Geography

Marketing Fundamentals Segmentation and Marketing Strategies of Atlas Company

The Consultants have come up with a marketing strategy for Atlas but for its appreciation but wish to provide a background on facts as well as the Marketing Strategy Theories to enable the management to evaluate the recommendations.

A Market is the demographic and/or geographic group or groups of buyers for products and services on offer. It may be limited to a small area or maybe worldwide but that is dependant on the type of product or service on offer.

Preceding the marketing exercise the organization needs to do market research to determine its marketing strategy. This is a three-stage effort in which data is required for potential customers. With this data, it is possible to segment the market and subsequently to determine the target customers for marketing the organization’s products. Once this data is available, the serious exercise of Segmentation begins.

Markets are heterogeneous and are created by reasons of different values, needs want, constraints, beliefs, and incentives. Customers differ in their values and perceptions and want to purchase things that have value for them. Value is not just the monetary part, but also the usefulness and emotions that go with it. The need and won’t play a great role in determining this value. The price actually determines the location from which this purchase will be made. Service and reliability are other important determining factors.
Therefore a market segment is a set of customers that have a common approach to the above questions and have a common desire to purchase a common set of goods and or services. They also respond to such offers in a common way.

There are many variables of demography and geography that help to determine segmentation. The company needs to consider if the segment is large enough to support its intended sales by price and quantum. Then is there a growth possibility or is it restricted or even declining by nature?&nbsp. &nbsp.

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