Marketing activities in Different Stages of Product Life Cycle

Marketing activities in Different Stages of Product Life Cycle      

The products to be used by consumers remain in different stages. So, marketing should pay attention towards the condition/situation of its products and consider what extra facilities should be given to supply to the markets. Different activities should be conducted at different stages of the life cycle of the products. Such activities are called marketing activities.

The main activities can be mentioned as follows:

1. Marketing Activities at Introduction Stage

At this stage, the new products enter into markets for the first time. So, the customers should be impressed that the new product is better than those found in the market. This is one of the many activities to be adopted at this stage. Pricing policy may also be adopted accordingly. Especially, the following activities may be conducted at this stage of the products:

• Product: When the new products of a firm appear in market, the customers should be convinced that the new products are more useful than the old ones. It is also necessary to justify the utility of the new products is more than the others. Besides, after-sale services and conditions also should be explained to the customers.
• Price: While fixing price of the new products, two main points should be kept in mind. (a) If it is to adopt a policy to earn full profit from a certain market, price should be fixed high. It is called market skimming strategy. (b) Another alternative method can also be applied. If it is to cover greater segment of market, low price should be fixed from which a success can be achieved at the introduction stage of the products.
• Promotion: The consumers should be fully informed about the features, quality and utility of the new products. For this task, heavy advertisement, personal selling and other promotional activities should be conducted effectively through which the possible customers can be attracted towards the new product.
• Place: At first, a proper channel should be selected at the introductory stage of the product. After selecting it, efforts should be made to enter the suitable market. If done so, there does not remain fear of failure.

Related Topic:

- Product Life Cycle

2. Marketing Activities at Growth Stage

Growth stage of product life cycle is the second stage of the product. At this stage, the firms or producers should adopt low pricing policy. Besides, the new products can also be properly distributed by entering to new distribution channels. The producers can foster different activities to promote sale of the products. At this stage, the following main activities should be conducted.

• Product: At first, the marketing expert should change the quality of the product; he should include new features in the new product. It is also compulsory to provide effective after-sale services and warranty.
• Price: The customers may be sensitive about price of the new products. So, the firm or producer should adopt a policy to fix low price at appropriate time, by which rational customers can be attracted.
• Promotion: Full knowledge about the product or services should be given to the customers. Information about place and products should be made available in right time and right place. Personal sale, advertisement and other promotional activities should be increased properly.
• Place: The producer should give more importance to the goal of market extension. Easy environment should be created to enter new markets. Such activities popularize the products and cover more area.

3. Marketing Activities in Maturity Stage

Every firm or production company makes the objective to mobilize its resources and means in profitable areas. For this, weak products should not be supplied to new market segments. In fact, activities towards market modification and marketing mix modification should be conducted at this mature stage. The following activities should be conducted at the maturity stage of product life cycle.

• Product: At first improvement should be made in quality at this maturity stage of product. Product differentiation is also equally important. Product mix should also be changed. The products which cannot compete in market should be abandoned. The improved product needs to be made reliable, long lasting and give new taste. Product improvement policy should be adopted for the same.
• Price: At this stage, a healthy and proper competition takes place. So, price should be fixed on the basis of market competition. At this stage, low price should be fixed.
• Promotion: At this stage, marketing expert should pay special attention to brand loyalty. Efforts should be made to increase such activities by properly using sale promotion equipment. After sales services should be made more effective, dependable warranty should also be provided to meet other terms and conditions after sale.
• Place: At this stage, the producer or firm should use new distribution/ supply channel. This activity helps to stabilize product distribution. This activity helps to take new place in new market segment.

