Identifying market segments and target. Chapter.05 Identifying market segments and target.

Level of market segmentation. There are different level of segmentation which marketer can study it these are. (1) Mass market segment. In mass market the seller engage in the. Mass production ,mass distribution as well as mass promotion. Mass marketing create the largest potential market.

(2) Niche marketing. Segment within a segment is called niche marketing. The niche marketing customer have a distinguish set of need, they will pay high prices to firm for the purpose of satisfaction. The niche marketing customer is low but profitable. (3)Geographical segmentation. Geographical segmentation calls for division of the market into different geographical unit such as city ,nation, region.

(4) Demographic segmentation. In demographic segmentation divide the market on the basis of variable such as age, family size,gender,income,occuption,education,nationality,and social class.

Behavioral segmentation. In behavioral segmentation marketer divide buyer into group on the basis of their knowledge,taste,attitude and response of the product. People play five role in buying decision. These are identify the need and wants.,information search., select alternative.,purchase decision., and post purchase decision.

Basis for segmenting business market. We can segment business market with some of the variable. These variable are. Demographic variable. In demographic variable is that which business user can thinking it which industry should we serve it. Company size. What size of company we serve it.

Con…. Location. What demographic location we serve it. (2) Operating variable. Operating variable show the operating activities of the business these are, Technologies. Which technologies we can serve it to customer. Customer capabilities. Should we serve customer needy many of few services.

(3)Purchasing approach Purchasing function. Should we serve functional area in our business or not. Centralize or decentrilize.should we serve centralize organization or decentralize organization Nature of existing relationship. Should business serve existing relationship with other companies in the case of merging.

Market targeting. There are many method which business can used it to targeting a market one method is the identification of need base target market and then providing the product. There are some criteria which business can use it to target a market these are. Measurable. the size, purchasing power and characteristic of the segment can be easily measure.

Con….. Susbstantial.the market is large and also profitable. Accessible. The segment accessible can be easily. Actionable. effective programs can be formulated for attracting and serving the segment.

Content of business planning. Content of market planning means, what is the point which marketer can use it when they conducting market planning, these content are. Mission statement. Mission statement is the current representation of the business for which line of product business can dealing it to customer.

(2) Vision statement. Vision statement is the future planning of the business. For what business can accomplish in the near future. (3) Situational analysis. The third step in the planning process is the situation analysis, in situation analysis business man identify the market situation in the form of demographic ,location ,culture, political and so on.

(4) Swot analysis The next step of business planning is the swot analysis identification. Strength and weakness is the internal factor while the opportunity and threats is the external factor of the organization. (5) Set ojective.the next step of planning is to step the business objective ,for what business can achieve in the current market.

(6).preparing strategies The next step of planning is to build strategic planning it means long term planning of the business to achieve our objective. Such as marketing penetration strategy, market diversification strategy, related diversification and unrelated diversification.

(7) Implementing the planning. The last step of business planning is the implementation of planning and to do the business activities. And further it is necessary that time to time planning will be check it in according to the situation it can be change it.

Major assignment. (Business planning) Choose any organization).introduction, Identify its mission,vission.product line,strategy,object,target market, management structure,centrelize or decentrilize,and it the last brief summary about the full organization. (Last date of submission 20 dec 2011.) Marks 3 will be less if assignment will not be submit on due date.(total marks 10)