Market Segmentation Essays

Market Segmentation Essays-77
This paper will discuss how Tervis Tumbler can segment the market in order to identify the target market.Market segmentation is not a one-step process but rather a six-step process that entails product identification, choosing a basis for segmentation, profiling and analyzing the segments, selection of target market and finally design, implement and maintain desirable market mixes.Geodemographic segmentation may use either acorn or Mosaic methods to segment the market.

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Tervis Tumbler must therefore know the exact age bracket that it has an interest in, and if interested in more than one segment, what should be done to differentiate the product and make it fit well in each age bracket.

Segmentation based on income requires the firm to know whether its target market is the high-income earners, middle income, or low-income earners in order to design a mix that will be affordable.

Foe example, during the cold season, the demand for the tumblers can be in high demand for purposes of keeping drinks hot.

Geographic segmentation therefore focuses on segmentation based on where potential customers are found.

Tervis Tumbler must therefore understand how the tumblers affect the cultural values of the targeted users.

The reason behind that is, if the commodity is viewed to contradict or violate the cultural values, it will not succeed in the market.

Family life cycles take into consideration a number of factors such as age, availability of children and marital status.

For example, a couple without children may have a small size tumbler but when the children increase to about four, there is a high probability that a bigger tumbler will be required.

if a potential customer harbors negative attitude towards the product, it is highly probable he cannot buy the product; on the other hand, those with a positive attitude will buy.

A person’s traits also define his or her personality and most people buy products and services they believe to rhyme with their personalities.

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