AMP 425 topic 4 Discussion 1

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Identify and describe three or more distinct market segments within a specific industry, such as aerospace or automobile manufacturing. Market segmentation involves aggregating prospective buyers in... to groups or segments with common needs and who will respond similarly to a marketing action (Kerin & Hartley, 2016). For those that work in marketing, they are faced with the challenge of trying to improve their marketing strategy, one way to accomplish this is to use a tactic that segments their target market to achieve results. The four distinct market segments within the automobile manufacturing industry are geographic, demographic, psychological and behavioral. Geographical segmentation groups customers on the basis of their proximity to certain areas and locations, grouping buyers based on zip code if product will be delivered to customers home. This type of segmentation may help to determine the pricing because of the logistics and cost involved in delivery. Demographic segmentation is based on gender, age, education, and income. Automobile manufactures map out the benefits or appeal of their products to these segments. The features of their product that would appeal to, for example speed and flashy colors appeal to males and roomy interior with storage would appeal more to families or women. Luxury versus economy car focuses on socio-economic class or income segment. [Show More]

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