Market Segmentation and Targeting Homework Solutions
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What is Market Segmentation and Targeting?
Market Segmentation is the study of the process of splitting the consumers into distinct and measurable groups whose wants and requirements are similar. This enables the marketers to determine which target segment is to be focused to support the organizational strategy and the growth.
Students are required to understand that Market Segmentation helps the marketers to answer the set of questions so that they are able to make decisions on how and where to focus their abilities. The reason for conducting Market Segmentation is to get important information about the targeted audience and have guided decisions hence. It enables the marketers to answer questions such as –
- Who is the targeted audience?
- What is the best mode of reaching onto them?
- How can the number increase?
- What makes the product famous amongst them? Etc.
The topic is vast and involves many other sub-divisions of it to be learned. Students have to understand that to make the market survive; it should typically fulfill certain conditions failing to which it will be regarded as not a viable market for products. The conditions to be met are like-
- True Need or requirement for the products or services or ideas must emerge.
- The organization should be in a position to pay for the product through the marketer.
- The buyers should buy the products willingly.
- The purchasing power should exist within the organizations or person.
- There must be an existence of a higher number of people or organizations than the marketers so that there is a wide scope for profit.
As it may be seen above, the topic is elaborate and needs much attention and dedication while completing the task on it.An expert in the field will know the right Market Segmentation and Targeting Assignment Solutions. This is the reason; portals like us help you out with all the difficulties.
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