By end of this week, I need to submit the group assignment of MKT243. The question is as below:
Business knows that they cannot appeal to all buyers in their markets or at least not to all buyers in the same way. Buyers are too numerous, too widely scattered and too varied in their needs and buying practices. Hence, many companies today are smartly moving away from mass marketing into target marketing in which they identify market segments, selecting one or more market to venture in and developing products and marketing mixes tailored to each market.
Explain how companies identify attractive market segments and choose a target marketing strategy. Give a relevant example for each target marketing strategy in various different industries below:
i- Food and beverage industry
ii- Hotel and tourism industry
iii- Health and beauty industry
iv- Retail and fashion industry
v- Education industry
I have done some readings on segmentation and I think I’ve understood the concept and I can start answering the question now. I’ll start writing my part tonight. I’m taking ‘Hotel and tourism industry’ and the rest of the members of my group are taking the other 4 industries.
This Saturday, after the speaking test of BEL260, we planned to combine the data. Then, finish the assignment, print, send for binding and submit. I hope this plan will work well, as there is no much time left before the exam start.