MARKETING PROJECT

MARKETING, PRODUCT LIFE CYCLE MANAGEMENT, PRODUCT MANAGEMENT

According to investopedia.com, market segmentation means grouping prospective buyers into segments based on the buyers needs and their responses to the market. "Market segmentation attempts to isolate the traits that distinguish a certain group of customers from the overall market" (Kurtz, Principles…277). Effective market segments meet four criteria. The segment has to have adequate size and purchase power. Marketers stimulate the segment through promotions and advertisements, as well as spot segments that are substantial and sufficient. These segments are potentially profitable. The company must then search for segments with coinciding marketing capabilities. (Kurtz, Principles…276). Segmentation can be demographic, as in gender, age, generation, ethnic group, family lifestyle stage, household type, or expenditure patterns. Geographic segmentation is primarily based on location, where as psychographic segmentation uses consumers' values and