High Quality Lecture Notes for Marketing Fundamentals
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Course
SMM542 Marketing Fundamentals (SMM542)
Institution
City University (City)
The aim of this course is to provide you with a sound understanding of the principles of marketing. In a nutshell, understanding marketing comes down to understanding your customers. Thus, even if you have no interest in pursuing a career in marketing per se, the knowledge and skills acquired in th...
Segmentation
Market segmentation is the act of dividing a market into smaller groups of buyers
with distinct needs, characteristics, and/or behaviours that might require separate
marketing strategies or mixes.
Why is Segmentation Important
o Customer Analysis: Conducting a systematic segmentation analysis
helps the company to understand its market and select the most
attractive group of customers.
o Enhanced Value Creation: Through segmentation, firms are better able
to serve needs of customers with specific products.
o Competitor Analysis: It is easier to recognise and combat competition,
when focusing on a smaller part of the overall market
o Effective Resource Allocation: Scarce resources can be concentrated
more effectively on a few customers, rather than spread thinly across
the masses.
o Strategic Marketing Planning: Planning becomes easier overall, once
we have a precise understanding of who our customers are.
Process of Segmentation
o
Segmentation Variables
o Geographic Segmentation
Dividing the market into different geographical units, e.g.
countries, regions, cities.
Can be a useful starting point.
Easy to define and measure (data mostly readily available), but
often does not result in meaningful clusters of similar customers.
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