REGNRSG 105 Lecture Notes - Royal Armouries Ms. I.33, Marketing Mix, Area Density
Document Summary
It is a crucial stage of the marketing planning process. Helps the company to identify and to understand the needs of customers. Without a good marketing segmentation and definition, the other stages in the marketing process will be ineffective. It is grouping consumers or business customers within a market into smaller segments based on similarities in needs, attitudes or behaviour. Consumers can find products/services that fit more closely to what they want. Consumers can be more responsive and loyal to organisations that speak directly to them and tailor their products accordingly. Enables organisations to target its marketing mix more closely on potential consumers thus matching their needs more accurately. Enables organisations to better define shopping habits. Places the consumer at the core of all decisions. Enables the organisation to achieve a better understanding of itself and its environment. Can be used to gain competitive advantage by enabling you to consider the market in different ways from your competitors.
