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Marketing Principles

In: Business and Management

Submitted By Zally
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This essay identifies and discusses the appropriate market segmentation criteria for manufacturer of household furniture for homes. Firstly, the terms of marketing and marketing segmentation will be defined. The discussion will dwell on the step of market segmentation which are the bases for segmenting consumer market, this include the geographic base, demographic base, psychographic base and behaviorist base. The easy will also explain how marketers can cover the whole market through undifferentiated, differentiated and concentrated marketing. Lastly, in conclusion, will summarize on how a manufacturer of household for homes segments the market.
Marketing is the one key functions of management which is largely concerned with what is going out of the organization than what is happening internally. Marketing involves a set of well integrated activities in which the organization resources are directed to opportunities in the environment and these opportunities include: customer needs, technological breakthrough and failures of competitors.
Kotler, P (2003) defines marketing as a process of planning and executing various activities including pricing, promotion, distribution with the aim to create exchange that satisfy individuals and organizational goals.
The social definition of marketing is the process by which individuals and groups obtain of what they want and need through creating, offering and freely exchanging products and services that are value to others.
According to Kotler, P. (2006) Market segmentation refers to the process of dividing heterogeneous market into a number of smaller homogenous sub market with the aim to satisfy particular consumers and of course to maximize profit by satisfy similar needs of similar people and in similar way.
The purpose for segmenting a market of household furniture is to allow a marketing or...

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