Description
In a 4 - 7 page (1,200 words), APA formatted paper citing at least 3 references write a report to be submitted in support of a plan for targeting and segmenting your market for the new liquor filled chocolates. Remember your audience may be a board of directors with limited knowledge of marketing so you will have to educate them on the different avenues available to them and ultimately suggest a course of action.
Explanation & Answer
Use this one.
Running head: REPORT ON MARKET SEGMENTATION
Report on Market Segmentation
Student’s Name
Number
Course
Professor
Date
1
REPORT ON MARKET SEGMENTATION
2
Introduction
Market segmentation has for a long time been used to help make businesses perform
better. When markets are segmented, this opens them up to more advantages as compared to
those that are not. There are basic strategies that are employed to determine just which business
environments require segmentations. As far as this particular business is concerned, the business
plans to segment markets where it will supply the new liquor filled chocolates. A strategic plan
should be developed as contained herein to facilitate the segmentation.
Need for Segmentation
Usually, as a community grows, certain differences emerge between different regions.
These differences might be in the context of financial income, shopping preferences, cultural
ideologies, etc. (Lynn, 2011). In such environments where there are such differences, it is risky
for the business to operate with the same standards as it did in the past. When market
segmentation is applied in business, the business engineers customize market mixes for the
various segments. When markets are segmented, the business can customize the produce, price,
place and promotion policies and strategies.
Most of the time, small organizations get themselves in situations where they are not able
to satisfy the whole market. The most appropriate way to deal with this is through segmentation.
When organizations stretch themselves to try and satisfy a client base that is beyond its capacity
regarding meeting the demand, then the organization can segment the market. After the
segmentation, it can then select some of the ones which it can still meet the ...
