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This 5-page paper discusses the concept of market segmentation, and explains why market research is important to it. Bibliography lists 3 sources.
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5 pages (~225 words per page)
File: D0_MTmarksegm.rtf
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category? Trying to market a particular product or service to an entire population is not only crazy, its very costly. For example,
a man might not be interested in a "chick-flick" movie, nor would a teen-ager necessarily be interested in going to a toddler and young-child-oriented restaurant. So trying to provide a
blanket message to an entire population is time-consuming and expensive, as resources go to waste sending the message to people who dont really care about it.
This is where market segmentation comes in. In its most basic form, segmentation can be defined as defining a particular market, or audience, by a specific
strategy (promotion or distribution or some other method) (Lake, 2003). The purpose of this strategy is to try to encourage a major part of that submarket or subgroup to purchase
the product, rather than accepting a limited share of purchases by many categories (Lake, 2003). The theory behind market segmentation is that the marketer will have better luck putting all
of his/her resources toward a specific segment that shares particular characteristics. The theory behind segmentation is that a company can better satisfy the needs of potential customers by first identifying
who those customers are. This is different from mass marketing, which we discussed above, and which treats the market as a homogenous group (NetMBA, 2009). While mass marketing does, to
an extent, offer economies of scale, it doesnt really get to the heart of addressing consumers needs (NetMBA, 2009). But how does
one go about segmenting a market? There are a few requirements when it comes to segmenting markets. For one thing, the segments need to be identifiable - in other words,
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