Tuesday, April 30, 2019
Market segmentation in the airline industry Essay
market segmentation in the airline industry - Essay specimenThis research will begin with the statement that success in marketing can be achieved by matching the organizational capabilities with the requirements of the marketplace. This matching is based on market segmentation. Market and their segments are clusters of potential customers. Market segmentation is a proactive process which involves the application of analytic techniques. Market segmentation has been defined as the process of dividing the total market into a number of smaller, more homogeneous submarkets, termed market segments. A manifold group of customers is grouped into homogeneous groups or segments. Each of these segments requires a different marketing mix to overhaul their needs. The concept of segmentation comes naturally to human beings. This categorization reduces uncertainty and simplifies procedures. This very principle, when applied to marketing, is known as market segmentation, which helps to unify gro ups of consumers. The market has to be first defined in terms of the products end users and their needs. It is then divided into various groups according to different characteristics. To reach the customers in the most rough-and-ready way, market segmentation can be based on general variables like demographics, socio-economic, geographical, or psychographic. man demographics look at the general characteristics of the age, income, education, and occupation, psychographic variable delves deeper into peoples lifestyles and attitudes.