The Importance Of Market Segmentation

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Market segmentation Market segmentation refers to subdividing a market along some commonality, similarity, or kinship. [J. Thomas, 2012]. The reason for segmentation is the concentration of marketing energy and force on the subdivision to gain competitive advantage within the segment. Market segmentation aims to achieve marketing strategy through concentration of marketing energy. Possible market segments 1. Explorers- These are the students with high financial resources and low academic preparedness 2. Highfliers- These are the students with high financial resources and high academic preparedness. 3. Strugglers- These are the students with low financial resources and low academic preparedness 4. Strivers- These are students with low financial…show more content…
It is important to alter prices of production and marketing in order to remain in business. The cost of developing and marketing a particular product determines the price of the product. Prices of competing products have an impact on pricing where there is intense competition. This is the case with the application built by my friend. There is a lot of competition with other summarizing tools on offer. This application has however been built in such a way that it can gain competitive advantage as it offers something different to the other summarizing tools. The other tools on offer place an upper limit or ceiling on the price that can be charged for it. My friend should invest on elastic demand whereby the small change in the price of the product will lead to larger variations in demand. The price of this application is influenced by my friends marketing objectives. If the objective is to achieve high market penetration quickly, a lower price is required for the application which is the best choice for this mind map summarizing…show more content…
Public relations- This method means maintaining public relations with public. By maintaining public relations goodwill is created. Public relations evaluate public attitudes. Public relations identify the policies and procedures of an organization with the public interest to earn public understanding and acceptance. Public does not only refer to customers. It refers to shareholders, suppliers etc. Achievement for this method is based on the support of the above mentioned. Public relations help to convey the policies and programs of an organization. Help gather information about public opinion about the organizations management. It also helps to overcome the complains and dislikes of the public through interaction. [S. Samiksha,

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