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What is Market Segmentation?

Segmentation is a renowned activity that is used extensively in the area of marketing. There are different needs of different customers, and it becomes important for the company to divide the market accordingly. Market segmentation assignment help you understand about the different categories of consumers who perceive the full value of certain products and services differently from one another.If you find it tough to understand you can take our marketing assignment help online, we will make things easier for you.

How to segment the market for your market segmentation assignment?

There are three criteria that are used to identify the different market segments namely Distinction (uniqueness), Reaction (Similar response to the market), Homogeneity (Common needs within segments). To understand this in a better way considers an example of shoe manufacturing company. This footwear company can have the different market segment for the football player, basketball players, and cricket players. The company needs to plan different advertisement and promotion strategy to influence the segment belonging to the aforementioned segments within the market. To understand the concept of market segmentation in a better way read free marketing segmentation assignment solution provided by our marketing professionals. Allassignmenthelp.com has the best assignment help service across the US , the UK and Australia.

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How to Select Target Market?

Target Market Selection is the first step once you start selling your product. If you are not aware of the target market or target customers you cannot achieve the desired goal. A formal definition of target market selection is "a group of customers that business has decided to aim its marketing efforts and its merchandise towards". This is the first element of the marketing strategy.

Most of the companies have a separate unit for handling target markets where complete analysis is done for the company in terms of target customers, different segments etc. It is an emerging field and many students land up in the job where Target market selection is the primary role. Our experts can help with market segmentation assignments because they are working in the same domain.

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Marketing Management Assignment Sample Focused Around Market Segmentation

A customer becomes loyal to a particular brand based on different factors. Loyalty is developed based on the personal beliefs of the customers. In some cases, when a brand with instant response to the customers’ needs, customer loyalty increases. It is not only about complaints but also the information that the customers want from a particular brand. It is an important aspect for the brands or marketers to keep information available to support their customers. The brand maintains clarity and transparency in demonstrating the features of the products. 
Honest is one of the brands that focus on delivering search products to enhance the level of trust and belief in the customers. This organization aims to develop and promote healthy, great-tasting, and organic beverages. It tries to grow its business with ample integrity and honesty that it uses to craft its recipes. It also focuses on promoting health and wellness and reducing environmental footprint. The target segment of the brand includes every people who are inclined to healthy and organic beverages (Honest, 2020).
The target market of honest has been segmented based on demographic and behavioral approaches. It is engaged in processing in its efforts to come up with democratize organic drinks and enhancing access and awareness to organic beverages (Martin, 2011). Therefore, it is quite clear that the branch targets a health-conscious population that could be converted into loyal customers by keeping the promises it makes to word organic beverages. It also targets consumers who are more responsive to sustainable options. Its target market for organic beverages has highlighted children and their parents to whom it can deliver its organic and sustainable beverages (Camilleri, 2017).
From the company research, information on the efforts of the brand towards developing sustainable and organic options for customers is available and easily accessible. It helps in relating to personal beliefs and gives confidence in using the products.Question-Answers
Importance of planning in marketing
Planning is important in marketing organization as it helps in increasing organizational efficiency. It also helps in reducing the risk that is involved in business activities. And effective planning helps to come up with the right direction and help the activities to get channelized in the direction. In maintaining effective control, planning is necessary. It also helps in achieving organizational goals and objectives. Planning is a goal-oriented process that it is based on the rational decision and it is the primary function. It ensures continuity in other processes. The predetermined goals and objectives can be achieved with the help of effective planning.
Essential components of a marketing plan
The essential components of a marketing plan should include market research findings, a well-designed target market, positioning, competitive analysis, market strategy, budget, and battery. A market plan should include a detailed description of the product or service along with the analysis of the competition (Duermyer, 2017). The other essential components of a marketing plan are a mission statement, marketing strategies, pricing, branding, and positioning, budget, and marketing goals. The marketing plan should also an effective opportunity to monitor, evaluate, and analyze the results (Duermyer, 2017)
Importance of formal marketing plan
An organization needs a formal marketing plan because it helps in coming up with a systematic blueprint that includes different series of stages. With a clear mission statement and marketing objectives, a formal marketing plan is developed. It contains every essential part that should be developed and improve to achieve predetermined marketing objectives and goals. A formal marketing plan is important as it contains the analysis of the mission, marketing objectives and goals, corporate objectives, SWOT analysis, marketing audit, marketing strategies, assumptions, expected outcomes, budgets, alternative mixtures and plants, and implementation program (Morello, 2019).
Camilleri, M. (2017). Market Segmentation, Targeting and Positioning. Cham, Switzerland: Springer.
Click, L. (2015, january 26). 8 Important Steps to Successfully Implement Your Marketing Plan. Retrieved from flybluekite: https://flybluekite.com/how-to-implement-your-marketing-plan/
Duermyer, R. (2017, July 2). Steps to Create a Marketing Plan. Retrieved from thebalance: https://www.thebalance.com/what-is-a-marketing-plan-1794426
Honest. (2020). OUR MISSION. Retrieved from honesttea: https://www.honesttea.com/our-mission/
Martin, G. (2011). The Importance Of Marketing Segmentation. American Journal of Business Education Volume 4, Number 6, 15-18.
Morello, R. (2019, March 05). 7 Ways to Evaluate Your Marketing Plan. Retrieved from chron: https://smallbusiness.chron.com/7-ways-evaluate-marketing-plan-58331.html