Bus306 Fundamentals Of Marketing Answers Assessment Answers
Critically evaluate the segmentation utilised by Apple iPhone marketing essay.
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A study of Strategies and Business Models of Ford Motor Company and General Motors Company.
Market Segmentation As A Strategy For Customer Satisfaction And Retention.
Answer:
Gichuru & Limiri, (2017) define target market as a collection of consumers a company decides to focus its marketing efforts and eventually its merchandize towards. In other words, it a group of individuals considered to likely purchase a service or a product. In case of Ford Company, the target market is highly diverse and spans the international or global economy prompting it to use a comprehensive marketing mix. This firm owing to its wide array of products and services applies differentiated marketing strategy to reach its market. The marketing team of Ford makes use of this strategy to target multiple segments with a particular product but separate marketing techniques. Ford Motor Company has a broad target market and thus it designs its marketing strategies in such a manner to appeal to many different types of customers and at the same time satisfy their diverse needs (Alhalabi, et al., 2016).
Ford uses various segmentation variables to segment its target market. These include behavioral segmentation, demographic segmentation, psychographic segmentation, and geographic segmentation. The firm targets customers in different parts of the globe but all of them are segmented on the basis of these variables. Therefore, the target market of Ford is composed of people of almost all attributes and they normally differentiate their services and products to meet their different needs and preferences. One of the Company’s strengths is its ability to meet the needs of its target markets with ease and effectively (Alhalabi, et al., 2016). Ford ensures a continuous communication and engagement with its customers by use of several modernized means such as social media platforms.
References
Alhalabi, A., Ali, M. & Shaju, G., 2016. The American Auto-Market Leaders in Comparison: A study of Strategies and Business Models of Ford Motor Company and General Motors Company. International Journal of Management and Social Sciences Research (IJMSSR), 5 (5), p. 1/12.
Gichuru, M. J. & Limiri, E. K., 2017. MARKET SEGMENTATION AS A STRATEGY FOR CUSTOMER SATISFACTION AND RETENTION. International Journal of Economics, Commerce and Management, V(12), p. 1/10.
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