Name: Ms Shweta Kishore
Department: MBA
Article : Extending the Market Segments
Before a
marketing mix strategy can be implemented, the marketer must identify,
evaluate, and select a target market. Without selecting a proper segment of the
market, the effect of the strategy will not be proper. Hence before
implementing any of the strategy the marketer should
1. Segment market
2. Choose target
3. Position product
Market
Segmentation is the division of the total market into smaller, relatively
homogeneous groups. The whole market is divided into smaller homogenous groups
so that proper strategy can be formulated keeping in mind their need, their
mental status, and many more, so that the company can do well with the limited
resources it has.
There are
various basis of segmentation, which are being taught in various ways.
Segmenting can
be done on various basis, such as :
·
Demographic
(based upon age, gender, education etc.)
·
Geographic
·
Psychographic
Segmentation
·
Family
Life Cycle Stages Segmentation
1. Unmarried
2. Married
3. Family with kids
4. Retired or old age
And many more based upon which suites
the product.
Here, in this article, I am just going to analyse how this basis of
segmentation can be extended to other segments also.
The market segmentation of chocolate company “Cadbury’s” was based
upon demography. It has segmented the market based upon age factor and targeted
the kids as their target customer. But if we consider today’s scenario, the
company’s marketing department has extended their target market from simply
kids or lower age group people. The same chocolate just packed in different
packing can be marketed as a gift for sister on “RakshaBandhan” as “Cadbury’s
Celebration Bandhan”or gift for colleague or relatives on “Diwali” as “Rich Dry Fruits Collection”.
Very beautifully, taking the
advantages of various cultural festivals in India, the company has started
marketing its product in a different way.
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