Marks and spencer Essay Example | Topics and Well Written Essays - 2250 words

Marks and spencer - Essay ExampleOne of foremost steps in creating a successful commercializeing strategy is that of Market Segmentation, which refers to the division of a whole foodstuff for a product into smaller shares based upon the characteristics or aspects that are shared by the groups. By conducting market segmentation, a business is able to understand and evaluate various aspects of each division, group or segment in order to target a group or several groups that are then catered to with disparate marketing mixes (Vieceli & Valos 1998). As buyers become more diversified and unique, market segmentation acts as a unwrap tool in designing the marketing strategies of successful organizations who understand that the diverse characteristics of customer needs, wants and preferences make it a requirement for any business success that the nature of its customers needs and wants is precisely be and then handled accordingly (Lamb, Hair & McDaniel 2011). Market Segmentation can b e conducted on the basis of quaternity primary variables that are Geographic, Demographic, Psychographic and Behavioral and will be discussed individually based on their relevance and applicability to Marks and Spencer. Geographic Segmentation World region or country The primary market for the retail merchant is still the United Kingdom moreover, it has also expanded into Asia, Africa and other European nations. City or subway size The location of Marks and Spencer shops is primarily Major cities with macrocosm crossing 4 million and mainstream cities with population above 1 million. Density Urban and suburban population. Demographic Segmentation Age Middle- suppurated. The average age of a customer can range from 35-55. Gender The existence of product categories such as womens clothing, lingerie, beauty, kids, home furniture, food and gifts seems to attract a largely female audience moreover that does not mean that men are not M&S buyers. Family life cycle Customers are usua lly single, matrimonial, married couples with children, unmarried couples and older people who are family oriented. Income ?30,000 and above per annum Psychographic Segmentation Social Class Usually center(a) class and upper middle class buyers looking for products that are of a decent quality but also economical and suitably priced at the same time. This suggests that customers of M&S seek good take account for money. Personality Customers are not generally perceived as trendy, fashionable or imaginative when it comes to choices colligate to clothing. Older customers are not considered to be ambitious or achievers who wish to shop at the retailer to project a sense of success and affluence (Business World). Behavioral Segmentation Occasions The M&S shopping experience is not limited to special occasions buyers may shop at M&S for fastness commodities and go to other high-end retailers for special occasion shopping such as Christmas. This was reflected in a drop in sales of M&S by 3.8% for general commodities during the holiday term of 2012 (Ruddick 2013). Benefits Sought Users seek economy and convenience when shopping at M&S as more than of the commodities are affordable and not high-priced. Loyalty Status Customers buying behavior for regular and basic commodities such as grocery and basic clothing is low involvement, habitual buying behavior. Therefore,