Marketing and the Marketing Mix

Marketing and the Marketing Mix

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Marketing and the Marketing Mix

Question one

The concept of market segmentation will often cause service firms to identify portions of the intended target market and differentiate them from one another. For a market segment to be of importance to a service firm; it will be distinct from the other segments, exhibiting homogenous characteristics, responds well to market stimuli and will be easily reachable by market interventions. Market segmentation proves to be important to service firm by assisting the firm in understanding its customers and striving to satisfy their needs better than the competition, in terms of their taste and preference. Market segmentation will facilitate the introduction of the most suitable marketing mix by the service firm. The business has a better understanding of the needs of its customers, their behavior as well as their expectations. Market segmentation also assists service firms to introduce the most effective product strategy into the market. Product development will be compatible with the customers’ needs and will therefore be effective in crystallizing the specific needs of the buyers in the targeted market.

Moreover, segmenting the market will enable the service firm to select the most promising market. This process will facilitate the identification of the sub-markets that offer an opportunity to be best served while at the same time utilizing very few of available resources. The service firm will be able to concentrate on the most productive segments of the total market. In terms of resources, the service firm will be able to make optimum use of its available resources. These resources will be utilized the most efficient way, as dictated by the target market. This will offer the service firm the best results in terms of sales and profit. Finally, market segmentation will allow the service firm to exploit the better marketing opportunities available. It will enable the firm to distinguish consumer groups and decide in the most suitable market segment to invest on. Thus, market segmentation proves to be of economic importance to both service firms and other business institutions

Question Two

            In business terms, customer expectation is what a potential consumer feels or thinks about a given product. In other words, it is the preconceived ideas, wants and needs of a consumer about a good or service offered by the business in question. Expectations of the potential customer are mainly influenced by her or his perception on the particular good or service. This perception can be created by various numbers of things, say a previous experience, from advertising, competitors’ awareness, and hearsay as well as brand image. Notwithstanding, the level of service rendered to the customer also poses as a determinant. Customers expect to find helpfulness, efficiency, confidence and reliability in business staff, accompanied with a personal interest in their patronage

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