Merketing Segmentation of The Food Industry Essay

Merketing Segmentation of The Food Industry - screen ExampleMarkets have always been segmented and products have been contraryiated on the basis of the ways in which suppliers have applied different techniques of competing in the trade place. The crucial evidence for the above aspect collected in recent times is that researchers have been using behavioural and economic theories along with sophisticated analytical techniques for identifying the different market segments and opportunities for product differentiation. The concepts of market segmentation and product differentiation have been discussed in literature for long. Shaw (1912) has expound the strategy of market segmentation and product differentiation as that of trying to cater to human unavoidably and wants more accurately than competition. The result of market segmenting and product differentiating is the creation of a potential which attains a legal injury level which is higher than prevailing stock commodity. Resear chers have identified the recent changes in the market purlieu of firms which have presented with new opportunities and chances of further segmentation of the market. However, the aspect of the possibilities of identifying the groups of customers as individual segments in the market in reality is an empirical one. Researchers are of the opinion that if it is possible to segment the market into individual and homogeneous segments, market segmentation could be effective only if the manageability and efficiencies of the marketing activities could be substantially influenced by the distinguishing and different groups of customers (Wedel & Kamakura, 2000, p.4). Globalization and technological advancement across the world along with fresh new developments have provided marketers with in-depth information regarding the actual behaviour of customers and having direct access to such information through database marketing or demographic segmentation (Wedel & Kamakura, 2000, p.4). As a conseq uent of this, the marketers have been found to be focussing more on the small segments using concepts like direct marketing and micro marketing approaches. However on reckon of globalization, the leading multi product manufacturers have been looking at the global markets beyond the geographical boundaries (Yankelovich, 1964). It is seen that if the various market segments respond to the marketing efforts they are considered to be responsive to the segmentation strategies. Responsiveness accounts for the success factor for each market segmentation strategy. Mere response from the segments to the advertising