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Market Segmentation
Market segmentation is a business concept that entails the division of the general market of a product into consumer subsets, which are made up of individuals who share similar preferences. Segmentation demands the diversification of the marketing strategy to succinctly address the various needs of the different clients in the market. Companies that engage the market segmentation framework respond to the knowledge that two different individuals cannot a-priori share similar preferences.
McDonald’s comprises one of the major global companies in the world today. The company engages market segmentation in the extension of its services to its large client base. The market segmentation metric engaged by the McDonald’s corporation is age. Essentially, the company extends different advertisements at different times with the intent of capturing the curiosity of individuals who project different ages in the society. McDonald’s company has the Ronald McDonald’s advertisements which majorly target the children. The company also has the quick breakfast advertisements which are intended for the adult customers of the corporation. Therefore, the company engages the psychographic approach to appeal to its diverse customer base.
Nonetheless, despite the efficiency of the strategy, there is a need to assess four factors before engaging market segmentation. Firstly, there is a need for the clear identification of the segment to be engaged (Recklies, 2015). Likewise, there is a need for the determination and measurement of the effective size. Accessibility comprises the next factor. The last factor is addressed by the appropriateness of the strategy to the company’s resources and policies. McDonald’s company, through the different advertisements, responds to the diverse nature its customers. Essentially, one advert clearly targets children while the other targets adult. This is reflective of the clear identification factor. Alternatively, McDonald’s adverts can reach multiple households at once which was inspired by the successful measurement of the effective size. Likewise, the adverts, given that they are projected over the television, embody accessibility. The advertisements are appropriate given that they are family oriented. Furthermore, given its large revenue reserve, McDonald’s can financially support the initiative. [“Write my essay for me?” Get help here.]
Consumer Buying Decision Process
The consumer buying decision process refers to the decision-making processes that are engaged by majority consumers in business transactions. Essentially, the phenomenon addresses the different decision-making initiatives that are conducted by clients before, during, and after the purchase of a given product in the market. Many marketing initiatives are aligned towards the consumer buying decision process. [Need an essay writing service? Find help here.] General decision-making comprises the ability to choose an option from among the multiple varieties that are available. There are five stages of the consumer decision buying process.
The first stage entails the problem recognition phase. In this stage, the client strives to identify the need that will inspire the purchase of the subject product (Johnston, 2016). No purchase can take place without the identification of the need to be serviced. The need can be inspired by external or internal stimuli. Internal stimuli such as hunger and happiness allow influence the needs required by the patient. External stimuli such as advertisement further allow problem recognition. The second stage comprises information search. In this stage, the potential customer seeks the information that appertains to products that will serve to satisfy their urges. The client may engage print, visual, and audio sources.
Evaluation of alternatives provides the third stage in consumer buying decision process. This refers to the comparative analysis conducted by the customer on the available products. In this stage, the customer compares the prices, quantity, quality and sufficiency of the products being offered to satisfy the prevailing need. The fourth and most important stage comprise the purchase decision. At this stage, the consumer decides on the product that succinctly responds to their need and is willing to pay for the product or service (Johnston, 2016). The last stage is known as the post-purchase stage. In the post-purchase behavior stage, the customer assesses products based on the experience they derived from past engagements of a similar product (Johnston, 2016). In purchasing my shoes, I tend to engage the five stages of the consumer buying decision process. To begin with, when an advertisement of a shoe appeals to me, an urge to purchase the shoe is reinforced in me. Afterwards, I conduct research on the internet on the efficiency of the shoe. I then compare the shoe’s quality and price to other shoes by using the internet. Upon determination of the efficiency of the shoe, I decide to purchase it. In the future transactions, I align myself towards the engagement of similar shoes or company in satisfying my prevailing urges.
Surveys, Experimentation, and Observation Research Methods
Survey, experimentation, and observation are methods that are repeatedly used in the collection of data. Despite their significant inputs in research initiatives, the three project several differences. Surveying as a method of data collection involves the securing of information which is drawn from various respondents.[Click Essay Writer to order your essay]For instance, in reinforcing the quality of healthcare, hospitals often conduct surveys that involve the patients. Alternatively, experiments are systematic and logical tests which are conducted on one or more variables to determine the outcomes. An example of an experiment is observed in the laboratory testing in epidemiological studies. Observation entails the physical viewing and recording of the variable under assessment. An example of an observational method of data collection is seen in bird-watching initiatives.
References
Johnston, E. (2016, May 18). 5 steps to understanding your customer’s buying process.
Recklies, D. (2015, February 8). Market Segmentation – Why is it Important? Retrieved October 12, 2016, from The Manager.Org:
