The Realm of Market Segmentation Approaches against Customers’ Behaviours
Authors: Dr. Akram Abdulraqeb Sultan Al-Khaled and Dr. Smitha Geetha
Faculty of Business, Berjaya University College, Malaysia.
This article addresses chiefly approach to marketing analysis so far has largely identification and exploitation of key differences, in marketing capabilities and competitive strengths, for example marketing attention focuses on two particularly important areas of differentiation, the differences between alternative market offerings as far as customers are concerned, or the competitive positioning of suppliers, products, services and brands. Characteristics, behaviour, and needs play an important role to marketing decisions makers in developing strong marketing strategies or marketing segmentation. Market segmentation is one of the most widely accepted concepts in marketing. Its fundamental thesis is that, to achieve competitive advantage and, thereby, superior financial performance, firms should (1) identify segments of demand, (2) target specific segments, and (3) develop specific marketing “mixes” for each targeted market segment. It is referred to as the key to developing a successful strategy and pricing policy in a competitive environment. When segmentation is done in the market, it helps to determine who the most likely prospects are for your product and develop a set of product designs and prices that will most effectively target them.