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Describe how market segmentation can be used effectively to better meet consumer needs and wants in an increasingly competitive business arena.
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Marketing Studies (a) a) Describe how market segmentation can be used effectively to better meet consumer needs and wants in an increasingly competitive business arena. Theodore Levitt once said 'Market segmentation and positioning are the keys to building a strategy for corporate growth' (Doyle, 2002, p.61). To build corporate growth an organization must address the needs and wants of its customers, which requires that it studies them closely. Various methods of research are used to garner information on the needs and wants of the consumer. Once these are identified customers with similar requirements and characteristics are grouped into market segments. Suitable marketing and product development can then be done to address each market segment. By better serving the needs of each market segment, it is generally the case in the modern economy that more products and services are sold than if customers are treated as a homogeneous mass. More product and/or service...
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