Describe market segmentation and how does a company decide on its target markets and market segments? Using any Small Medium Enterprise (SME) as an example, justify your answer.
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Describe market segmentation and how does a company decide on its target markets and market segments? Using any Small Medium Enterprise (SME) as an example, justify your answer.
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- How can a company effectively identify and target the most profitable customer segments within a chosen market? What strategies can be used to maximize profitability within these segments?Choose a fast-food restaurant chain that does business in your area. Describe the company's target market and explain how its marketing mix is designed to appeal to this target market. Explain how they segment the market to match their product/serviceHow would you describe a "market niche?" Describe four product/services that you own or consume that you would consider to be "niche" products. Why do you believe this to be true?
- Woolworth a cloth producing company needs your help in getting a market in your home, Advise on the possible segmentation bases which they can use, support your illustrations with examples and further Describe the market segmentation process which will lead to the success in this business.Why is it important to determine who your target market is?If you have a food and beverage company then in the case of market targeting, what are the market coverage strategies available for your company? Clarify.
- You are opening a bookstore, and now working on the marketing plan. Select two target markets for your business. Please explain the criteria you considered in segmentation. Present an appropriate marketing mix for each target market. Provide explanations on your decisions.How do entrepreneurs use the segment, target, and position (STP) process to increase the probability of success of their new venture?Choose any organization of your own choice and identify the products offered and what are the key components of the marketing environments that affects a firm’s marketing effort. Prepare the report.
- Present an example of a good or service that is targeted based on Demographic, Geographic, Psychographic and Behavioral segmentation. You need to present an example for each one (Demographic, Geographic, Psychographic and Behavioral) and elaborate on the "why" with clear examples and arguments that support your answer.Analyse FOUR ways that a clothing apparel company could segment the market. Support your answer with real examples.Is it a good strategy to focus most marketing efforts on the most profitable customers?