Market Segments

The following example essay on “Market Segment” talks about a market with clearly defined parts – segments that focus on certain categories.

I will make some attractions to my business such as putting balloons outside my shop so that it will be noticed from a far distance and the balloons will have my business logo on it so people will know where it is from. In addition, balloons will attract children who are with an adult and will promote them come to my shop.

 Marketing I carried out a questionnaire, asking males and females my ten questions. My questionnaire will give me an idea of what people like the most about mobile phones and I will be able to find out the most popular features on a phone that are suitable to peoples needs.

Using the information from my questionnaire and the specifications of the final business, I will evaluate the possible ways on marketing. I will be focusing on the marketing mix, the four P’s.

 To obtain my marketing strategy, I need to mix the four P’s in the right proportion to achieve the best marketing mix. It is no good getting one P right. It would be a total waste of time for a business to open up a business, which no one has heard in the world. Each of the four P’s is essential to a marketing success. They must be properly mixed so that the whole package appeals to the target market in the chosen market segment.

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The most important one is product. Without the product, there would be no price, place or promotion. The product is the basis of the whole marketing process. My business is going to be on a mobile phone shop so for me to start the business I have to make sure that I have an enough number of mobile phones to sell. The next one is price, which involves many different types of methods. These include complementary price, penetration price, promotional price, competitive pricing and skimming price. For my business, I will have to choose one that will be suitable for my business. I will choose a price to charge, state how I came to a final price and which pricing strategies I will use. I will also link the price to the other P’s.

The next one is promotion. A business draws attention to itself and its products in this way. There are three main methods, which are: I will look at what needs to be done at the current stage of the product life cycle and what needs to be done later. I will look at my target audience, the size of the market, the size of my advertising budget and state which mediums I will choose. I will conclude for my chosen advertising mediums. I will state the public relations involved including public demonstration and the company logo.

The last P is place. This deals with how a business distributes its products. There are four main channels of distributions, which link the producer, seller, consumer or buyer. For my business, I will have to choose the channel of distribution, which is most suitable for my business. At the introductory stage of the product life cycle, a lot of advertising is required. I will focus on television, radio and newspaper advertising at first because it will create awareness to a large audience, which is essential at this stage of the product life cycle. I will focus on other types of advertising later on in the product life cycle.