MARKETING

Market Segmentation, Targeting, Positioning

Market Segmentation, Targeting, Positioning

Segmentation

Market segmentation inculcates viewing heterogeneous market as a bunch of smaller homogenous markets, considering different preferences, attributes of the desires of consumers. This is done in order to enhance the satisfaction of their varying wants. The underlying principle is that, customers can be grouped on the basis of similar needs and buying behaviors in order to cater them in a better way. This strategy allows businesses to focus on diversified customer needs and entitles resources to be focused more on the attractive areas of the market. This tool can be used in both strategic and tactical operations of the business. On a strategic level, this can identify most profitable customers, and on a tactical level, it can identify customers with whom long term relationships can be built (Dibb, 2001, pp. 193-213).

Choosing to do an MBA is an important step which requires commitment, financial support, and relevant job experience. Primarily the segmentation of MBA is segmented into Geographic segmentation and Demographic segmentation.

Geographic Segmentation

This type of segmentation is based on regional variables including region, population, and density and population growth. For the MBA, this kind of segmentation is much relevant. As the population of the world is increasing at an agile pace, so in order to get most people employed MBA is considered to be a prominent factor. In addition to that, regional diversification is also essential, Asian countries including India, Sri Lanka, Bangladesh etc. is the hot target market for MBA in UK.

Demographic Segmentation

This kind of segmentation is based on values including age, gender, ethnicity, education, occupation, income etc. In this particular type of segmentation, occupation is of vital importance due to the requirement of job experience for MBA in most of the universities. In addition to that income comes on second place, since the cost of doing MBA is much higher, so segmenting specific income groups comes under this umbrella.

Targeting

Target market is the group of people whose probability of becoming customers is truly high. In order to cater those targets, it is particularly significant to know as much as possible about the target market based on segmentation. The more a business knows about the habits and preferences of its target market, the more it reduces the gap between a product or service and customers. Having a vivid picture of these people is the first step in research ...