THE IMPACT OF MARKET SEGMENTATION ON SALES PERFORMANCE
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- NGN 3000
Abstract
The study evaluated market in the beginning of its review of related literatures.
A market is seen as the group of people that are both potential and actual consumers who have some needs to satisfy who are willing to satisfy such need and are financially capable of satisfying such needs. The starting point of any segmentations discussion is the mass marketing. The mass marketing concept is seen as a process by which a seller engages in the mass production, mass distribution and mass promotion of one product for all categories of buyers. The argument by marketing professionals for mass marketing which says that it creates the largest market leading to lowest cost and lower prices is speedily loosing ground today. This is because the concept does not take into consideration the customers oriented philosophy. The marketing concept is acceptable today in that it is a philosophy that first seek to identify customers needs and developing and directing needs to satisfying goods and services to identified customers groups. It is a known fact that satisfied customers not only remain loyal to the firm but also serves as an unpaid medium of advertisement because they promise the firms benefits to potential customers, thereby increasing the sales volume of the firm. Market segmentation strategy is an element of the marketing concept. It is a process of identifying and grouping together customers with similar buying characteristic needs and wants etc and also developing distinct matching marketing mix for them.
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