Market Segmentation Essay Example | Topics and Well Written Essays - 750 words

Market Segmentation - Essay Example Lastly, the company seeks for a unique marketing segment that is not being practised by their competitors. This plays a big role in enabling companies to achieve a high market share, thus generating a comfort factor since the buyers will see it as a market leader. Through this, most business entities are able to better their competitive positions and satisfy their customer needs (Burrows, 2010). For an adequate marketing strategy to take place, a manager has to determine and identify the boundaries within the market and with the help of a business plan, develop a clear definition of a business to be in operation. Then, the manager should get enough knowledge and all the relevant information about the goods and services provided by the competitors in relation to the basic requirements of the customers in the market. The company, therefore, would determine the methodology and variables to use in dividing its market into subsets. Research tools are introduced in the process of collectin g and analysing data with the purposes of identifying a homogenous segment which, at the same time, is heterogeneous to the other segments. Basing on the consumers’ behaviour, a company selects the variables that will assist it in creating a detailed profile of each distinct segment (Burrows, 2010). Then the marketing manager looks for the potential customer with needs and wants that require being satisfied in respect to the business they had identified in the previous steps. Finally a product and market plan is developed to make an appeal to a specific market segment. All these combined together will attract a customer to purchase a particular product that will satisfy his or her needs and wants. Market segmentation is considered as a decision making tool for most of the marketing managers in the selection of a target market for their goods and services. Product differentiation techniques have frustrated companies’ expectations since they were purposed to provide a va riety of products rather than offering different segments, therefore leading most of the companies to embrace the segmentation. Marketing managers use segmentation in defining the market, i.e. they are able to perceive their market from a consumer’s point of view rather than a manufacturer’s. Managers gain the knowledge and ability to rationalise policies for available commodities so that they can outshine their competitors by protecting their products from any competitive practice and also work towards achieving a high market share. They harmonise the different segments in a company by catering for the segments that are perceived to be more important, and minimising the competition between the goods and services within a company. This simply means that managers rely on the segmentation process to position ranges of their existing products (Croft, 1994). Since not all existing products can satisfy the needs of each segment, the managers identify the gaps and take an in itiative of launching a brand new or an already available commodity to solve the shortcoming. Companies with small distribution channels use segmentation to sell their goods and services in specific parts of a country. A marketing manager uses the GNP per capita and different behaviours of the customers in the area of concern to determine the marketing strategy to be used in meeting their needs. Demographic variable in market segmentation explains

Designing a Study Assignment Example | Topics and Well Written Essays - 250 words

Designing a Study - Assignment Example To test the hypothesis, the Wilcoxon signed rank tests would be the fitting test. This test examines whether the data available supports the assertion that a prolonged daily exercise length implies a faster rate of weight loss. The test has been used previously in similarly befitting roles. (Han et al. 2011) notes: We used two-sided Wilcoxon rank sum tests for differences in location for these variables as well as for age and years of education. To carry out the test, the researcher needs to calculate the differences in recorded weights before and after the study period. All weight losses will be noted with a plus sign and all gains by a minus sign. Because the positive results (those with plus signs) are the center of our study, we assign them the title k-observed, denoted as kobs. Then using the value of the smallest integer kÃŽ ± we shall calculate the rejection region for kobs. We then observe whether our kobs is contained in R, that is without the boundaries of the rejection region. If kobsЄR, we fail to reject the null hypothesis. Let us put our R at 4, just for illustration. If kobs=3, then we fail to reject the H0 owing to the earlier explanation that kobsЄR. Han, X., Rozen, S., Boyle, S. H., Hellegers, C., Cheng, H., Burke, J. R†¦Ã¢â‚¬ ¦, Kaddurah-Daouk, R. (2011). Metabolomics in Early Alzheimer’s Disease: Identification of Altered Plasma Sphingolipidome Using Shotgun Lipidomics. Lipidomics in Alzheimer’s Disease. Vol 6. Issue 7. p. 7. Nishiumi, S., Kobayashi, T., Ikenda, A., Yoshie, T., Kibi, M., Izumi, Y.,†¦..Yoshida, M. (2012). A Novel Serum Metabolomics-Based Diagnostic Approach for Colorectal Cancer. Metabolomics for Colorectal Cancer. Vol. 7, issue 7. p. 4. Plichta, S. B., Kelvin, E. Munros Statistical Methods for Health Care Research. Statistical Methods for Health