Marketing Market segmentation is a marketing strategy that is one of steps goes into defining the selection of consumers who have common need and will assist consumers with products that satisfy their individual sets of needs and buying practices. The purpose of market segmentation is to guide the consumer purchases, businesses are offering through marketing and sales program to maintain sales and growth of the business to survive from competitive market industry.
Marketing There are different attributes and factors which are under the influence of target market for the services which the subway offers to its market. Coming to the segmentation strategy it is essential to know what the customer is considering from the services provided by the subway.
The segmentation strategies can be described more effectively in many different variables which results in the marketing segmentation, there are different forms of segmentations available like the democratic, geographic, behavioral and psychographic segmentation.
Gillian Mc Ghee, The psychographic segmentation is something depending on the interest, activities, attitudes and hobbies of the customers towards the products and the dignity of loyalty maintained. What the people look around is the cheaper cost food item which suits the pockets of the many college going adults as the concept is something related to the value for money.
This segmentation strategy is considered under a light, medium and heavy group and is based on different types of social classes.
This segmentation is purely related to attitudes. It also relate to what a customer is getting benefited from, there are different variables which do occurs at different situations like the demand for the turkeys are more at the time of Christmas timing and different items at different situations.
The approach is basically described in two ways one is the benefit part and the other is usage. The demographic segmentation is something related to the age group, gender, lifecycle and income. And according to subway it majorly acts on the principle of concentrating on the age group in between 18 to 39years mostly the people are either studying or working.
We can observe the change in the products which are consumed by different age groups. So it is a strategy that involves the promotion of the item which meets the requirements of differentage groups.
The segmentation of gender comes under dressing, clothing and other facts. The other popular way for attraction is the discount offers made on the products which directly appeals the customers of low incomes. The geographic segmentation is related to various strategical segments like the country, location, towns and cities.
This strategical segmentation is totally based on the regions where the choice of holding a different variety of customers are noticed and are sub categorized for the easy access.
The segmentation divides the markets into various groups of geographic areas with people having different characters and behaviors. If we take the preference of what the other region customers prefer like the Asian, European, united states of America the subway worldwide sell the burgers which are aimedat the private markets, for example if we choose that the burgersare made from the lamb from the Asian continent and if we take India as a place where beef is not preferred due to the religious matter it is the importance given to the preference.
In the American continent there is an extensive usage of the chilly sauce, so different regions have different taste and acceptability of the products. Benefit segmentation is something which is difficult for satisfying the customers need.
It is the best way to satisfy customized products for example if we take the two different individuals buying the same product with different reasons of purchasing them.
For this reason there is a need of market segmentation. Market segmentation is that which divides the customers in various different groups and needs. Many of the segmentations are related to the buyer behavior. There is some distinction between the buying functions and those are getreflected by the democratic, psychographic, geographic profiles.
Many of the segmentations analysis are purely based on the different type of cluster analysis. There are better ways to identify which segmentation is more important, and are different techniques involved in the cluster.
There are different segment codes applied to segments. The use of segmentation is useful while having limited resource availability for deploying. This kind of segmentation makes the firms to use fewer resources satisfying a variety of customers with the products availability ranging in different advertising activity.
Through the segmentation least profitable customer is identified through focusing on the products and the services. Also improvement in the loyal relationships makes the services improvement through the products.
There is a chance of getting benefited through lowering the cost of the products and their services offered. Grouping the people in a set of factors which includes the size, organization, the kind of lifestyle that the people are having and their behavior and kind of attitude all this comes under the geographic location.
Gillian Mc Ghee, Popular Essays. · Market segmentation is a much broader concept, however, and it pervades the practice of business throughout the world.
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|Market Segmentation, Targeting Strategy and Positioning Essay Sample||However, there are a number of relevant topic discussions on the marketing study guide which may be beneficial for you.|
|A Step-by-step Guide to Segmenting a Market||Geographic segmentation such as urban versus rural could also be an effective approach This website also has a very detailed example for market segments for retailers such as supermarkets. Segmenting Differences in the Same Market Even firms operating within the same industry can segment the market in different ways often for strategic reasons.|
|Market Segmentation in B2B Markets | B2B Segmentation||But as the Roman philosopher Marcus Tullius Cicero so aptly put it: For small businesses, it's best to think of a marketing plan as a way to tell a concise story that covers all the key points of your strategy going forward.|