4. Marketing Activities in Declined Stage

Market competition continues even in the declining situation of the product. When the demand for product becomes weaker, the product should not be produced. While adopting such strategy there remains least chance of losses. At this declined stage of the product life cycle, business can continue with the following activities:

• Product: Producers or firms produce different types of products. Among them weak or less demanded products should be identified. Decision should be taken to abandon such goods immediately. The market of the weak products should be left uncared without improving the product.
• Price: Demand for some products may continue. So, price should be increased of such products. On the other hand, there may not be demand for some other products; the price of such products should be decreased.
• Promotion: No investment should be made on advertisement, personal sale and other promotional activities without carrying out product research and development. However, some specific market segment may be promoted for target customers.
• Place: Declined stage is the weakest stage in the product life cycle of any product. So, at this stage only especially capable distribution channels should be given permission for product distribution.

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• Concept of New Product, Types of New Product, Product Innovation and Reasons for Product Failure

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Selection of Market Segment | Single Segment Coverage and Multi Segment Coverage Market

After evaluating market segments, the suitable market segments should be selected to enter there. Analysis of market segments, market coverage, ethical considerations, inter-segment relationship etc. also should be considered for the selection of suitable market segments.

Factors to be considered to select market segments

1. Market Segment Analysis

At first market segments should be analyzed for selecting the best market segments. While analyzing the market segments, their size, growth rate and long-term profitability should be studied carefully. Besides this, weak and strong aspects of present and possible competitors should also be studied and analyzed.

Information about possible market mix, possible total demand, weak and strong aspects of competitors, opportunities and threats of market segments, brand loyalty of customers, means and resources necessary to face threats in the market segments etc. should be collected and analyzed. Only then the selection of market segment becomes effective.

2. Market Coverage

Market coverage plays a vital role to select the best market segment. Alternatives of market coverage are as follows:

• Single segment coverage: Single market segment coverage is market centered strategy. Under this strategy, a company selects only one market segment and prepares marketing mix for this.

Single segment coverage

In the above example, the company has taken single segment coverage and has selected only one market segment D from A – J segments. Adopting such centralized strategy the company gets both benefits and loss. Its positive aspects are achievement of specialization in market segment, effective marketing mix, increase in reputation/goodwill etc. whereas no distribution of risk, not to be able to go to more attractive market segment from less attractive segment etc. are its negative aspects.

• Multi segment coverage: In this alternative, a company selects two or more segments at a time and prepares separate market strategies accordingly. This strategy helps the company to distribute risk in different market segments. In this, the company becomes successful to promote sale and earn profit. While adopting multi segment coverage, it becomes easy for the company to go to more attractive segment from less attractive ones. But this strategy is more expensive. Preparing separate strategies for each marketing mix becomes costly.

Multi segment coverage

In the above example, the company has taken multi segment coverage alternative and has selected several market segments – B, E, G and J.

• Product specialization: In this alternative, the company sells one types of product in several market segments. In other words, the company supplies only one kind of product to many market segments. The company uses slightly different marketing mix for each market segment. While adopting such strategy, the company can achieve specialization in one product. Marketing mix can be changed in less expense and risk is distributed in different segments.

Product specialization

From the above example, ABC Company has supplied the single product that is microscope in different segments for sale.

• Market specialization: In this alternative, the company selects only one market segment and deals with different types of products by specializing in them. While adopting such strategy, goodwill of the company can be increased but the market cannot be expanded depending on only one market segment.

Market specialization

The above example has adopted market specialization strategy because XYZ company has supplied different types of goods to only one market segment that is B, or only those products which are used in hotels according to the nature of products.

• Full market coverage: Under the full market coverage, one company selects all the market segments as far as possible and deals with all the products under one line. For example: Nepal Bottlers Company has been selling its products in all markets segments. Similarly, IBM has adopted the strategy of full market coverage.

3. Ethical Considerations

While selecting a best market segment, the interest of the society and customers also should be considered. No any harm should be made to society, customers and nation. So, a company should not consider profit only, it should be careful about ethical aspects also. Social responsibility should be given priority and social audit should be done.

4. Inter-segment Relationship

While selecting market segment, inter-segment relationship should be maintained in performance and technical aspects through this relationship cost can be minimized by using same technology, same production process and same distribution channel.

