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3.1 Target Customers and Segmentation
Segmentation is used as a tool to efficiently and effectively target the customer groups who exhibit similar needs, preferences and characteristics that will maximize the return on investment for marketing activities.Segmenting, at its most basic, is the separation of a group of customers with different needs into subgroups of customers with similar needs and preferences. By doing this, a company can better tailor and target its products and services to meet each segment’s needs and therefore enables the company to better design its offerings and to better price and deliver them. Segmenting also allows a marketer to fine-tune its marketing program in comparison to its competitors’ activities within the same segment. The determinant attributes will help identify the needs and preferences of target customers.
Segmentation Approaches:Conventional B2C segmentation employs demographic, geographic, psychographic segmentation tools/approaches to dissect the market.Review the chapter readings on these topics before attempting to use these tools for this milestone.
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