Segmentation and Target Market Paper.
Write a white paper on a company of your choice and discuss the market segmentation within that industry along with the target market for the company and the selection process for that target market.
No more than 2100 words
Include demographic, psychographic, geographic, and behavioral characteristics for the selected company.
A positioning statement for the company with careful consideration of their brand and strategy
Paper is consistent with APA guidelines.
The fundamental component of Market segmentation is a market-based strategy. A market segment is a purchase behaviors and different descriptive characteristics and specific group of customers with distinctive customer …show more content…
(Armstrong G. & Kotler P, 2005) Different categories of each DVD and music section are of different target markets and each segment can be addressed with an individually targeted marketing mix. For effective market segmentation all of these distinctive categories have met and the criteria as they are easily identified, all the needs demanded by customers will comprise and provided with a variety of video and music in each store, the customers can purchase their products in the case of accessible through online, official website or in store and also stable in the way that they are able to establish their reputations known worldwide. Marketing approach by the segment-orientated generally offers a range of advantages for both, customers and businesses. It can be concluded that HMV is using the geographic, demographic, behavioral and psychographic approaches in their market segmentation. HMV is known worldwide at which there are 428 stores worldwide and this make very possible for the customers are able to purchase their products in their website or their own country. This is considered as an effective segmentation since they analyze the customers as a whole but not for only certain places, certain countries or regions. The customer’s income level might affect their purchasing power of products. When they advertise the