Nmarket segmentation pdf 2013

Customer segmentation has virtually unlimited potential as a tool that can guide firms toward more effective ways to market products and develop new ones. They may differ in their wants, resources, geographical locations, attitudes and buying practices. Elmachtoub department of industrial engineering and operations research and data science institute, columbia university, new york. The management can respond to meet changing market demand. Marketing segmentation, targeting and positioning market segmentation introduction. Develop strong positions in spealized market segment.

Markets consist of buyers who differ in one or more respects. Marketing segmentation strategies can be cultivated through an extensive choice of attributes found among purchasers. Locality is another general element in market segmentation, along with. Market segmentation 223 globalization of business expands the scope of operations and requires a new approach to local, regional and global segments. Concept, levels and bases according to kotler and armstrong 2006, market segmentation is the process of dividing a market into smaller groups of buyers with distinct needs, characteristics, or behaviours who might require separate product or marketing mixes. Pdf businesses may not be in a position to satisfy all of their customers, every time. View segmentation marketing research papers on academia. Warwick station development district market segmentation analysis. Market segmentation is a much broader concept, however, and it pervades the practice of business throughout the world. American journal of business education june 2011 volume 4. Marketer will identify the customer need and want then only decide if it is practical to develop marketing mix to satisfy those wants. One faction within the market may be recognized by gender, while another may be made up of purchasers within a certain age category. Moreover, businesses that have not traditionally embraced marketing in general or segmentation in particular, see it as imperative for success and even survival.