ASSESSMENT OF THE IMPACT OF MARKETING SEGMENTATION ON PRODUCTION PLANNING IN AN ORGANIZATION
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ASSESSMENT OF THE IMPACT OF MARKETING SEGMENTATION ON PRODUCTION PLANNING IN AN ORGANIZATION
Chapter One: Introduction
Background of the study
Market segmentation is an important factor in marketing strategy.
As a result, marketing segmentation is the division of a market into district subsets of customers, any of which could be chosen as a target to attract with a district marketing mix.
According to Kotler (2008), a market is a location or geographical area where buyers and sellers interact, commodities and services are offered for sale, and ownership of title is transferred.
The aggregate market is so large that each one market must capture only a little piece of it to be successful, hence the technique used.
Limsitursti (2009) defines marketing strategy as the tactics, styles, and methods used by a company to distribute, produce, and sell its products in order to capture customers’ attention.
It is worth noting that each main variable in the firm’s offering necessitates thorough investigation and analysis before short and long-term marketing plans can be reviewed.
As a result, the requirements for this research go a long way towards reorganising the fact that people as buyers and consumers differ in their demands, tastes, family and cultural backgrounds, motivation, lifestyle, and attitude towards products and purchases.
It is relevant to the present time in that this group of buyers should process distinctive qualities so that they may be used as marketing targets.
Products are positioned to satisfy segment customer needs, and a marketing mix appropriate to a certain segment may be chosen. According to Kotler (2008), market segmentation is an effective technique for marketers to plan for achieving desired goals and objectives.
Statement of the Problem
One of the barriers that frequently leads to business failure is the inability of some marketing executives to design and plan their strategies; they operate without considering the components or elements that are both internal and external to the forms in which they work.
This research is mostly focused with examining the marketing strategies provided by the organisation and how the market is categorised in order to improve. Its operational performance, as a result, provides consumers with acceptable items in terms of how, where, and what they can receive.
1.3 GOALS OF THE STUDY
The value of market segmentation in any company organisation cannot be overstated. Every business organisation must deal with the influence of selecting an appropriate market,
which will lead to overall efficient marketing penetration.
The aims of this investigation are as follows:
Determine the most effective segmentation strategies to utilise in an organisation.
Identify the needs for efficient market segmentation.
To build the foundation for segmenting an answer market.
Identifying the needs and desires of clients in each market for its intended application.
To determine the benefits of market segmentation for consumers and the organisation as a whole.
To tackle challenges with market segmentation
Statement of the Hypothesis
The following hypothesis was developed for this project effort.
Ho: market segmentation has little impact on an organization’s overall performance.
Ho: Market segmentation has a stronger impact on an organization’s overall performance.
Significance of the Study
The study would provide firsthand knowledge to individuals in the manufacturing department on the need of segmenting a market for the various users of their product.
Every organization’s relational goal is to maximise profit while also delighting consumers throughout society.
Market segmentation will help marketers find their potential customers no matter where they live.
This study will inform and assist consumers on what and how they create their products, as well as where they may find them.
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