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          You may also like to read:           

• Meaning of Market Segmentation

• Patterns of Target Market Selection

• Marketing activities in Different Stages of Product Life Cycle

• Market segmentation Practices in Nepal | Systematic Segmentation and Non-systematic Segmentation

• Process of Market Segmentation

• Segmentation Variables for Consumer Markets

Process of Market Segmentation | Evaluation of Market Segment

Market should not be segmented on the basis of guesses or hunch estimation. A proper basis and process should be followed for it. The main task are information collection, survey, analysis of information, profile preparation and selection of market segments.

Process of Market Segmentation

1. Survey

Collecting information through survey is the first stage of market segmentation. While collecting information, special attention should be paid to customers’ need, interest, characters, features of product, brand awareness, product using style, customers’ tendency towards classification of goods, geographical and psychological features of customers etc. Besides this, information about education, age, fashion, practice and custom, religion, purchasing power, purchasing behavior, buying motives, purpose etc. should be collected. Business organization should adopt proper methods and processes to conduct market survey.

2. Analysis

After the information has been collected through survey, it should be carefully studied and analyzed. Proper statistical tools should be used to analyze the information. The demand affecting variables should be classified into special and general categories. Such variables should be analyzed in context of customers’ need and their characters.

3. Profiling

In the third stage, market segmentation profile should be prepared by identifying the basis of market segmentation. Profiles of each segment should be prepared on the basis of customers’ need and their character. Character and need of the customers of each segment can be identified by studying the profiles. Preparing profiles of each market segment in several alternatives of market segments can be found from which better alternative can be selected.

4. Selection of the market segment

Selection of market segmentation is the final stage of market segmentation process. In this stage, the profile of market segmentation is evaluated carefully and one or more market segments are selected. The selected market segments are the targeted market of business organizations.

Evaluation of Market Segment

After completing the segmentation of market, they should be evaluated and better market segments should be identified. While evaluating market segment, the company should analyze the size of the segments, and growth, structural attraction of the segment and goal and resource of the company.

1. Segment size and growth

While evaluating market segment, at first information about sale, growth rate and expected profit should be collected and analyzed. The segment size and growth rate should be the best. But the size and growth rate should be looked comparatively. Some companies like to make their target those markets which have prospective of large quantity sale, high growth rate and high share of profit. But such market segment may not be attractive for all companies. The companies select the best market segment on the basis of their efficiency, means and resources.

2. Segment structural attractiveness

While evaluating market segment, the size, growth rate and profit should be analyzed and its structural attractiveness should be considered. According to Michael Porter, the structural components to, affect attractiveness of market segments are competitors, substitute products, buyer’s power, suppliers’ power etc. should be studied.

• Competitors: Market segments may be more competitive and may also be less. The market segments where there are already more competitors become less attractive. Similarly, if the competitors are more capable and aggressive, such market segment also becomes less attractive.
• Substitute products: If a market segment has to face the competition with present and future substitute products, such market segment becomes structurally less attractive because a company becomes unsuccessful to earn profit.
• Power of buyers: The power of buyers also affects market segment. If bargaining power of buyers is more than sellers’, they give pressure to decrease price, increase quality and increase other supply related services. As a result, attractiveness of market segment lessens.
• Power suppliers: If powerful suppliers are in market segments, such segments become less attractive, because they become able to control price, quality and quantity of the products.

3. Company’s objectives and resources

Even if the size, growth and structurally attractive may be a market segment, the company should compulsorily consider its objective and resources. Some market segments may be attractive but they should be abandoned, if they are not suitable to the company’s long term objective. So, a company should select only those market segments which are suited to the company’s objective. Similarly, while analyzing market segments, production facilities, employees and their ability, financial condition, means and resources also should be considered.

