Name: Ms Shweta Kishore
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.)
· Psychographic Segmentation
· Family Life Cycle Stages Segmentation
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.