Principles and Practice of Marketing Segmentation

Question: Discuss about the Principles and Practice of Marketing Segmentation. Answer: Market segmentation is a process that divides a broader market into a number of subsets (called segments) that demonstrate various types of shared features. Therefore, market segmentation can be of various types depending on the purpose. In case of an individual who want to stand for an election in a constituency, the segmentation of the market can be of four types. These are demographic segmentation, psychographic segmentation, geographic segmentation and behavioral segmentation (Hollensen 2015). It can be said that with the help of the demographic segmentation, the candidate can separately focus on the population depending on their religion, occupation and race. On the other hand, with the help of the psychographic segmentation, the candidate can discretely focus on the population on the basis of the various activities of the population and their interests. Moreover, geographic segmentation helps to differentiate the population on the basis of various geographical locations. Addit ionally, the behavioral segmentation divides the population on the basis of the behavior of the population and their decision making pattern. Therefore, it can be said that all these market segments of the market segmentation will help an individual (who want to stand for an election in a constituency) to differentiate the present market into various segments. Positioning Strategy The particular individual can implement the positioning strategy on the basis of the population benefits, cultural symbols and competitors in the present market (Jobber and Ellis-Chadwick 2012). The specified individual should look after the benefits of the common people, cultural variance in the nation and should also focus on the other competitors who have also stand for an election. References Hollensen, S., 2015.Marketing management: A relationship approach. Pearson Education. Jobber, D. and Ellis-Chadwick, F., 2012.Principles and practice of marketing(No. 7th). McGraw-Hill Higher Education.