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Thursday, 20 September 2018

Strategies Related to Market Segmentation



 All through market segmentation is a very important marketing strategy, there are a number of related strategies that complement market segmentation strategy. They are discussed below.

 1. Market aggregation: this is a strategy whereby an organisation decides to direct a single product offering and marketing programs to a general heterogeneous market rather than to specific market segment. This strategy is designed to minimise cost by aggregating consumer demand on the basis of mass marketing. Market aggregation is the same as mass marketing.

 2. Product differentiation: this is a strategy whereby an organisation produces too or more products which are distinguishable from one another and most especially from the competitors products.

 Two products serving the same or similar process can be distinguished from one another by brand name, trademark, colour, size, packaging, quality, labelling e.t.c. an organisation may have different types of a particular product not necessary for the purpose of meeting different needs of specific groups in the market but rather to offer variety to buyers. West African milk company w a m c o produces three crown milk and peak milk . The Nigerian bottling company limited, bottles of coca cola have different size of coke 35cl 1 litre black quarante et c.

3. Market positioning: this is a strategy whereby an organisation studies a particular market segment carefully and provides a product that is solution to meet the needs of the market, thereby getting itself registered in the minds of the people that make up the market as a solution provider.
 Most popular brands have gotten themselves positioned in the minds of their customers. When you are thirsty, which soft drink comes to your mind? When you have headache, malaria e t c what products are u likely to desire to buy? Why did you choose the product? It is because you have recognised the product as a solution providers and over the years, you have been unconsciously gas and then registered in your heart. Which vehicle carriers the slogan built for Nigerian roads? Why?

4. MARKET OCHESTRATION: this is a strategy by which an organisation provides a product or service and markets 8 in more than one market segment example northern and southern market, male and female market. This strategy is ideal where the different marketers are comfortable with each other . Miller is marketed in various geographical locations. north, south, west, east.

5. TARGET MARKETING: this is a marketing strategy whereby an organisation identifies the different market segments, select one or more specific target markets and come up with an appropriate marketing mix product, price, place and promotion. That will stimulate each of the market segment chosen. The company chooses one or more out of are several market segments for its attention and concentration. Thus target marketing is a well defined set of people or organisation who needs the company feels compelled to satisfy.