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How market segmentation,targeting and positioning are important
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Introduction:- La Trobe is a renowned university having plenty of highly designed courses to offer to its students. La Trobe University is an Australian multi-campus public research university whose flagship campus is located in Bundoora, Victoria. The university was founded in the year 1964 following the assent of the La Trobe University act by Victorian Parliament on the 9th of December of that year, becoming the third university in the state and the twelfth university in Australia. The Latrobe University Act passed in the year 1964 in Victorian parliament requiring representation from Bendigo and Wodonga on council. In the year 1967 the La Trobe University was officially opened by the Victorian Premier, Sir Henry Bolte at a ceremony …show more content…
Additionally, the 2015–16 performance indicators placed La Trobe as 12th in Australia for teaching, 11th for research, and 13th for industry income. La Trobe is considered to be firm especially in the area of arts and humanities, this was highlighted in the 2014 QS World University Rankings where it was ranked in the top 200 international universities for arts and humanities. It was also ranked in the top 100 universities for arts and humanities in the 2014-15 Times Higher Education World University Rankings, where it was ranked the no.1 Australian university for industry income. La Trobe also offers a strong Masters of Business Administration (MBA) program which has been ranked in the top 200 business schools by QS Global Rankings since 2010. In 2014 the La Trobe MBA was ranked 14th in Asia, 4th in Australia and 2nd in Victoria by QS Global Rankings. In terms of research quality, the university showcases strength in the areas of arts and humanities, and biological and biotechnical sciences. In 2015 La Trobe was ranked 3rd in Victoria in the Australian research council's Excellence in Research for Australia …show more content…
2) It has always been REFERENCES:- 1) Network, A. (2016). [Online] Australianuniversities.com.au. Available at: http://www.australianuniversities.com.au/courses/melbourne/study/management/campus/c/d/all-management/ [Accessed 11 Sep. 2016]. 2) Netmba.com. (2016). Situation Analysis - 5C. [online] Available at: http://www.netmba.com/marketing/situation/ [Accessed 11 Sep. 2016]. 3) 2012books.lardbucket.org. (2016). Market Segmenting, Targeting, and Positioning. [online] Available at: http://2012books.lardbucket.org/books/marketing-principles-v2.0/s08-market-segmenting-targeting-an.html [Accessed 11 Sep. 2016]. 4) 50years.latrobe. (2016). Our story - 50years.latrobe. [online] Available at: https://50years.latrobe/our-story/ [Accessed 11 Sep. 2016]. 5) Mymarketingnotebook.blogspot.com.au. (2016). MY MARKETING NOTEBOOK: The internal environment of marketing. [online] Available at: http://mymarketingnotebook.blogspot.com.au/2012/11/the-internal-environment-of-marketing.html [Accessed 11 Sep. 2016].
When I found out I qualified to be a candidate for the NJHS, I knew I had to take this chance. This group is made up of people who depict leadership, character, citizenship, academic success, and service and I would love to join. These characteristics wouldn't just be valuable for a candidate to have, but for everyone to have to exceed in life. If I were to be in the National Junior Honor Society, it would give me an opportunity to ameliorate my future and motivate me to do better.
Segmentation, targeting and positioning are the fundament of modern marketing (Proctor, 2002, p. 188, as cited in Harris and Schaefer, 2015).
Young, D. (2012). International Marketing, Room 009, Block 17, Middlesex University Dubai. (18th March, 2012)
Hooley, G., Piercy, N. F., & Nicoulau, B. (2008). Marketing strategy and competitive positioning (4th ed.). Upper Saddle River, NJ: Pearson.
Australian University Rankings in 2012, among the most noteworthy a hundred
Terrell, E. (n.d.). Market Segmentation. (Business Reference Services, Library of Congress). Retrieved April 6, 2014, from http://www.loc.gov/rr/business/marketing/
Segmentation, targeting and positioning are interrelated activities which are important to achieving a successful Marketing Mix. Discuss these concepts in theory and give practical examples of how they can be applied to one industry of your choice
Segmentation is a marketing strategy that involves separating a wide target market into small groups of customers who share the common need of using or purchasing the product that needs to be marketed. Market segmentation strategies are utilized to identify these groups of consumers and strategies are designed and implemented to make the product or service appeal to them. Support and also the product will be strategically placed in order to successfully achieve the ultimate marketing goal. Businesses and organizations may come up with different type of strategies involving different products and catchy phrases depending on the product or the target segment.
Caroline and Jennifer said that ‘Market segmentation is a crucial marketing strategy. Its aim is to identify and delineate market segments or set of buyers which would then become targets for the company’s marketing plans.’ (Tynan and Drayton, 1987) There are many ways to segment the market, such as age, region, environment, psychology and wages (Hall, Jones and Raffo, 2010).
Dickson, P. R., & Ginter, J. L. (1987). Market segmentation, product differentiation, and marketing strategy. Journal of Marketing, 51(2(April 1987)), 1-10. Retrieved from http://www.jstor.org/stable/1251125
Once segments of customers have been defined, marketers need to select and evaluate which segments will be worth targeting. Cui and Choudhury (2003) define market targeting as marketing a product to a segment of customers due to the magnetism, for example size or growth, of the group. Marketers are able to select segments using undifferentiated, differentiated and concentrated marketing. By ignoring segment differences ...
To begin with, it is crucial to appreciate the meaning of segmentation and targeting because these two terms lay the foundation for this report. Consequently, segmentation is dividing a market, into groups of consumers with homogenous traits in order to provide each group with the desired product. What is the meaning of targeting? It is where an enterprise evaluates every segment with an objective of identifying segments with promising business opportunities. Considering the nature of the product in question, it sufficed to mention that liquor- filled chocolates are to be sold to adults.
Market segmentation means dividing the market into distinct groups that have common needs and will respond similarly to marketing action. Each segment must be unique, have common needs, and respond in a similar manner to marketing efforts. Target market is the group of potential customer that has been selected by business to focus its marketing efforts towards. This is the group the business wants to sell its products/services to. Positioning refers to the image created in the minds of customer of its product or brand. It is a perception created in the minds of the consumer relative to that of its competitors.
“World’s Best Universities: Top 400.” U.S. News and World Repor. Feb. 25 2010. Web. 8 Jun. 2010
Kotler, P., & Keller, K. (2012). Marketing management (14th ed., Global ed.). Boston, [Mass.: Pearson.