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|Dated: Jul 11, 14|
Assignment # 02
introduction to business (MGT211)
This is to inform that Assignment No. 2 will be opened on July 14, 2014 and due date of assignment submission will be July 18, 2014.
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Assignment File is attached.
any person solve it this assignment plz uploaded this assignment solution
.they didn't teach about the graphs in this subject and they are asking for.....what we do now...?
Dear Sir Tariq,,,,
Please help us....
sir tariq help krde....
what to do with assignment
kase hoga assignment
I didn't understand what we have to put in the graph....Mobilink along with competitors or only mobilink?
Kindly reply if anyone understand////I will prepare inshallah tomorrow assignment
Market segmentation is the process in marketing of grouping a market (i.e. customers) into smaller subgroups. This is not something that is arbitrarily imposed on society: it is derived from the recognition that the total market is often made up of submarkets (called 'segments'). These segments are homogeneous within (i.e. people in the segment are similar to each other in their attitudes about certain variables).
Because of this intra-group similarity, they are likely to respond somewhat similarly to a given marketing strategy. That is, they are likely to have similar feeling and ideas about a marketing mix comprised of a given product or service, sold at a given price, distributed in a certain way, and promoted in a certain way.
The Need for Market Segmentation
The marketing concept calls for understanding customers and satisfying their needs better than the competition. But different customers have different needs, and it rarely is possible to satisfy all customers by treating them alike.
Mass marketing refers to treatment of the market as a homogenous group and offering the same marketing mix to all customers. Mass marketing allows economies of scale to be realized through mass production, mass distribution, and mass communication. The drawback of mass marketing is that customer needs and preferences differ and the same offering is unlikely to be viewed as optimal by all customers. If firms ignored the differing customer needs, another firm likely would enter the market with a product that serves a specific group, and the incumbent firms would lose those customers.
Target marketing on the other hand recognizes the diversity of customers and does not try to please all of them with the same offering. The first step in target marketing is to identify different market segments and their needs.
The requirements for successful segmentation are:
• Homogeneity within the segment
• Heterogeneity between segments
• Segments are measurable and identifiable
• Segments are accessible and actionable
• Segment is large enough to be profitable.....
Currently a college student the marketing mix is now being introduced as the Four Ps of the Marketing Mix; Product, Place, Promotion, Price. Product (service) is whatever it may be that is being sold/marketed.
Price refers to not only the actually price but also price elasticity. Place has evidently replaced distribution simply by where or what area the marketing campaign is going to cover. Today the idea of place is not limited to geographic profiling but also demographics and other categorizing variables. This has only occurred over the last ten years with the expansion of internet use and its ability to target specific types of people and not just people in a geographic area. Promotion simply refers to what media/medium vehicle will deliver the message and what the overall marketing strategy(s) is offering as a benefit.
Bases for Segmentation in Consumer Markets
Consumer markets can be segmented on the following customer characteristics.
The following are some examples of geographic variables often used in segmentation.
• Region: by continent, country, state, or even neighborhood
• Size of metropolitan area: segmented according to size of population
• Population density: often classified as urban, suburban, or rural
• Climate: according to weather patterns common to certain geographic regions
Some demographic segmentation variables include:
• Family size
• Family lifecycle
• Generation: baby-boomers, Generation X, etc.
• Social class
Many of these variables have standard categories for their values. For example, family lifecycle often is expressed as bachelor, married with no children (DINKS: Double Income, No Kids), full-nest, emptynest, or solitary survivor. Some of these categories have several stages, for example, full-nest I, II, or III depending on the age of the children.
Psychographic segmentation groups customers according to their lifestyle. Activities, interests, and opinions (AIO) surveys are one tool for measuring lifestyle. Some psychographic variables include:
Behavioral segmentation is based on actual customer behavior toward products. Some behavioralistic
• Benefits sought
• Usage rate
• Brand loyalty
• User status: potential, first-time, regular, etc.
• Readiness to buy
• Occasions: holidays and events that stimulate purchases
Behavioral segmentation has the advantage of using variables that are closely related to the product itself. It is a fairly direct starting point for market segmentation. When numerous variables are combined to give an in-depth understanding of a segment, this is referred to as depth segmentation. When enough information is combined to create a clear picture of a typical member of a segment, this is referred to as a buyer profile. When the profile is limited to demographic variables it is called a demographic profile (typically shortened to "a demographic"). A statistical technique commonly used in determining a profile is cluster analysis.