Segmentation and Market Target Paper Essay Example | Topics and Well Written Essays - 1750 words

Segmentation and Market Target Paper - Essay Example The essay discusses Apple’s criteria for market segmentation as well as market segmentation mediums. The main approach that the company uses is market segmentation. The management’s market segmentation is based on concepts of economics while dividing organizations and people into categories with a derivative of similar products. According to Hiebing, Cooper & Wehrenberg (2011), the concept responds positively to the marketing messages of the product. In achieving this, Apple eliminates wasted resources with an attempt of marketing to consumers without interests in the company’s product. The different segmentation types used by Apple include Demographic, Psychographic, Geographic, and Behavioral Segmentation utilized in creating effective marketing campaign. According to McDonald & Wilson (2011), Apple’s demographic segmentation involves division of the company products based on characteristics of certain market. The approach includes income, age, sex, race, and education. The geographic segmentation concepts are differentiated on the basis of physical locations in potential consumers. Further, Apple’s psychographic segmentation involves the lifestyles or personalities of potential consumers. Behavioral segmentation for the Apple Company is based on the analysis of consumers’ actions. According to Estelami (2009), market segmentation in has narrowed from complicated processes that required significant research on consumer behavior. Currently, the firm has in-depth understanding of company objectives and goals. The initial step for market segmentation involves identification of broad markets that are attained through existing channels. For instance, Apple Inc. has produced the iPod as one of its fast moving consumer goods. On the other hand, prior the start of research and development for the product, the department identified broad markets used by the iPod within music markets. The