Marketing Management Assignment Example | Topics and Well Written Essays - 2500 words

Marketing Management - Assignment Example Clustered market might reveal distinct preference clusters, called natural market segments. Own brand with fashionable and price sensitive consumer who looks for more modern looking footwear but price conscious because short duration of styles, actively targeting people between age group of 35 to 45 years. (b). Marketers advocates a need based market segmentation approach. Robert J. Best (2000) proposed seven step process and these are i. needs-based segmentation ii. Segment identification iii. Segment attractiveness iv. Segment profitability v. segment positioning vi. Segment 'Acid test' vii. Marketing mix strategy. For effective segmentation process, the market segment must be i. Measurable ii. Substantial iii. Accessible iv. Differentiable v. Actionable. Now on the basis of above 5 parameters we would discuss Clark's segmentation process. Clark's market segment could be measurable. As we know that consumer expenditure on footwear is increasing by 3.5% producing an additional GBP 166 million. Clark's brand is controlling 10% of consumer expenditure on footwear and over 30% of children shoe market. Targeted market segment of Clark's is comparatively and young affluent generation between age group of 18 to 30. This generation is fashion driven, ready to spend money and have earning. They are looking for more modern designed, trendy, easy to wear, comfortable and stylish foot wears. This age group has the potential to buy as well as influence the other segments also. So Clark's segments are measurable. This market segment is substantial also. A large number of persons belong to this age group. They have similar kind of needs. They want to wear exclusive designs that have brand name also. Clark is known for its quality as well as for its brand name so when Clark has launched the specific products, which fulfilled the needs of, the new market segment, people tend to buy those products. This segment has been easily accessible and Clark has reached to them effectively through advertising with catchy slogan via modern communication media i.e. through T.V and terrestrial and satellite channels. This young people between age 18 to 30 are easily distinguishable through their attitudes. The second segment, which Clark is targeting, is between age group of 35 to 45 who are fashion oriented but more prices sensitive as well as also make decision while buying shoes for their children. So they are decision-makers also. They have the purchasing power and they are looking for style as well as comfort. These segments have different needs and requirements than any other segment. So no two segments could be mixed up. Finally Clark has formulated an effective integrated flexi communication strategy to attract its newly targeted segm ent, which is predominantly fashion oriented. This fashion oriented affluent segment of younger people creates a major market potential in terms of buying practices and tendency to do expanses on fashion oriented objects like footwear. So if we evaluate keeping in mind the different segments of Clark we could easily find that Clark's segmentation process is good but needs