marketing mix. The following table outlines the main requirements/criteria for a market segment. The population within each segment is homogenous, and across segments in heterogeneous. If you have better focus, obviously you will have better business. . Others may carefully select one, two or more segments that they can best cater. In India, Titan is an example of products which are planned through the life cycle of a customer. Responsive, each market segment should respond better to a distinct marketing mix, rather than a generic offering. Positioning also seeks to differentiate ones offering from those of competitors. An example of this is the approach taken by budget airlines such as Go/.
STP program will help the firm in devising the proper marketing mix the right product to be sold at the right place at the right price and in the right way. This analytical ensures that the resultant market segments are valid and usable for the firms purposes. Experience Seekers are long haul travellers who are less affected by the traditional barriers to travel of distance, time and cost.
The main goal of this stage of the STP process is to ensure that the market segments that have been constructed by the firm meet with basic requirements and guidelines, which will make them usable segments and potential target markets. This shows why communication needs segmentation. 4) Customer retention By using segmentation, Customer retention can be encouraged through the life cycle of a customer. You should also review the section. Following the development of market segments by the firm, they then need to be evaluated against a set criterion. Market segmentation can be defined as the process of splitting a market into smaller groups with similar product needs or identifiable characteristics, for the purpose of selecting appropriate target markets. It has also categorised the market into various lifestyles, age groups, income profiles and. The first is the single segment with a single product. You will find major example western Civ Overview 1555 - 1715 of customer life cycle segmentation in the Hospitality segment whether they be hotels, airlines, or hospitals.