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Market Segmentation and Marketing Mix of Samsung

Market segmentation of Samsung

Market segmentation is an activity to divide a large number of consumers into small groups or segments which is based on different criteria (Weinstein, 2013).The segment includes those consumers who will react similarly to strategies developed by marketers. The segmented consumers have similar tastes and preferences. Segmentation means differentiating the consumers on the basis of Age, Gender, income and lifestyle..

Types of segmentation

Geographic

This segmentation is based on geographical area. The target area will be decided by the company. Samsung focuses on rural as well as urban population. Samsung has a variety of mobile phones for every type of consumer. It is one of the leading manufacturers of the mobile phone in the world. Samsung has Samsung Guru for the rural sector. The company has Galaxy smartphones for the urban sector such as touch enabled smartphones.

Demographic

Samsung offers mobile phones for youth, professionals, and businessman. The company offers Guru Series for Middle class and lower class consumers (Simkin,2016). The Samsung Galaxy Series is suitable for high-class consumers. Galaxy series offers a large number of attractive features which include Wi-Fi and 3G technology. The mobile phones of Samsung are affordable and cheap that is why they are attracting a large number of the consumer.

Age group- Samsung targets the customer between the age group of 22-55. Samsung designs and develop their products according to the target customer base. Young professionals mostly prefer Samsung mobile phones. The spending power of the young professionals is more as compared to other consumers. The company innovates its products according to the demand of the consumers.

Gender- Both males and females are the target consumers of Samsung. The company offers fancy smartphones for females (Kotler, 2012). For males it has smartphones with great space and battery backup. The company also focuses on young women who are not much influenced with the price.

Occupation- Samsung targets students, employees and professionals. The company has Samsung galaxy series for the businessman and professionals. This segment of the market includes large number of working professionals.

Psychographic

Psychographic segmentation means dividing the target consumers on the basis of values, interest, personality trait and lifestyle (Kotler, Burton, Deans, Brown& Armstrong, 2015). The psychographic segmentation of Samsung includes individual, teens and adults who are techno savvy.Samsung has a wide range of mobile phones which are fancy and attractive. The company offers touch screen mobile phones with lower rates. Every consumer can afford the mobile phones of Samsung because of its Price. Samsung galaxy series provide innovative features for high class consumers who want to show their style statement. The approximate range of Samsung mobile phones starts from 1200 to 50,000.

Market segmentation helps Samsung to identify the target market and target consumers. It defines the total demand for the product in each economic feasible segment. The segmentation defines total homogeneity and heterogeneity. The market segmentation provides many advantages to Samsung in different ways:

  1. Suitable target market
  2. Focusing on potential consumers
  3. Effective marketing efforts
  4. Advantage to the consumers

1) Suitable target market

There are many segments in the market and each segment is different. All the consumers are not homogenous. The buying behaviour of all the consumers is different. Market segmentation helps to define each segment. Segmentation provides a brief knowledge of market to the company. It is easy for the company to distinguish each consumer on the basis of segmentation.

2) Focusing on potential consumer

Segmentation helps the company to understand the demand of potential consumers. By using proper segmentation the company will be able to design and develop its products according to the need and demand of the target consumers. The response from homogenous consumers helps to define each segment very clearly. The segmentation helps the marketer to develop appropriate strategy for the consumers.

3) Effective marketing efforts

Companies try to fulfil the needs of each segment. The segmentation helps to design promotional tools for each segment of the target market (Syapsan, 2019). Marketing efforts should be well designed to promote the product of the company. Market segmentation helps the company to identify the best time for the launch of new product and advertising etc.

4) Advantage to the consumer

Market segmentation provides benefits to the consumers. Segmentation helps the company to understand the need of the potential consumers. The consumers will be find suitable products according to their demand.

Targeting

Targeting means selecting target customers from the target market. The marketer develops the strategy for these consumers to sell the product and services of the company. The target consumers of Samsung are based on different class and groups. Young people, business class, professionals and organizations are the major target consumers of Samsung. Targeting is based on retaining the target customers to maximize sales.

Positioning

Positioning is the strategy to influence the perception of the consumers towards a brand. Samsung develops many positioning strategies to capture their target consumers. Samsung majorly focuses on lower class and middle class as they gain most of their margin from these consumers. Samsung developed a brand image in the mind of consumers. The company has also adopted the 3g segments of mobile phones. Innovation and upgradations of mobile phones are the main concepts of Samsung.

Strategies of Samsung to target the Segmented market

The marketing mix is a strategy that helps the marketer to promote its product and service in the target market. Marketing mix was created by Jerome Mccarthy in 1960 (Steenkamp, 2019 ). Samsung designs its products according to the demographic segments of the consumer. The products of the company are suitable for urban as well as rural population. Samsung offers premium smart phones for high class consumers. The company designs affordable smartphones for rural sectors. 

Samsung charges high price for its premium mobile phones. The range starts from 1500 to 50,000. Samsung provides innovative products with high price. The company provides additional features and value added services to Consumers. The Company mainly targets rural and urban sector. The market has many segments and it is important for the company to decide which market segment is crucial for them. Samsung takes the help of market segmentation to develop the better understanding of the target market. Rural and urban population mainly prefers the Samsung mobile phones as they are affordable.Galaxy S6 and S6 edge are the new products that are targeting high class sector of the population. Samsung always focuses on promoting its most important products. Samsung promotes its product through innovative advertisement.

Refrences

Kotler, P. (2012).Kotler on marketing. New York Simon and Schuster.
Kotler, P., Burton, S., Deans, K., Brown, L., amp Armstrong, G. (2015).Marketing. New Jersey Pearson Higher Education AU.
Simkin, L. (2016). 11 Segmentation.The Marketing Book, 271. London Routledge.
Steenkamp, J. B. (2019). Reflections on defining global brands, fragmentation and segmentation, and the emergence of richer brandscapes.Brisbane International Marketing Review.
Syapsan, S. (2019). The effect of service quality, innovation towards competitive advantages and sustainable economic growth Marketing mix strategy as mediating variable.Benchmarking An International Journal. 1-22
Weinstein, A. (2013).Handbook of market segmentation Strategic targeting for business and technology firms. London Routledge.

 

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