Platinum Jewelry

Content

INTRODUCTION:

Market segmentation is the most suitable way in which enormous target market divide into different subgroups of consumers who have similar needs and wants. Market segmentation can be done on the bases of Demographic, geographic, behavioural, psycographic.

Product segmentation is referring to the purchasing power of different groups of consumer, with different income in purchasing of a particular brand or product. For instance higher income group prefer to purchase LOUIS VUITTON, middle income group prefer to purchase LEVIS and Lower income group prefer to purchase, local brand.

MARKET MIX:

The company use marketing mix to guide the set of actions, or campaigns, that a company uses to promote its brand or product in the market. There are four parts in marketing mix - Price, Product, Promotion and Place. However, in these days, the marketing mix increasingly includes several other Ps like Packaging, Positioning and People.

PRODUCT:

Anything that full fill consumer demand is called product. There are two types of product tangible and intangible. Tangible goods are those goods which we can touch or feel having physical state, for example jewellery and car etc. Intangible goods are those goods which don’t have physical state, for example music lyrics and internet service etc.

PRICE:

The amount a customer willing to pay for the product is called price. For company profit and survival, price play important role. Before setting the price for product, marketer should have knowledge about other elements of the market mix, because price affect directly. For example, higher income consumers have a higher purchasing power while the lower income consumers have less.

PROMOTION:

Promotion is the communication channel through which marketer gives information about the products to the customers. For example, advertisement, public relations, personal selling and sales promotion used by marketer in promotion activity.

PLACE:

Placing is the process in which marketer distributes its product to final consumer. For example marketer uses different method of placement for example, retailer, wholesaler and agent etc.

Analysis Of The Market Segment

Demographic:

When marketer divides the whole market in subgroups is called demographic segmentation. In demographic segmentation