LP2 Assignment: Target Marketing and SegmentationThis assignment will assess competency 2. Analyze...

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LP2 Assignment: Target Marketing and Segmentation This assignment will assess competency 2. Analyze marketplace dynamics impacting sales and marketing efforts. Directions In our readings, we have been...

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LP2 Assignment: Target Marketing and Segmentation

This assignment will assess competency 2. Analyze marketplace dynamics impacting sales and marketing efforts.

Directions

In our readings, we have been examining the concepts of target marketing and market segmentation. As we know, in order to ensure marketing success, the marketing manager in the organization needs to conduct a very thorough analysis of the markets to be served. As the marketing manager in your organization, you first need to educate the management team with regard to the importance of targeting and segmentation. Therefore, you have decided to prepare a XXXXXXXXXXword report to share with the decision-makers in your organization. In your report you will be addressing the following concerns:

1) What are the characteristics of markets and market segments?
2) What is the importance of market segmentation?
3) What are some of the criteria for successful marketing segmentation?
4) What are some of the common bases used to segment consumer markets?
5) What are some of the strategies for selecting target markets?

Your report will be shared with the rest of the organization in an attempt to educate your fellow managers on the importance of these marketing activities.

Answered Same Day Oct 16, 2019

David · Accepted Answer

Ans1.
Market is referred to as a place where goods can be bought and sold and market segment refers to a targeted area in a market for which specific curated products functions or works. In order to be more specific and clear in the definition: - Market segments are the subsets of target markets
Market is a broad term used to refer an open group of consumers or masses participating in the economy for selling and buying goods whereas market segmentation further classifies these consumers into unique sets basis their geographic, demographics, behavioral etc. buying patterns and capabilities in order to help design and market curated products for unique set of segments
Ans 2.	
Market segmentation has become one of the most pertinent component and parameter for product design and marketing teams of companies these days. It simply means knowing your target audience and group for which the product is designed and will be marketed. 
In today's time no new product launch is done before identifying the consumers and targeted market for the product. Companies also get to align their marketing budgets and resources in an effective manner if they know they targeted consumers in advance. It's basically helps achieves better Return of investment rather than going full-fledged marketing and advertising the product to masses or non-users as well 
Ans 3. 
Some of the criteria’s for effective marketing segmentation are :- 
a) Responsiveness- Product developed for a specific group or market segment should be responsive enough to excite the target audience. If the product doesn’t meet the required needs of its consumers and organization,

LP2 Assignment: Target Marketing and Segmentation This assignment will assess competency 2. Analyze marketplace dynamics impacting sales and marketing efforts. Directions In our readings, we have been...

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