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B2b Market Segmentation

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Marketing

School

Kennesaw State University

Course

MKTG 4850

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qrkqrk07

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Running head: MARKET SEGMENTATION 1

Market Segmentation

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Institution

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MARKET SEGMENTATION 2

Market Segmentation

The marketing strategy theory and future strategic planning is a specific concept and

articulated by various companies in different directions. Marketing, as a central philosophy of

leadership, is extracted from the key goals of the organization in terms of choosing the

manufacturing process, products, sales strategy, and marketing design. The promotion definition

refers in general to the leadership methodology, which aims to fulfill the desires and wishes of

the customer. The marketing principle notes that how the organization achieves its success (retail

industry goals) is more feasible than rivals in producing, distributing, and educating consumer

motivation. Target Corporation, in particular, is one of the main retailers in the country, even

considering the high competition from Amazon, Costco, and Wal-Mart. The business is among

the most established companies in the United States, with a steady increase in market share

(Target, 2020). Target Corporation has been the second-largest chain in the United States, with

more than 1800 retail stores. Target operates in every state, excluding Vermont. The company

markets a range of products, including basic household objects, clothing, grocers, and lines of

branded products. Based on the company’s performance both in the recent and long-haul, the

company has used segmentation as one of the strategies which guide its market positioning and

definition of market strategies.

Certain organizations cannot reach the entire market for a single commodity. Marketing

strategies must be formed for each different component of the industry that an institution wants

to focus on. Attempting to develop a marketing mix for all aspects of the target market would be

very costly in the retail market, which is highly competitive (Segmenting, Positioning, Targeting,

2011). It is also imperative to note that the development of these strategies is, in most cases,

determined by the approaches developed by the competition. Alternatively, businesses limit their

targets to other “client categories,” which are more geographically suited for achieving success.

Segmentation ranges also depending on whether the target audience is a consumer or an industry.

Market segmentation in the retail industry, which Target operates, provides a straightforward

knowledge of the needs of retail consumers. With a clear awareness of market segmentation,

business owners and promotional staff can create methods for meeting specific requirements and

interests for customers. The mechanism separates consumers into distinct categories centered on

their preferences in terms of their goods or service. Also, for a retail organization, consumer

segmentation is quite helpful for the development of a personalized marketing strategy for

different customers. The main segmentation components include demographic, geographic,

psychographic, and behavioral segmentation.

Geographical segmentation is a product category by nation, town or county location,

population density, or geography. The density of the market is the number of individuals or

companies in a given sector. To satisfy regional choice and shopping behavior, numerous firms

regionally segment their markets. In this segmentation process, the company locates its outlets

and stores in residential areas where the customers will have easy access to the stores. This

industry is highly dependent on geographical segmentation since it determines the number of

returning customers. Target, in particular, sells household goods, which should be easily

accessible by customers closer to where they live as opposed to the populated urban areas. The

firm operates in the highly competitive retail industry. This industry has an extremely imitable

business strategy that is solely based on the collection of data, analysis, storage, and productive

analytical procedures (Gregory, 2015). The high dependency on data, especially for the complex

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Running head: MARKET SEGMENTATION Market Segmentation Name Institution 1 MARKET SEGMENTATION 2 Market Segmentation The marketing strategy theory and future strategic planning is a specific concept and articulated by various companies in different directions. Marketing, as a central philosophy of leadership, is extracted from the key goals of the organization in terms of choosing the manufacturing process, products, sales strategy, and marketing design. The promotion definition refers in general to the leadership methodology, which aims to fulfill the desires and wishes of the customer. The marketing principle notes that how the organization achieves its success (retail industry goals) is more feasible than rivals in producing, distributing, and educating consumer motivation. Target Corporation, in particular, is one of the main retailers in the country, even considering the high competition from Amazon, Costco, and Wal-Mart. The business is among the most established companies in the United States, with a steady increase in market share (Target, 2020). Target Corporation has been the second-largest chain in the United States, with more than 1800 retail stores. Target operates ...
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