The process of segmentation has emerged as an immensely crucial
aspect of marketing dynamics in modern day corporate culture. The phenomenon of
segmentation involves the pooling of opinions from all different stakeholders
of the company regarding the ways through which the product can undergo
development. With the help of this process there are a number of advantages of
varying nature that an organization can easily extract.
First and foremost segmentation provides a sustainable outlook to the product
and clarifies its position and presence in the market. Furthermore it also
intends to act as a perfect medium through which an organization can connect
with the different components that are integral for the development of the
product. In addition to this the process also serves in the creation of a
working environment in which customers can easily be attracted and retained at
the same time.
The concept of positioning stems from the fact that consumers
always have a certain perception of the products and brands on the market
(Linneman & Stanton, 1991). Positioning the company to identify the product
or brand in the consumer's mind, clearly indicating its difference over
competitors. This is the place of the brand or outlet in the consumer's mind
that is clearly different from its competitors and meets the expectations of
the target.
In a competitive environment there are many influences and
factors that need to be considered when planning the promotion of a product.
First and foremost an important factor that comes into play is that the product
that has been made caters to the need and requirements of the niche market for
which it has been manufactured for. It is yet again important to mention here
that promotion is an integral constituent of the promotional mix that is
required for the marketing of a product (Sutherland & Sylvester, 2009). The
promotion that is effective enough to communicate with its customer can
help it in growing its business rapidly.
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