Friday, November 8, 2019
Market segmentation approaches Essays
Market segmentation approaches Essays Market segmentation approaches Essay Market segmentation approaches Essay Coca Cola Market Segmentation Approaches The Coca Cola product in question is the Minute Maid Just 10 juice that is consumed by over a billion people throughout the whole world. Geographically, Coca Cola should approaches should be broad-based and undifferentiated. They should perceive the market as comprising of many customers having a fundamental desire that must be satisfied. For instance, it can be assumed that nearly all customers who want to purchase Coke have a thirst need. While this is possibly the largest market that any company would seek, they have no products that would appeal to all consumers globally as people have different tastes, preferences and requirements. Globally, Coke has an approval among the young generation that is made up mostly of teenagers, working class and other youthful individuals. This market segment is the most lucrative for Coca Cola Company as its main features include an access to income or money, increased social activity as well as varied tastes when it comes to soft drinks. Coca Cola should also focus on segments having high incomes such as white-collar professions. Lastly, Coca Cola also targets children as they consume a considerable amount of cola products and they have a hold on their parents who supply the income. In terms of demographics, it follows a similar fashion to that of geographic segmentation where the parent company has subsidiaries all over the world that have a high degree of autonomy (Ryan et al 45). This autonomy should be reinforced to allow subsidiaries to make geographical-specific decisions that will boost growth and revenue margins. The reason for recommending these approaches is to maximize the profits and achieve the goals set by the company. Within the present economy, tailor-made approaches stand a better chance of being successful when compared to conventional and universal approaches that lack applicability in different circumstances (Ryan et al 4). Minute Maid is positioned as a drink for individuals who are generally mobile and active. Minute Maid Just 10 is the perfect drink for healthy, stress-free consumption at any time of the day. This is because it is provides essential minerals such as potassium, calcium as well as vitamin C extracted from real fruit juice and very low in calories. The Sunkist Company applies the undifferentiated marketing strategy by completely ignoring the segment differences and attracting the entire market with one strategy. The company main products are citrus fruits particularly oranges and lemons. The Unilever Company applies differentiated marketing strategy throughout its subsidiaries across the world. Within Sub-Saharan Africa where the purchasing power is low, the company has developed smaller sizes of the same products to enhance purchases. This is slightly different from their product in developed states that are bulkier and sold at relatively higher prices. Concerning the concentrated marketing strategy, the Toyota Company applied it in the development of the hybrid market that began with the Prius model. After the inception, the company increasingly focused on developing hybrid vehicles such as the Toyota Camry and Toyota Highlander. The company was able to get more customers by focusing on eco-friendly products (Ryan et al 18). Lastly, customized marketing that involves designing a particular product to meet the exact needs of a customer. Companies that use this type of marketing include website builders such as Wix. The Wix Company allows users to customize their products to their needs and standards before purchasing them. Marketing products this way ensure that in the end, the customer has to buy the product as he/ she finds exactly their preferences. Customized marketing is however reserved for unique or expensive product as it takes a lot of time and resources before a product is selected, customized and finished to the customerÃ¢â¬â¢s preferences. This is considered the highest type of target marketing. Work Cited Ryan, Damian, and Calvin Jones. Understanding Digital Marketing: Marketing Strategies for Engaging the Digital Generation. London: Kogan Page, 2009. Print.