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           You may also like to read:           

• Meaning of Market Segmentation

• Selection of Market Segment | Single Segment Coverage and Multi Segment Coverage Market

• Patterns of Target Market Selection

• Segmentation Variables for Consumer Markets

• Market segmentation Practices in Nepal | Systematic Segmentation and Non-systematic Segmentation

Segmentation Variables for Industrial Market

The market of industrial products is called industrial market. In other word, the total demand made by industrial users is industrial market. The goods used in industrial purpose are industrial goods. Raw materials, equipment, installation (big machines), operating supplies etc. are industrial goods. In industrial market, goods are purchased with the purpose of business use, or resale produce new

goods. The industrial purchaser is fully knowledgeable about the goods. Although the number of industrial customers may be small, they demand big quantity. Industrial market should be segmented on the basis of four variables. They are related to geographic, demographic, operational and purchasing variables.

The components for Industrial Market Segmentation

1. Geographic Variables

Area, climate, topography etc. are included in geographic variables.

1. Area: On the basis of geographic area, industrial market can be divided into four segments as local, national, regional and international.
2. Climate: On the basis of climate, industrial market can be divided into three segments as tropical, temperate and alpine.
3. Topography: On the basis of topography, industrial market can be segmented as Mountain market, hilly market, Terai market, rural market, sub-urban market, fully urban market etc.

Tips

Geographic segmentation for industrial market

Variables	Typical market segments
- Area                   - Climate - Topography	Local, National, Regional, International               Tropical, Temperate, Alpine Himali, Hilly, Terai, Rural, Sub-urban, Urban

2. Demographic Variables

Industrial market can be segmented on the basis of demographic variables such as type, size etc. of the business firm.

1. Types of business: Different types of industries and organizations (customers) operate in industrial market. They are agriculture, construction, mining, manufacturing, finance, insurance, services, govt. organization etc. Such industries and organizations need distinct marketing mix. So, industrial market can be segmented on the basis of different types of business to satisfy all the types of customers.
2. Size of business: Different sizes of business organization (customers) operate in industrial market. It (size of business) can be used as the variable of industrial market segmentation. On this basis, industrial market can be segmented as follows:
1. Very small customers (footpath vendors)
2. Small customers (small and cottage industries)
3. Medium customers (medium size industries)
4. Large customers (big industries)
5. Very large customers (government bodies)

Tips

Demographic segmentation for industrial market

Variables	Typical market segments
- Types of business                   - Size of business	Agriculture, Construction, Mining, Manufacturing, Finance, Insurance, Services, Government Organization             Tropical, Temperate, Alpine Himali, Hilly, Terai, Rural, Sub-urban, Urban Very small, small, Medium, Large, very large

3. Operating Variables

Technology, requirements of service, usage rate etc. are the main operating variables.

1. Technology: Technology can also be used in segmenting industrial market. The variables like, labor incentive technology, capital incentive technology, automatic ultramodern technology and computer technology should be considered while segmenting industrial market on the basis of technology.
2. Requirement of services: Industrial users require different types of services. Marketing mix becomes effective if the market is segmented by identifying such requirements of the services. The main variables of market segmentation on the basis of requirement of services are warranty of products, machinery installation, machinery repair service etc. after sale.
3. Usage rate: Usage rate of industrial goods differs according to customers. Usage rate affects continuity and quantity of purchase of goods. So, marketing mix should be fixed considering this fact. The main variables of segmentation of industrial market are heavy users, medium users, light users, non-users etc.

Tips

Operating segmentation for industrial market

Variables	Typical market segments
- Technology - Requirement of services     - Usage rate	Labor incentive, Capital incentive Automatic ultra modern technology, Computer technology     Warranties, Installation, Repair, After service sale        Heavy users, Medium users, Light users, Non users

4. Purchase Related Variables

Purchase organizations, purchase procedures and methods negotiation period, contract duration etc. are purchase related variables.

