MARKETING MANAGEMENT Assignment Example | Topics and Well Written Essays - 2000 words

MARKETING MANAGEMENT - Assignment Example Market segmentation has always been an area where a company needs to work a lot. Market segmentation is therefore defined as the procedure which a company follows to identify different segments of user inside the market place who could be possibly targeted by using different products, services and other marketing programs. Now a day’s goods and services are strictly developed by considering the wants and needs of a customer. Subsequently marketing segmentation is considered as an essential and central element of marketing for a company (Kamakura & Wedel, 2000, p.3). Now in the context of UK regional airlines segmentation can play a major role for identifying the specific business segments as well as the consumer segments and also to boost the total number of footfalls. There are two bases of market segmentation i.e. observable segmentation and unobservable segmentation. An observable segmentation include geographic, cultural, demographic and socio economic segmentation. While on the other hand unobservable segmentation includes psychographic, values and personality segmentation (Businessmate, n.d.). Among the available types of segmentation the company can make use of demographic segmentation and geographical segmentation. The company needs to target small and medium business ventures and average income group individual consumers. Therefore the company may strictly employ demographic segmentation in respect of statistics and income level. Now to target the business houses the company can offer them special prices and discounts for frequent travellers and bulk bookings. After making the segmentation and targeting the intended customers it becomes very much vital for the company to position it in the market. As positioning can be defined as how a company positions its product in the minds of the consumers (Ries, 2003, p.3). In this context it is recommended that the company must position itself as the carries which offers high facilities but at low cost. T his will surely attract bulk customers if the positioning can be properly carried out. Benefits of Segmentation It has been described that Regional Airlines will target mainly individual consumers with average income level and small and medium business ventures. The benefits which will be availed by the company for taking up this particular course of action are illustrated below. The company will be able to focus on the particular segments which will allow the marketing team to initiate different types marketing events and programs for the target group. This will also ensure in utilizing the allotted budget for marketing in the correct place. Since it becomes practically impossible to cater to each and every individual it’s always better to make segmentation (Themanager, n.d.). Therefore rather than going for a mass target the company can cater to a specific segment more efficiently. In such case the company can hugely cut down its promotional cost, there will be no need of u sing all the available promotional platforms, only which fits the requirement can be used. For example to target the business consumers the company can make use of business magazines apart from advertising in television. This will also help the company to undertake market expansion. Once a set of loyal customers are generated, the company can further expand domestically as well as in the other parts of