Introduction: Marketing is business and managerial process in that process customers and service provider will be benefited and both groups try to meet their needs and wants. We can also define it as a social process it is because in this process all categories of people are related and always try to communicate each other in commercial way. As we told that marketing is a process. So the whole process is consists of some strategies and tactics and their application. Marketers sell and customers buy their products, so both groups do exchange between them.
Definition of marketing: According to Philip Kotler marketing “satisfying needs and wants through an exchange process” Within these exchange transaction customers will only exchange what they value (money) if they feel that their needs are being fully satisfied; clearly the greater the benefit provided the higher transactional value an organisation can charge.
The Chartered Institute of Marketing define marketing as'The management process responsible for identifying, anticipating and satisfying customer requirements profitably'
From Lecturer slides
P.Tailor of www.learnmarketing.net suggests that 'Marketing is not about providing products or services it is essentially about providing changing benefits to the changing needs and demands of the customer (P.Tailor 7/00)'.
The following figure is an example of marketing and marketing process.
So, Marketing is the wide range of activities involved in making sure that you're continuing to meet the needs of your customers and getting value in return. Marketing is usually focused on one product or service. And to perform this, companies are focusing some steps; target marketing, market positioning, market segmentation etc.
Market segmentation: Market consists of buyer and buyer differs in more way. Customer may differ in their resources, wants, buying habit and attitude and their location. Segmentation means division. Market segmentation is dividing market into smaller segment on the basis of customer's needs and wants their resources, and their environment. According to Gray Armostrong and Philip Kotler, “Market segmentation is dividing a market into distinct groups with distinct needs, characteristics, or behaviours who might require separate products or marketing mixes. (Gray Armstrong and Philip Kotler marketing an introduction).
An example of market segmentation: Procter and Gamble one of the world's premier consumer goods companies. They sell eight brand of different laundry detergent powder in united state named Tide, Cheer, Gain, Era, Dreft, Febreze, and Ivory Snow. They also sell six brands of soap, five brands of dishwashing, and four brands of shampoo. They also have many other products in the market worldwide. The question is why so many brands? The answer is each brand of laundry detergent for a consumer group. There are some consumers who like fabric and cleaning care, some like colour, on the other hand some like fragrance. So if they only do one brand they only can attract one group of customers. For that companies segmenting market to do their business and providing service accurately and potentially.
Advantage of market segmentation:
So marketing is a strategy of identifying customers with similar needs and chooses and meeting these needs and wants with providing services and offers. There are two kinds of advantage of market segmentation. They are:
1. The advantages of marketing segmentation for the companies/service providers/organizations/marketers are as bellows:
The advantages of marketing segmentation for the customers are as follows:
Market segmentation variables: Market segmentation is very important for the companies nowadays. To segment the market companies need to look some variables upon which they can segment the market and which can help them to be more potential and more competitors in the market. A market has to segment to try different segmentation variables, alone and in combination. The major segmentation variables are listed below:
All these major variables are combination of some unit/groups of customers upon which companies segment market for their business and maintain quality of services.
Geographic segmentation: Geographic segment mean segment the market into different geographic units. For example country, region, state, counties/district, cities etc. A company may segment the market some geographic areas to operate their business. They may attention some specific area of those areas to provide the better service according consumers needs and wants. It is because needs and wants may vary in different area. Such as America, North America, Western Europe, Asia pacific etc. in those area the needs and are some different. So if any organization operates their business in that area in same way they cannot meet customers' needs. So their strategy should be different for geographic area. And geographic segment depends on city or metro area, the density of population, climate etc.
Demographic segmentation: demographic segmentation divides the market into group base on variable. The groups are like as age, occupation, education, gender, family life cycle, family size, income, religion, race, generation and nationality. It is the common segment among the segments of marketing and the factors of the segment is the popular bases for marketing segmentation. It is because in the segment all categories of people are included and it is easier to measure than other segments.
The common factors of the segments are described below:
Psychographic segmentation: psychographic segment divide customers into some different groups. They are:
Basically this segment is on the basis of people's lifestyle. For example, student never buys official products and officials they never buy students products.
Behavioural segmentation: Behavioural segment bases on consumers knowledge, attitude, and their attraction to any product. There are some people who often go to market but everyday they never buy. On the hand there are some people who always buy whatever they like. And it depends on their attitude. So, behavioural segment is another best key point for market segmentation.
Conclusion: In conclusion, it can be said that, a marketing plan for one product might be very different than that for another product. Simple cause is segmentation. The world is changing in every moment. So everything is changing with the globe. And so business plans, strategies, targeting, positioning everything should be change for the continue change and competition market.
If this essay isn't quite what you're looking for, why not order your own custom Marketing essay, dissertation or piece of coursework that answers your exact question? There are UK writers just like me on hand, waiting to help you. Each of us is qualified to a high level in our area of expertise, and we can write you a fully researched, fully referenced complete original answer to your essay question. Just complete our simple order form and you could have your customised Marketing work in your email box, in as little as 3 hours.
This Marketing essay was submitted to us by a student in order to help you with your studies.
This page has approximately words.
If you use part of this page in your own work, you need to provide a citation, as follows:
Essay UK, Business and managerial process. Available from: <http://buystrangestuff.com/free-essays/marketing/business-and-managerial-process.php> [19-03-18].
If you are the original author of this content and no longer wish to have it published on our website then please click on the link below to request removal: