Marketing Strategy for Services

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Assignment #3: Marketing Strategy for Services Aurora Morrison Marketing Management – MKT 500 Dr. Stephen R. Hiatt February 18, 2010

Marketing Strategy for Services

Target Market(s) and Segment Determination.
When considering the target market for a particular product or service, one should take into consideration market segmentation. Market segmentation’s process “is an intuitively appealing process” (Winer, 2007) that aids in finding segments of the market of interest for a firm’s product. Moreover, market segmentation guides, and helps develop products specifically for particular markets that are being targeted. (Winer, 2007)
However, when describing the target market(s) for products and services a firm should first be aware of certain aspects of the marketing segments. For instance, what is the marketing segment size? Are there a significant number of customers for the product or service? Will there be significant sales revenue that will become a potential profit in the market segment? Thus, begging the question of: is the market segment even worth targeting? Other aspects must also be taken into consideration when aiming for a target market; such as, the targeted market’s growth rate. Here, marketing managers would certainly opt for a growing market segment as this will indicate possible future revenues in the target market. Additionally, one must be aware of the possibility of other environmental factors that may be associated with the target market. This includes elements of regulatory, economic, social, cultural, and other “exogenous factors” (Winer, 2007). Lastly, market managers evaluating a market segment for a target market should…...

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