Market segmentation as a basic ingredient of the marketing strategy Essay

Market segmentation as a basic ingredient of the marketing strategy - Essay Example This research will begin with the statement that strategy of marketing is known by the name of market segmentation. It basically entails dividing a wide audience into different sets based on consumers marked significantly by their peculiar needs, wants, and desires. The criteria are depended deeply on the aspects of age, gender, race, and ethnicity. Thus, the marketing campaigns are devised in such a way as to make sure that the specific customer segments are ably met, whilst addressing their needs, wants and desires, which indeed are seen as common. It is a fact that every organization has its own set ways in order to categorize these segments. It does so in order to focus entirely on the segments which have thus been chosen and not to concentrate its energies on the segments which are not required or which do not bring in the required profits. Market segmentation is an important metaphor which essentially dictates quite a few aspects – most of which have to do with segmentin g, targeting and positioning. The buzzword about market segmentation is that it creates subsets based on different premises which remain significant from a marketing standpoint. If these subsets are not involved, there will not be any use in understanding the related perspectives. Instead, the analysis will focus on targeting and positioning tangents, which is not really the key here. Thus, all-out emphasis must always be laid on elements that warrant attention and detail, i.e. on the segmentation of the market alone.... However, the fact of the matter is that every organization that is working to achieve its goals and objectives has its peculiar segments which are characterized by varied inclinations. If these segments are not properly demarcated, there is a reason to believe that there shall be gross issues related to targeting and positioning at a later stage. Hence, it is always a good omen to comprehend the true nature of the segmented category before moving ahead any further. It will solve most of the issues related to product placement, pricing tactics, promotional strategies and so on. A clear cut comprehension of the segmented markets essentially helps immensely. It brings things into proper perspectives and resolves predicaments as there is a cut-down on losses in a significant manner. Segmented markets have their own peculiarities which make them stand out in a league of their own. It gives them the required care of the marketers to focus on the prime areas which need the attention in an a bsolute way. This is a very important area, as far as where the resources shall be emphasized upon to achieve instant results is concerned (Douglas). If successful market segmentation goes hand in hand with the product differentiation strategy, there is no reason why varied segments cannot be handled in an amicable way. Thus, the segments will be exploited in a positive fashion all the same. There would be more focus on elements that are deemed as insignificant yet have a great amount of bearing for the organizations. By the same token, other pertinent aspects would be given the necessary attention that these richly deserve (Vincent). A firm advantage can be achieved if the organization under question has made