The Pros And Cons Of Market Segmentation

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Market segmentation: The dividing up of a market into relatively homogeneous segments consisting of customers; each of these groups, to be fully satisfied, needs its own marketing mix or product. (Academic.brooklyn.cuny.edu, 2014) The reason we segment a market is because a marketer cannot please all consumer needs at all times. Therefore to meet different needs we segment or split up the market into smaller, more manageable parts with less broad characteristics Identifying gaps in the current marketing strategy will lead to new found opportunities to market to, the purpose of discovering opportunities is well defined as “identifying new types of buyers, uncovering unsatisfied needs of buyers, or creating new ways or means for satisfying buyer…show more content…
The The age group consisting of 50 – 60 year olds, will now have more disposable income as loans wear off, children if any are getting older and moving away from home or begin to earn their own money. Adults around this age will also tend to have children around the 16-21 age gap. Events over recent years have taken note of this fact and have begun to hold events based around this market that begin at around 7pm-8pm in the evening and end at midnight. Marketing strategy: A marketing strategy is a long term method of product / brand placement in the market. Services or brands will have a much longer life cycle than that of a prodctuct and made need (long-term relationship building) Christian Grönroos, (1991) to fully establish themselves in the market to gain a share and overall remain there as a fixed brand. Marketing strategies: The use of the venues own brand ‘3’ along with their very own communication platform as a method to reach their…show more content…
and A. Peterson, R. (2013). Strategic Marketing Problems. 13th ed. Harlow: Pearson Education Limited, p.81. Academic.brooklyn.cuny.edu, (2014). Market Segmentation. [online] Available at: http://academic.brooklyn.cuny.edu/economic/friedman/mmmarketsegmentation.htm [Accessed 7 Oct. 2014]. Commission for Communications Regulation, (2012). Irish Communications Market. Quarterly Key Data Report. Commission for Communications Regulation, p.58. Ubiquity.acm.org, (2014). The 7% rule. [online] Available at: http://ubiquity.acm.org/article.cfm?id=2043156 [Accessed 12 Oct. 2014]. Central Statistics Office, Census of Population, (1996), Volume 6 and Quarterly National Household Survey, Travel to Work, 1st Quarter (2000). [Accessed 12 Oct. 2014]. Christian Grönroos, (1991), “The Marketing Strategy Continuum: Towards a Marketing Concept for the 1990s", Management Decision, Vol. 29 Iss 1
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