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Target Market Analysis Essay

Segmentation And Target Market Essay

Segmentation and Target Market

Proper marketing management is one of the major determinants of business success. Amongst the methods of marketing management, segmentation, target marketing, and positioning are of utmost importance. Market segmentation deals with the identification of the market constituents into different groups or segments based on specific profiles (Kotler and Keller, 2012). Target marketing deals with the selection of segments and development of the measures to attract the selected consumer groups (Kotler and Keller, 2012). Ultimately, business positioning deals with the ways in which the business remembers and distinguishes the brand of the company with the competing products by means of unique attributes and benefits (Kotler and Keller, 2012). Although there are some associated drawbacks related to target marketing, segmentation, and positioning such as ethical issues, inhibited popularity due to cynicism to discrimination practices in these strategies, as well as waste of resources. Most firms still utilize these mechanisms due to the benefits offered such as improved operation efficiencies, better product positioning accuracy, and increased possibilities for opportunity identification (Kotler and Keller, 2012).
Procter and Gamble (P&G), which was formed on October 31, 1987, is one of the leading fast moving consumer good (FMCG) companies in the world. The portfolio of the company consists of several well-known brands such as “Pantene,” “Rejoice,” “Gillette,” “Pampers,” “Ariel,” “Ambi Pur,” and “Duracell,” among others (Procter and Gamble, 2013). The development of these brands is possible only due to sound and carefully planned marketing management strategies.
The segments of P&G may be seen from several different perspectives. First and foremost, the segmentation may be seen from the types of products. Based on their functions and usage, the segment of the market may be classified into health care, beauty, and family care segments (Procter and Gamble, 2013). For products having similar functions, P&G also segments the market further based on their demographic characteristics such as age and gender. For example, “Noxzema” is aimed to young women and young men, while “Olay” is targeted to older women. Similarly, “Head and Shoulders” is oriented mainly to adult men and women who have dandruff, while “Pantene” is oriented to adult women. Furthermore, segmentations based on the geographical features are also present. For example, there are specific innovations in the brands, such as the growth of hair treatment brands for women with curly hair in African continent, in which women having such traits are prominent. Similarly, products able to give “silky-smooth” hair are also focused in Asian countries, in which such kind hair is considered as an indicator of beauty and elegance and is therefore desired. In addition, segmentations are also made based on the psychographic characteristics of the consumers such as the value,...

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Aetna: A Target Market Analysis Essay

1394 Words6 Pages

Overview: With an evolving market in the various fields marketing, companies needed to readjust their and update their marketing strategies. Centuries ago, a company that needed to market for its products would just post a paper note at the main town street and if people liked the product it would be sold. In the 21st century, marketing became an essential field and necessary branch in any company that plans to succeed. Aetna recognized this necessity and while analyzing the company’s strategies and structure, one can recognize the un-doubtful organization in identifying their target market. Through the creation of different subsidiaries, Aetna, Inc. is able to organize its target market and classify their various services based on…show more content…

The second subdivision of Aetna’s primary target market is promoting health insurance to Medicaid participants through Schaller Anderson (Schaller Anderson: History, 2012). As a leading insurance company, Aetna’s primary market broadens to reach those who work full time or part time based on hourly wages through its subsidiary company, Strategic Resource Company (SRC) which was bought by Aetna, Inc in 2005 (SRC: Our Mission, 2012). Aetna’s fourth subdivision target market, which is considered the biggest subdivision, is providing insurance to “employers, third-party administrators, commercial insurance companies and other health plans (Aetna Subsidiaries, 2012)”. These latter targets are aimed at through Aetna’s fourth subsidiary Cofinity which includes over 2.5 million members as of 2009 (About Cofinity, 2009). Besides targeting health insurance consumers, Aetna aimed at a target market that excludes health insurance seekers yet includes health care providers. Through a fifth subsidiary, Medicity, Aetna created another target market subdivision where it can provide health information technology in health care facilities such as hospitals and practices (About Medicity, 2012). Finally, Aetna aims at acquiring shareholders and therefore targeted a market of

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