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In marketing, a marketing plan is created to guide businesses on how to communicate the benefits of their products to the needs of potential customer. The situation analysis is the second step in the marketing plan and is a critical step in establishing a long term relationship with customers. [3] The parts of a marketing plan are: Introduction
Market segmentation is the process of dividing mass markets into groups with similar needs and wants. [2] The rationale for market segmentation is that in order to achieve competitive advantage and superior performance, firms should: "(1) identify segments of industry demand, (2) target specific segments of demand, and (3) develop specific 'marketing mixes' for each targeted market segment ...
It is helpful when there is no significant difference between operating variables, purchasing approach, situational factors and personal characteristics of customers. Geodemographic segmentation is a logical starting point because The data are obtainable through secondary sources, government agencies, or demographic vendors;
2. On a micro segmentation level: Situational factors: urgency of order, product application, size of order; Buyers’ personal characteristics: character, approach; The idea was that the marketers would move from the outer nest toward the inner, using as many nests as necessary”. (Kalafatis & Cheston, 1997). [3]
7 Marketing P's. Used in targeting and defining a market in a go-to-market strategy. These are some of the common factors that are considered when performing a market segmentation in a go-to-market strategy: [13] Industry: The industry in which the customer is involved; Customer size and sales potential of the customer
In marketing, segmenting, targeting and positioning (STP) is a framework that implements market segmentation. [1] Market segmentation is a process, in which groups of buyers within a market are divided and profiled according to a range of variables, which determine the market characteristics and tendencies. [2]
The decision model situates the black box in a broader environment which shows the interaction of external and internal stimuli (e.g. consumer characteristics, situational factors, marketing influences, and environmental factors) as well as consumer responses. [18]
This segmentation normally emerges from a trade-off study of marketing costs versus market coverage. There appears always to be a point of diminishing returns in the cost versus coverage relationship. The corporation’s task is to optimize its range of market coverage, geographically and/ or channel wise.