Separating a market into 100% homogeneous segments is really difficult.
Separating a market into 100% homogeneous segments is really difficult.Tags: Development Business PlanEssays Written By Filipino WritersYour Goals EssayAng Aking Pangarap Sa Buhay EssayAntique Store Business PlanWho To Write A Essay
Nike produces shoes for golfers, tennis players, basketball players, for cricketers, and thus serves many segments relating to sports shoes.
Chicago-based Hyatt Hotels and Resorts has targeted the gay, lesbian, bisexual and transgender market to make its image more attractive to this market.
For example one-hour photo has lost to digital photo camera, fax servicing has lost to e-mail, pager has lost to mobile phones, and STD booths have lost due to cheaper telecom services.
Single market segment strategy can also be called as ‘concentrated targeting strategy or ‘niche’ strategy.
Should the chosen segment cease to be viable the firm would also cease to operate.
Putting all the eggs into one basket can be hazardous.One of the segments, which is large enough and representing 50% or more of the market would be the centre of focus.We may also call it as the Single-segment marketing.Over the last 25 years, Suzuki effectively used an adjacent segment strategy and is a market leader in each segment.Market segmentation opens the door to multiple market-based strategies and greater marketing efficiency.Thus, there is always a possibility to carve a niche within a segment to customise marketing efforts according to group of target customers.Niche segment consists of sufficient number of customers seeking somewhat specialised benefits from a good or service.Such a small segment is normally ignored by large competitors, using mass market or large segment strategies.Even businesses with multi-segment strategy may feel ineffective to focus on such a small segment.When a market is segmented and marketing resources are limited, the marketer may decide to pursue a large segment strategy.A mass market may be segmented say into three core segments.