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Market segmentation is the process of dividing mass markets into groups with similar needs and wants. [2] The rationale for market segmentation is that in order to achieve competitive advantage and superior performance, firms should: "(1) identify segments of industry demand, (2) target specific segments of demand, and (3) develop specific 'marketing mixes' for each targeted market segment ...
This segment leads busy, active lives often centered around the schedules and interests of their children. Always on the go, they frequent restaurant diners and shop at wholesale clubs. 12 - Cruisin' to Retirement: With their children mostly grown and out of the house, these older couples are Cruisin' to Retirement.
In marketing, segmenting, targeting and positioning (STP) is a framework that implements market segmentation. [1] Market segmentation is a process, in which groups of buyers within a market are divided and profiled according to a range of variables, which determine the market characteristics and tendencies. [2] The S-T-P framework implements ...
For example, the restaurant industry can be divided into several strategic groups including fast-food and fine-dining based on variables such as preparation time, pricing, and presentation. The number of groups within an industry and their composition depends on the dimensions used to define the groups.
Segmentation includes a lot of market research, since a lot of market knowledge is required to segment the market. Market research about market structures and processes must be done to define the “relevant market”. The relevant market is an integral part of the whole market, on which the company focuses its activities.
Pages in category "Market segmentation" The following 51 pages are in this category, out of 51 total. This list may not reflect recent changes. ...
Chain examples include Harvester in the United Kingdom and Applebee's in the United States. Casual dining comprises a market segment between fast food establishments and fine dining restaurants. Casual dining restaurants often have a full bar with separate bar staff, a full beer menu and a limited wine menu.
The marketing mix is the set of controllable elements or variables ... market research, market segmentation, ... For example, a restaurant manager should monitor the ...