Segmentation And Target Market Week 3

1310 words - 6 pages

Segmentation and Target Market Week 3
MKT 571
Professor William Wider

Segmentation and Target Market
Proper marketing management is one of the major determinants of a company success. Amongst the practices of marketing management, segmentation, target marketing, and positioning are of utmost importance. Market segmentation deals with the identification of the market constituents into several groups or segments based on specific profiles (Kotler and Keller, 2012). Target marketing deals with the selection of segments and development of the measures to attract the selected consumer groups (Kotler and Keller, 2012). Ultimately, market positioning deals with the ways in which the ...view middle of the document...

Based on their functions and usage, the segment of the company may be classified into health care, beauty, and family care segments (Procter and Gamble, 2013). For products having similar functions, P&G also segments the market further based on their demographic aspects such as age and gender. For instance, “Noxzema” is aimed to young women, while “Olay” is targeted to older women. Similarly, “Head and Shoulders” is oriented mainly to adult men, while “Pantene” is oriented to adult women. Furthermore, segmentations based on the geographical aspects are also present. For instance, there are specific innovations in the brands, such as the development of hair treatment brands for women with curly hair in African continent, in which women having such traits are prominent. Similarly, products able to give “silky-smooth” hair are also focused in Asian countries, in which such kind of hair is considered as an indicator of beauty and elegance, and is therefore desired. In addition, segmentations are also done based on the psychographic characteristics of the consumers such as the value, motive for buying, and lifestyle of the consumers. For instance, “Gillette” is specifically segmented based on the lifestyle of the consumers. Some of the product offers adequate results with best price offer, while the others are adjusted to give premium features and value-added results but with more expensive price.
After the process of segmenting the markets into several clusters, it is also essential to develop effective measures and choice of marketing mix to attract the selected segments, which is the main point of target marketing (Kotler and Keller, 2012). Marketing mix for product-related companies typically consists of product, promotion, place, and price related strategies (Kotler and Keller, 2012). Product-strategy wise, P&G utilizes measures such as product differentiation, appointment of brand ambassadors, and highly customized and appealing packaging, which are all intended to improve the uniqueness and product distinctiveness from the competitors. For instance, the appointments of well-known models or athletes to suitable products and the use of well-designed packaging are expected to improve the market perception on the products. Promotion-strategy wise, the company utilizes various measures such as digital media, press, promotion, brand-related activities, offers, and CSR-related events to increase the awareness and improve the perception of the market to the company and its brand portfolios. These include advertisements on radio and televisions and set up of social service and customer loyalty gratitude activities. Place-strategy wise, the company utilizes various measures such as placing of warehouses in strategic location, increasing the number of wholesale dealers, improving national and global coverage by means of agent development, penetrating rural areas, increasing the strength of existing supply chain and distribution, adjusting...

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