Marketing Essay Example | Topics and Well Written Essays - 750 words - 5

Marketing - Essay Example This marketing phenomenon of grouping the people is known as Market Segmentation. When speaking about market segmentation, the primary step before the segmentation takes place is determination of needs of the customers for which an extensive market research is essential. When one identifies the needs, masses then come under segregation into groups. In particular, segmentation can be based on various forms, out of which gender, price and interests are few of immense importance. Segmentation plays a prime role in facilitating the manufacturer to build the product to satisfy the demands of customers. If the segmentation is done efficiently, it will help in achieving huge gains compared to the budget set for marketing that will eventually result in success of the company (Croft, pp. 66-72, 1994). In addition, â€Å"the basis for market segmentation depends upon the type of product that a company is offering and may vary for business and individual customers. Segmentation can be possible in accordance to geography, demography, psychograph and behaviour, and the variables such as climate, region, population and population density come under geographic segmentation† (Cahill, pp. 35-59, 2006). ... 25-95, 1994) of the population; for example, standards of restaurants are set considering the financial statuses of the people. Individuals are also grouped depending on their lifestyles, attitudes, values, interests and activities (Weinstein, pp. 25-95, 1994) are a part of psychographic segmentation. It also refers to the hobbies and activities individuals are involved in their leisure time. In particular, behavioural segmentation comprise of usage rate, benefits sought and degree of loyalty/loyalty rate. This can be well explained via an example of mobile phone; people not only use this technology for its principal use that is to make calls but also use it as a device for entertainment and other features (Weinstein, pp. 25-95, 1994). With reference to the market segmentation and portraying a particular product for a group of individuals brought together, one of the important products that is of high importance in this era of technology is â€Å"A BlackBerry mobile phone†. Ac cording to some of the research studies, it has been an observation that this hi-tech versatile phone with a wide variety of applications in it has traditionally and explicitly been designed for business people who needed technology that could even work with wireless connectivity or internet connectivity whenever needed. Therefore, the demographic market segment should include the individuals of business community aging from 30 years to 50 years. The target audience with reference to geographical segmentation would include the developed countries like U.K. where the technology is of growing demand (Croft, pp. 75-83, 1994). Initially, it was not a common cellular phone but due to the recent popularity of the phone through its colourful applications and access to more social