KIA- According to the text Armstrong and Kotler (2021) market segmentation is dividing the consuemrs in the market into different semgments. Within these segments, companies have different demographics and companies will target each consumer based on consumer wants and needs. Accoridng to Business Queenland (2021) an effective marketing strategy should describe the products and services of the business, explain the positon and the roles of the products and services, identify business goals and implentment multiple business strategies. In the text, market segmentation is grouping consumers with similiar responses to businesses’ maketing products and services. One example in the text, would be the car industry, becuase most consumers have different wants and demands for cars, whether its comfort over price, or price over comfort. It is important for companies to segment the proper marketing and sales stratgies to the correct consumer segment ( Armstrong & Kotler, 2021). As stated in the text Armstrong and Kotler (2021) targeting the market is very important in creating continous consumer value over all products and services. The product value can change as soon as the consumer changes their value on it. It is importatn to target the correct market segment and if the company has limited resources, it is important to pick the correct niche ( Armstrong & Kotler, 2021).
VANESSA- Since there are different types of customers with different needs, wants, and behaviors market segmentation is a great way to meet the needs of individuals market segment a company wants to provide. For example, there are people that care about only consuming organic products and other people don’t care about that, thus, in order for the company to succeed the company should only focus on meeting the distinct needs of each individual market segment it wants to serve. Targeting the right consumer is not easy therefore, a company should concentrate on segments that can produce the most customer value over a period of time. A person starting a new business could start by offering women’s clothing only, if this proves to be successful he or she can start offering men’s clothing as well. Positioning is the process of arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target customers. Walmart is known for selling goods at affordable prices, when people hear Walmart they think of low-cost products and services. I believe that Walmart’s position market strategy was to serve consumers who value low-priced products compared to its competitors. Walmart differentiates itself from its competitors by offering the same products at a lower price.