SEGMENTATION ANALYSIS:
Segmentation Division Resulting segments Target
% Advantages Drawbacks
Geography • Location
• Market size
• Market density
• Climate 40% • Effective approach with limited budgets
• It works well in different areas of population density or significant changes in lifestyle across regions • It is quite limited as it assumes that all consumer are in similar needs
Demography • Age
• Gender
• Income
• Social class 30% • It is simple to apply and use, as government statistical data is readily available in most countries
• It is easy for everybody to understand, from management to customer service staff • It is very little understanding of the consumer
• Consumers in the same demographic group would have similar needs
Psychographic • Personality
• Values
• Attitudes
• Lifestyle 10% • It gives a much better insight into the customer’s identification of underlying needs and motives
• By understanding customer, we could improve our segments • This approach requires detailed data on the customer
• Improvement of segments cannot be easily accessed
Benefit • Benefits sought ...
Functional Areas of a Chosen Business The different functional areas within the business of Sainsbury’s are as follows: * Customer Service * Retail * Marketing * Trading * Finance * Human Resources * Administration * Payroll I shall not write about what each department actually does within Sainsbury’s: Customer Service This is basically the majority of Sainsbury’s workforce. This involves general duties to be carried out on the shop floor such as checkout assistants which are there for customers to pay for their goods, General Assistants are multi skilled between checkouts and stocking shelves for maximum availability of products for customers. Stock control is another type of customer service Sainsbury’s have.
Their purchase habits can also help to give the company a better understanding of the
...e company’s competitiveness. Satisfied customers can help a business gain more customers through word of mouth. Ensuring excellent and consistent service and products will help the business perform better. Tim’s must embrace technology in its human resource management, bookkeeping, as well as its Marketing activities. This will improve efficiency, and reduce man hours considerably. Tim should consider investing more money into the business to allow him expand on product offering, which will help attract new customers.
This refers to the customer’s ability to see and track their experience or the order through the operation’s process. A very high...
The Concept of Market Segmentation The assistant to the Manager of the marketing department of Dyson have been asked to write a report that describes the concept of market segmentation with suggestion on how Dyson could segment its markets, an outline of the new product development process along with suggestions of how Dyson should apply these stages and concluding with an explanation of how Dyson can perform their marketing control. Procedure = == == ==
This offers instant feedback and marketers automatically know that they are doing something right as responses are positive. Alternatively, modifications can be done if responses are negative. (Dzhingarov)
Target markets their products to a variety of market segments when speaking about their clothing lines. The top three segments are Age-Related Segments and Gender-Related Segments. Targets approach to development, marketing and advertisement is based on seasons, genders, age in the terms of wants and needs and styles while also staying true to their brand imagine. Target has positioned itself as one of the biggest retailers with a brand imagine that can connect to the consumers, and the ability to develop and deliver high end products that come at an affordable price.
Quantitative methods in the social sciences are an effective tool for understanding patterns and variation in social data. They are the systematic, numeric collection and objective analysis of data that can be generalized to a larger population and seek to find cause in variance (Matthews and Ross 2010, p.141; Henn et al. 2009, p.134). These methods are often debated, but quantitative measurement is important to the social sciences because of the numeric evidence that can be used to drive more in depth qualitative research and to focus regional policy, to name a few (Johnston et al. 2014). Basic quantitative methods, such as descriptive and inferential statistics, are used regularly to identify and explain large social trends that can then
The ultimate goal is to increase product sales. They have to depend on the customer to reach that goal. Making the customer feel comfortable and encouraging them to buy more goods is a process toward that goal.
Nowadays, Segmentation, Targeting and Positioning (STP) is the most used strategic way in Marketing. It is the prime of the available methods that are applied to create marketing models in practice. This model is beneficial when making marketing communication plans because it aids marketers to prioritize ideas and thereby create and advertise unique and appropriate slogans to communicate with various segments this is a segment based strategy rather than a product based strategy. This strategy enables to communicate more appropriate messages to product appealing segments.
Every company wants to understand why people decide to buy its products or others. Firstly, we have to understand why people buy certain kind of product. People buy products because they need them. A need is activated and felt when there is a sufficient discrepancy between a desired or preferred state of being and the actual state. (Engle£¬Blackwell and Miniard. 1995. p407 ) For example, when you feel hungry, what you needs is some food. It is very important for marketer to understand the needs of consumers. All the consumers may have the same needs, but the ways which they satisfy what they need are different. Here is a example, Chinese people would choose rice when they feel hungry, whilst British people may choose bread to satisfy their needs.
Marketing, while including the business of selling and advertising products and services, branches out into (encompasses) many other different areas. The scope of marketing also extends to the development of a product or service pre-sale. In order for a product or service to exist, there must be a want or need from the consumer before the product or service is established and designed in order to satisfy the consumer. The existence of a global, international market compels companies to be selective in what they offer to their choice markets; this is why segmentation has been very effective and beneficial to companies selecting their segment of market.
Market Segmentation This document prepared and presented by Business Resource Software, Inc. Market Segmentation The purpose for segmenting a market is to allow your marketing/sales program to focus on the subset of prospects that are "most likely" to purchase your offering. If done properly this will help to insure the highest return for your marketing/sales expenditures.
Whether or not people notice the importance of statistics, people is using them in their everyday life. Statistics have been more and more important for different cohorts of people from a farmer to an academician and a politician. For example, Cambodian famers produce an average of three tons or rice per hectare, about eighty per cent of Cambodian population is a farmer, at least two million people support party A, and so on. According to the University of Melbourne, statistics are about to make conclusive estimates about the present or to predict the future (The University of Melbourne, 2009). Because of their significance, statistics are used for different purposes. Statistics are not always trustable, yet they depend on their reliable factors such as sample, data collection methods and sources of data. This essay will discuss how people can use statistics to present facts or to delude others. Then, it will discuss some of the criteria for a reliable statistic interpretation.
Databases and tracking tools give companies the ability to know the finer details in order to foster that relationship and allow customer service agents to provide that intimate service to a customer even when they have never spoken before. Customers have come to expect this level of focused customer service and depend upon the investment they have made in the company by establishing an interactive relationship with