Marketing segmentation

Marketing segmentation or market segmentation

In previous posts was said about what is marketing and marketing mix, we will now deal with marketing segmentation (market segmentation).

Marketing segmentation is a crucial part of marketing.

Marketing segmentation can be defined: marketing segmentation is imply the share of a diverse markets, on specific groups of customers with different behavior, needs or characteristics, which might require a special product or a special marketing mix.

Goal of marketing segmentation: is to identify groups of customers with similar requirements so that they can be effectively served.

Successful marketing segmentation criteria are: effectiveness, measurability, accessibility, feasibility, profitability.

Segmentation is a compromise between mass marketing and the assumption that to every person should be given a specific marketing effort.

Market segments are internally homogeneous and heterogeneous mutually.

Marketing mix

Marketing mix or four Ps

The basic elements of the marketing mix: product, price, promotion and distribution (place).

Product is a suite of physical, service and symbolic special features that are expected to provide satisfaction or be of benefit to customers.

Product Classification: extensive division of all products is on the means of consumption and means for production. Generally accepted division of consumption items is: ordinary, shopping and special.

Basic features of the product include: organoleptic, aesthetic, technical features, functionality, reliability, ergonomics, commerciality.

Product quality: is set pattern of tangible and intangible attributes that satisfy a consumer's need or even secretly desire.

Brand name: a combination of product names symbols that it symbolizes, design, we get the optimal combination of identification of its product compared to other products, use of the mark, we get the recognition of our products. Product with the brand must have a name and trademark.

We have more elements related to the product, as one of the major elements of the marketing mix, that we need to include such as: packaging, warranty of product and servicing, production program, the decision whether to keep or eliminate products, produce or buy, new products, organizational preparation, creating an idea for a new product, selection idea, conception development and testing, marketing strategy development, business analysis, product development, market testing, commercialization of products, the process of acceptance of new products, product life cycle.

Price is the second element of the marketing mix
Price is the monetary expression of the value of goods. We have two basic pricing strategies: initially strategy of high prices, and low initially price strategy. Price formation methods are: cost-plus method, the method of the rate of return on assets employed, the marginal method, break even analysis and coupled method.

Promotion is the third element of the marketing mix
Promotion can be defined as the process of mass communication with consumers in order to improve the placement. basic instruments of promotion are advertising, sales promotion, publicity, personal selling.

Distribution (place) as the fourth element of the marketing mix
distribution is a set of measures, activities and functions, that must be done to make the product come from the initial raw materials to consumer maturity. Total distribution contains eleven functions that must be interconnected and coordinated so that products arrive on time and in the right place. These functions are: 1 stock, 2 internal transport, 3 receiving jobs, 4 product packaging, 5 marking, 6 storing, 7 delivery, 8 external transport, 9 storage in space, 10 service, 11 deliveries to customers.

Distribution in combination with the price, product and promotion makes elementary combination of elements of marketing mix.