases of Market Segmentation and give three market segmenting variables that demonstrate each of the four bases along with an example of each of the variables uses (brand or product category).  The example for each variable should demonstrate a heavy use of such variable in terms of a specific brand/product category (choose best examples that predominately uses the segmenting base to market their offering). Please organize the response by base and list the variables appropriate under each base heading. use 1 reference

Answer 1

Developing a market segment and targeting market could be very beneficial for an product as well as organisations product range. My having a specific target in the market and having a refined marketing strategy by definition of market segment one can easily improve the overall sales of its products.

Some specific market segment characteristics are as follows

Measurability

Accessibility

Profitability

Market responsiveness

Measurability

By defining particular measurability of your product we can easily target a particular market for which the product is clearly identifiable. For including the overall identification of any specific market segment that are well defined and measurable could be very beneficial. The targeted market can be based on the population over can be targeted to some specific age bracket as well as other factors.

By targeting the households in Suburban areas which usually have a lawn area just outside their house and says extreme cold in winter would be our main target and identification of the specific product would include liability of non cracking an exploding of the lawn rose.

Accessibility

All market segments with the product is focusing on should be accessible in terms of economical conditions as well as geographical conditions. By implementing the appropriate marketing strategy the accessibility of goods and services could be enabled. Accessibility of different market group differ from each other as that can be a difference between two particular group. For example, different Pacific age group have different taste of fashion and consume different products by providing communication to this market segment should be the specific need of the customer in the segment.

By focusing on the middle class do not use automated dripping system for hair grass as well as loan I will be focusing on providing targeted products to this specific families and to sell my garden hose by targeting and enabling the specific divisibility for

Profitability

Profitability of the market is also the most important characteristics which each and every organisation should follow to successfully segment its specific operational market. This type of approach in it is an organisation to specifically target its customers and to improve overall service provision by a huge margin for getting benefit from the same market segment.

Market responsiveness

Market assessment regarding responsiveness and paying capacity of the customers are very essential for any organisation to successfully segment its product and to put into the specific market range.