Wednesday, December 2, 2015

Target Market Segmentation assignment help

In this assignment help we have explained the distinguish between market segmentation and target marketing. Get best management assignment help at affordable prices.

According to the assignment help experts the following are the difference between Market Segment and Target Marketing

Target market and market segmentation are different from each other as market segmentation takes place before a target market is determined. Target market is the group of customers that the firm has decided to aim its market efforts, while market segmentation is the breaking down of the market into smaller groups. Market segmentation is used by firms to separate group on the basis of common characteristics such as age, gender, education, social class, occupation, income and family status. Market segmentation allows target marketing to become more specific in which customers are grouped by shared characteristics such as male, female, teen and adult into smaller segments.

Firms can segment their market into four basic categories such as geographic segmentation, demographic segmentation, psychographic and behavior segmentation. The firm then decides which group is best and concentrated on them its marketing activities that are called target marketing. Market segmentation allows a firm to focus on the needs and desires of the customers and identify and understand its competitors. For example, Toyota has introduced many different models of cars. The Toyota introduced Yaris that is the cheaper and small car to target young customers. Company market segmentation group is low income group customers.

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