Marketing is onmipresent. The contemporary human being is permanently confronted with marketing in all its expressions. Today’s consumers are persistently faced with a downright overflow of advertisement, sales promotion, commercials in all media channels, real and virtual, with conscious and unconscious stimuli. However, the ability of every targeted customer to perceive information is very limited. But even a smaller percentage of advertising messages can be recognized and considered as being relevant. Therefore consumers often feel harassed by the quantity and quality of advertising and react protective, especially when they don’t belong to the target group of the advertised product or service. Budget waste and damage to the brand image can be a disastrous result. But what does really make a customer a buyer? What are the trigger factors that motivate the customer to shop and convince him to purchase a product again and again? This is a question every single company in every single industry on today’s globalised market is confronted with. And the answer seems to be so simple: the right marketing strategy together with its proper implementation lead a business to success and market shares to growth. One of the most important tools of strategic marketing is market segmentation.
In this Term Paper I would like to emphasize the significant relevance of market segmentation in the European and global markets. At the beginning the position of market segmentation within the strategic management is determined. As the environment in which marketing occurs is crucial it is amplified in the following chapter. Further on market segmentation is defined and set into the historical and modern frame of strategic management and marketing. Finally, functionality, the common failures and problems in the use of that strategic instrument are particularized and possible solutions are offered
Inhaltsverzeichnis (Table of Contents)
- 1. Introduction
- 2. Subsumption and Integration of Market Segmentation
- 2.1. Into the Marketing Strategy Conception
- 2.2. Into the European Environment
- 2.3. Into the Historical Context
- 3. Motives for Market Segmentation
- 4. Attributes of Effective Market Segmentation
- 5. Levels of Market Segmentation
- 5.1. Mass Marketing
- 5.2. Segment Marketing
- 5.3. Niche Marketing
- 5.4. Local Marketing
- 5.5. Individual Marketing
- 6. Bases for Segmenting Consumer Markets
- 6.1. Geographic Segmentation
- 6.2. Demographic Segmentation
- 6.3. Psychographic Segmentation
- 6.4. Behavioural Segmentation
- 7. Bases for Segmenting Industrial Markets
- 8. Common Failures of Market Segmentation Approaches
- 9. The Key to Success
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This term paper aims to highlight the importance of market segmentation in European and global markets. It begins by establishing market segmentation's role within strategic management and emphasizes the impact of the marketing environment. The paper defines market segmentation, situating it within its historical and modern context within strategic management and marketing. Finally, it details the functionality of market segmentation, common failures, and problems in its application, offering potential solutions.
- The role of market segmentation in strategic marketing.
- The influence of the European marketing environment on segmentation strategies.
- The historical development and evolution of market segmentation approaches.
- The attributes of effective market segmentation and common pitfalls.
- Potential solutions for overcoming challenges in market segmentation.
Zusammenfassung der Kapitel (Chapter Summaries)
1. Introduction: This introductory chapter establishes the pervasiveness of marketing in modern society and the limitations of consumer information processing. It highlights the challenges of advertising overload and the need for effective marketing strategies to engage consumers. The chapter emphasizes the critical role of market segmentation as a key tool in achieving successful marketing outcomes, setting the stage for a deeper exploration of the topic throughout the paper.
2. Subsumption and Integration of Market Segmentation: This chapter explores the integration of market segmentation into the broader frameworks of marketing strategy and the European context. Section 2.1. positions market segmentation within the STP (Segmentation, Targeting, Positioning) marketing strategy and the APIC (Analysis, Planning, Implementation, Control) management process. Section 2.2. examines the complex and dynamic European marketing environment, highlighting its diversity and challenges. Finally, section 2.3. traces the historical development of market segmentation, from its initial conceptualization to its current widespread adoption as a core marketing strategy. The chapter emphasizes the evolving understanding and application of market segmentation within constantly shifting market landscapes.
Frequently Asked Questions: Market Segmentation Term Paper
What is the overall topic of this term paper?
This term paper focuses on market segmentation, exploring its importance in European and global markets. It examines its role in strategic management, its historical development, and its practical application, including common pitfalls and potential solutions.
What are the key themes explored in the paper?
The paper's key themes include the role of market segmentation in strategic marketing; the influence of the European marketing environment on segmentation strategies; the historical development of market segmentation approaches; the attributes of effective market segmentation and common pitfalls; and potential solutions for overcoming challenges in market segmentation.
What aspects of market segmentation are covered in the paper?
The paper covers a wide range of aspects, including the integration of market segmentation into marketing strategy (within the STP and APIC frameworks), the influence of the European marketing environment, the historical evolution of segmentation, various levels of market segmentation (mass marketing, niche marketing, etc.), bases for segmenting consumer and industrial markets (geographic, demographic, psychographic, behavioral), common failures of segmentation approaches, and ultimately, keys to success in effective market segmentation.
What are the different levels of market segmentation discussed?
The paper discusses various levels of market segmentation, including mass marketing, segment marketing, niche marketing, local marketing, and individual marketing. Each level is explored in terms of its characteristics and applicability.
What are the bases for segmenting consumer and industrial markets?
For consumer markets, the paper explores geographic, demographic, psychographic, and behavioral segmentation. It also addresses the bases for segmenting industrial markets, though the specifics are not detailed in the provided preview.
What are some common failures of market segmentation approaches mentioned?
The paper highlights common failures in market segmentation approaches, although the specifics of these failures are not detailed in the preview. It does however promise to offer potential solutions for overcoming these challenges.
What is the structure of the term paper?
The paper is structured into chapters, beginning with an introduction that sets the context. Subsequent chapters delve into the integration of market segmentation within marketing strategy and the European environment, explore the motives and attributes of effective segmentation, detail different levels and bases of segmentation, and finally address common failures and solutions. A concluding chapter likely summarizes the key findings and recommendations.
What is the purpose of the introduction chapter?
The introduction establishes the importance of market segmentation in addressing challenges like advertising overload and the need for effective marketing strategies to reach consumers amidst limited information processing capacity.
What does the chapter on the subsumption and integration of market segmentation cover?
This chapter explores how market segmentation is integrated into broader marketing strategy frameworks (STP and APIC) and the European marketing environment. It also traces the historical development and evolution of market segmentation.
- Quote paper
- Natalie Zonis (Author), 2009, Market Segmentation in European Markets, Munich, GRIN Verlag, https://www.grin.com/document/138478
