Answer to Question #159280 in Marketing for Hasan Khan

Question

What is Marketing? How does marketing add value to the product?
What are the approaches for market segmentation? Explain with a local example for each segmentation approach?

Answer 1

Answer:

Marketing is the process for creating awareness of the product and services in the market so that it catches the eyeball of customers and engages them in the long run. Marketing adds value to the product by creating a brand, with imagery and messages that run during the marketing. A brand with consistent marketing develops trust to the customers who can also recommend their friends to use firm's products.

The two primary approaches in identifying the market segments are “consumer response” approach and “Consumer characteristics” approach. In the “consumer response” approach, the segment differentiation is based on demographic and geographic features of customers. For example, a regional manufacturing firm can segment market in terms of zones such as urban and rural so as to identify the needs for each market segment. In the “Consumer characteristics” approach, the segment differentiation is based on a willingness of a consumer to buy a product other than identifying the consumer of a product. Colgate and Close-up identifies the benefit of their products to the consumer other than his/her location. The willingness is brought about by the benefits customer get after using a product. Colgate and Close-up targets to help consumer to regain white teeth and prevent bad breath.