Question

Suppose you are the VP of Marketing for Matic a company that manufactures high end automated machinery for chocolate manufacturer’s in this NAICS code. Considering the data you found on this web site, and any additional research you wish to include, describe how you might segment the market, and the market potential. How many potential clients do you think there are? Based on your estimate, how might you market to these potential customers?

Answer 1

*MARKET SEGMENTATION*

Market segmentation is the process of targeting or focusing on a target group of marketing .

In this process the organization focuses on the market analysis and further divide them into groups and than target the potential groups .

*BASES OF MARKET SEGMENTATION*

1 ) _LIFESTYLE_ :

Lifestyle plays very crucial role in the market segmentation , as there are many factors that are included in lifestyle such as , hobbies , religions etc , which may affect the various groups in market .

2 ) _PLACE_ :

place is also very significant in market segmentation .

People's geographical location plays very important role in the market segmentation .

Example - there would be no or less demand of fans in mountains area than that of desert areas .

3 ) _INCOME_ :

Income of the people is very important for market segmentation as there are further groups divided on that basis , like low income groups , mid income groups , high income groups , etc .

This helps in proper market segmentation .

4 ) _AGE GROUPS_ :

age groups are also very crucial part of market segmentation .

There are further groups divided on the basis of age groups.

There are age groups division as , kids , adults , old age , etc .

*POTENTIAL CUSTOMERS IN THE WORLD MARKET*

There are about 8 billion potential customers in the world market.

*HOW TO MARKET POTENTIAL CUSTOMERS*

1 ) PROPER SURVEY OF THE CUSTOMERS IN THE MARKET .

2 ) FOCUSING ON THE ADVERTISEMENT .

3 ) KNOWING THE COMPETITORS AND THEIR CUSTOMER BASE .

4 ) PROPER COMMUNICATION WITH CUSTOMERS .

5 ) BEING LOYAL TO CUSTOMERS .

*PLEASE RATE WITH A THUMBS UP *