Segmentation

Segmentation Skinner (1994, 184) defines merchandise segmentation as the mathematical operation of dividing a total commercialise into assemblys of consumers who hold comparatively identical point of intersection pauperisms and a securities industry segment as a group of individuals, groups, or organizations that sh be one or much characteristics. Similar definitions have been proposed in Oxford Universitys A dictionary of blood line (1996), which adds that each segment must be a homogeneous group that is reachable by a particularized marketing approach; by Michman (1991) and Greco and Michman (1995), who add that a market segment is identified as a group of consumers with relatively similar characteristics to each other, characteristics that differ from those possessed by either other group of consumers; and by Proctor (2000), who separates markets into consumer markets and industrial markets. These definitions are based on the existence of a abstruse market that con sists of smaller homogenous markets (Michman 1991). Different market segments may have dissimilar subscribes, may need variations of the same product, may succumb dissimilar prices, may make their purchases in disparate places, and may receive communications from different media sources (Proctor 2000). The Manila bare (2004) suggests formation the market segment as finely as realistic to better meet consumer needs.

As early as 1911, the need to segment markets was recognised. Elmo Calkins, in The Business of Advertising, recognised the need for market segmentation in his suggestion that periodicals tar dig s pecific audiences (Haugtvedt 2004). dismant! le during the heyday of mass marketing, Wendell Smith extolled the benefits of recognising complicated demand and segmenting markets, coining the terminus segmentation in his 1956 Journal of trade article (Michman 1991; Swenson 1990; Lazer 1971). In a 1964 article in the Harvard Business Review, Daniel Yankelovich proposed that segmentation should not be restricted to demographics alone and suggested that consumer doings should also...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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