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Tedlowidentifies four stages in the evolution of market segmentation: The economy was characterised by small regional suppliers who sold goods on a local or regional basis Unification or Mass Marketing s—s: As transportation systems improved, the economy became unified.
Standardised, branded goods were distributed at a national level. As market size increased, manufacturers were able to produce different models pitched at different quality points to meet the needs of various demographic and psychographic market segments.
This is the era of market differentiation based on demographic, socio-economic and lifestyle factors. Technological advancements, especially in the area of digital communications, allow marketers to communicate with individual consumers or very small groups.
This is sometimes known as one-to-one marketing. The practice of market segmentation emerged well before marketers thought about it at a theoretical level. Retailers, operating outside the major metropolitan cities, could not afford to serve one type of clientele exclusively, yet retailers needed to find ways to separate the wealthier clientele from the "riff raff".
One simple technique was to have a window opening out onto the street from which customers could be served. This allowed the sale of goods to the common people, without encouraging them to come inside.
Another solution, that came into vogue from the late sixteenth century, was to invite favored customers into a back-room of the store, where goods were permanently on display. Samuel Pepys, for example, writing indescribes being invited to the home of a retailer to view a wooden jack.
A study of the German book trade found examples of both product differentiation and market segmentation in the s.
Contemporary market segmentation emerged in the first decades of the twentieth century as marketers responded to two pressing issues. Demographic and purchasing data were available for groups but rarely for individuals and secondly, advertising and distribution channels were available for groups, but rarely for single consumers.
Thus, segmentation was essentially a brand-driven process. Smith is generally credited with being the first to introduce the concept of market segmentation into the marketing literature in with the publication of his article, "Product Differentiation and Market Segmentation as Alternative Marketing Strategies.
However, with the advent of digital communications and mass data storage, it has been possible for marketers to conceive of segmenting at the level of the individual consumer.
Extensive data is now available to support segmentation at very narrow groups or even for the single customer, allowing marketers to devise a customised offer with an individual price which can be disseminated via real-time communications.
But in spite of its limitations, market segmentation remains one of the enduring concepts in marketing and continues to be widely used in practice.
One American study, for example, suggested that almost 60 percent of senior executives had used market segmentation in the past two years. Depending on company philosophy, resources, product type or market characteristics, a business may develop an undifferentiated approach or differentiated approach.
In an undifferentiated approach, the marketer ignores segmentation and develops a product that meets the needs of the largest number of buyers.
In consumer marketing, it is difficult to find examples of undifferentiated approaches. Even goods such as salt and sugarwhich were once treated as commodities, are now highly differentiated. Consumers can purchase a variety of salt products; cooking salt, table salt, sea salt, rock salt, kosher salt, mineral salt, herbal or vegetable salts, iodised salt, salt substitutes and many more.Introduction.
All marketing is built on STP – Segmentation, Targeting and Positioning (Kotler & Keller, p). In the chapter of fundamental marketing concepts, trends, and tasks it.
Market segmentation assumes that different market segments require different marketing programs – that is, different offers, prices, promotion, distribution or some combination of marketing variables. STPS5H - High Voltage Power Schottky Rectifier, STPS5HB, STPS5HB-TR, STPS5HH, STMicroelectronics.
In marketing, segmenting, targeting and positioning (STP) is a broad framework that summarizes and simplifies the process of market segmentation. Market segmentation is a process, in which groups of buyers within a market are divided and profiled according to a range of variables, which determine the market characteristics and tendencies.
. Marketing: Marketing, the sum of activities involved in directing the flow of goods and services from producers to consumers. Marketing’s principal function is to promote and facilitate exchange.
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