CHAPTER ONE

1.0     INTRODUCTION

Marketing has over the years advanced from various concepts and philosophies, which include the production concept, selling concepts, and product concepts.

The marketing concept is viewed from the customers orientation philosophy which seek to identify unsatisfied consumer needs and wants, and this develops goods and services tailored towards filling up and satisfying such needs though not all organization practices this concept but successful firms embark on it. Given the intense and growing competition, the global quest for profitable  sites amongst marketers of goods and services, it has become mandatory for  firms to adopt strategies in order to excel, grow and remain  in the market in order to achieve acting organizational objectives.

Marketing strategies are developed from marketing objectives and overall organizational objectives.

Marketing strategies includes, the marketing objective of increase in sales, higher market shares and growth market penetration awareness ovation to mention a few. In order to achieve these goals and objectives, marketing evaluation and strategies are developed and implemented.

The increasing world population has resulted in consumers becoming numerous and diverse in  the buying requirements needs and characteristics since firms cannot effectively serve all of  them in a broad market.

It is inevitable to identify those parts of the market that are profitable and can be serve effectively give the  available organizational  resources and capabilities, thus this calls for the adoption of effective and segmentation of the markets.

Marketing effect and segmentation is always a customers oriented philosophy this consistent with the marketing concept. market segmentation is the process of subdividing a market into distinct and meaningful sub set of customer who require a tailored called mat during marketing program to satisfy their needs.

Many firms in the  past adopted mass marketing concept as strategies for sales turnover by embarking on mass production, mass distribution and mass promotion of single brand of  products to all buyers.

The argument for this strategy was that it crates the largest potentials markets which heads to the lowest cost, both production cost and over head cost and the marketing costs which in turn results to lower pricks or higher margin.

But in this age of intense competition, proliferation of marketing programmes/functions and greater customer advancement in education and awareness firms no longer practice the concept of “one size fit all” marketing.

Thus in bid for higher profitable sales, and greater customer satisfaction, mass marketing is relegated to the background with the  adoption of the market segmentation which now recognizes the differences in segment needs, wants and response to marketing programmes.

Market segmentation goes beyond product design consideration, as it extend to price, promotion ,distribution  variable and having an overall knowledge of each segment needs in order to develop matching marketing mix. Firm do not go into segmentation in marketing until  a through study of customer’s behavior with in the market is conducted through study of customer effective of marketing research for better understanding  of their distinct and homogeneous characteristics is required.

This ensures grouping together customers of similar requirement and characteristics. Essentially, it consists of large identifiable group  with similar wants, purchasing habits, geographical location and buying requirement thus market segmentation is an approach that should be executed by firms for success enhancement.

To a large extent, it is a process of dividing total heterogonous market for goods and services into  several segments each of which  tends to be homogeneous in all significant aspect.

Management thus select one or more of these market segment as the organization target  market(s) and based on the understanding of their needs and wants, a matching marketing mix is envisaged, developed and directed towards satisfying them at  a profit most importantly, segmentation enables the form to  its marketing efforts and resources on the most profitable target market, in order to complete efficient by in one or two segments.

1. 1. This material content is developed to serve as a GUIDE for students to conduct academic research work
2. 2. As a source for additional understanding of the subject.
3. 3. As a source for ideas for your own research work (if properly referenced).
4. 4. For PROPER paraphrasing (see your university definition of plagiarism and acceptable paraphrase)
5. 5. Direct citing (if referenced properly)
Thank you so much for your respect to the authors copyright.