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Targeting Market Segments And Communiting Essay

2200 words - 9 pages

Internet marketing, also referred to as i-marketing, web-marketing, online-marketing, Search Engine Marketing (SEM) or e-Marketing, is the marketing of products or services over the Internet.

The Internet has brought media to a global audience. The interactive nature of Internet marketing in terms of providing instant response and eliciting responses is a unique quality of the medium. Internet marketing is sometimes considered to have a broader scope because it not only refers to the Internet, e-mail, and wireless media, but it includes management of digital customer data and electronic customer relationship management (ECRM) systems.

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A market segment is a sub-set of a market made up of people or organizations sharing with one or more characteristics that cause them to demand similar product and/or services based on qualities of those products such as price or function.

A true market segment meets all of the following criteria: it is distinct from other segments-different segments have different needs, it is homogeneous within the segment- exhibits common needs, it responds similarly to a market stimulus, and it can be reached by a market intervention. The term is also used when consumers with identical product and or service needs are divided up into groups so they can be charged different amounts. These can broadly be viewed as positive and negative applications of the same idea, splitting up the market into smaller groups. For example, age, gender, price and interest.

Market segmenting is dividing the market into groups of individual markets with similar wants or needs that a company divides the market into distinct groups who have distinct needs, wants, behavior or who might want different products & services. Broadly, markets can be divided according to a number of general criteria, such as by industry or public versus private although industrial market segmentation is quite different from consumer market segmentation, both have similar objectives.

All of these methods of segmentation are merely proxies for true segments, which don't always fit into convenient demographic boundaries. Consumer-based market segmentation can be performed on a product specific basis, to provide a close match between specific products and individuals. However, a number of generic market segment systems also exist, e.g. the Nielsen Claritas PRIZM system provides a broad segmentation of the population of the United States based on the statistical analysis of household and geo-demographic data.

Improved segmentation can lead to significantly improved marketing effectiveness. Distinct segments can have different industry structures and thus have higher or lower attractiveness (Michael Porter). With the right segmentation, the right lists can be purchased, advertising results can be improved and customer satisfaction can be increased leading to better reputation.

Market segmentation is the act of identifying and profiling distinct groups of buyers who might require separate products and/or marketing mixes. It is the process of splitting customers into different groups or segments, within which customers with similar characteristics have similar needs. The benefits: are first, marketers are in a better position to locate and compare marketing opportunities, second, marketers can easily and effectively formulate and implement marketing programs, third, ...

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