1. Purchase organizations: Purchase may be different according to the size and nature of business organization. Some organizations give all purchasing responsibility to a certain individual; some give this responsibility to purchase committee or department. It becomes easy to sell goods to single individual but it becomes difficult to sell goods to purchase committee or department. So, effective marketing mix should be made by segmenting industrial market.
2. Purchase procedures and methods: Purchasing procedures differ according to business organization. Some purchase goods through contract, some others purchase through tender. Similarly, purchase methods also differ according to organization. Some organizations adopt centralized purchase methods and others decentralized methods. So, industrial market should be segmented on the basis of purchasing procedures and methods.
3. Negotiation period: Industrial market can be segmented on the basis of negotiation period. Many persons involve in taking decisions on purchase negotiation to purchase some goods and few person take decisions for some other goods. If many individuals need to be involved in taking decision on purchase negotiation, such negotiation period becomes long. Otherwise the period of purchase negotiation becomes short. Negotiation period of some goods may be years long.

Tips

Purchase-related segmentation for industrial market

Variables	Typical market segments
- Purchase organization             - Purchase procedures and methods - Negotiation	Individual, Purchase Committee, Purchase department       Negotiation, Tender, Quotation, Centralization Purchase, Decentralization Purchase Short, Long

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          You may also like to read:           

• Meaning and Components of Marketing Mix

• Meaning of Market Segmentation

• Selection of Market Segment | Single Segment Coverage and Multi Segment Coverage Market

• Process of Market Segmentation | Evaluation of Market Segment

• Patterns of Target Market Selection

• Segmentation Variables for Consumer Markets

• Market segmentation Practices in Nepal | Systematic Segmentation and Non-systematic Segmentation

Meaning of Market Segmentation | Requirements of Market Segmentation | Benefits of Market Segmentation

Meaning of Market Segmentation             

The process of exchanging goods or services is called market. There may be different kinds of customers in market. Only one type of firm cannot fulfil/meet all the needs of all customers. So, a firm should classify the market on different basis and identify target market, the same is called market segmentation. Consumer markets can be segmented on geographic and demographic levels, population, psychographic and behavioral basis. Similarly, industrial market can be segmented on the basis of geographic, demographic, operation and purchasing system. Customers may be of different types according to their need, want, interest, buying purpose, buying habit, age, gender, education, religion, income level, and place. So, market segmentation should be made deeply studying and analyzing such factors.

While segmenting market, very practical strategy should be formed. The characteristics of the customers of segmented market should be similar while segmenting the total market. For instance, on the basis of income level, market can be segmented in three categories such a slow income level, middle income level and high income level. On the basis of age, market can be segmented in four categories such as children’s market, teenagers’ market, youths’ market, elders’ market. Similarly, on the basis of gender, market can be segmented in two categories like females’ market and males’ market. Generally, the character of same income level customers becomes same. Similarly, the character of same aged customers becomes the same. Generally, the character of the customers of the same segmentation becomes same even segmented on other basis.

While segmenting the total market, it becomes easy to make market strategy as the needs, wants, interest and other characteristics of the customers become almost same. The nature and features of goods should be considered in segmenting market. Same basis of segmentation cannot be fit for all types of goods. Let’s take an example to make it clearer, if an automobile manufacturing company has not adopted market segmentation policy, it becomes appropriate to segment market on the basis of low income level, middle income level and high income level but not on the basis of education, age, gender, religion etc.

All types of customers can be supplied with different quality and types of automobiles of different prices by segmenting the market in this way. High quality, middle quality and low quality vehicles of high price, middle price and low price respectively can be supplied to the customers having high, middle and low income customers. All the three or two or only one types of customers can be targeted and manufactured automobiles accordingly. Different experts, writers and scholars have defined market segmentation; important ones have been given as follows:

According to William J. Stanton, Michael J. Etzel and Bruce J. Walker,“Market segmentation is a process of dividing the total market for a goods or services into several smaller groups, such as that the members of each group are similar with respect to the factors that influence demand.”

According to Prof. Philip Kotler, “Market segmentation is the act of identifying and profiling distinct group of buyers who might require separate product and/or marketing mixes.”

According to Ronald W. Hasty and W. R. Ted, “Segmenting markets simply divides the heterogeneous mass market into groups each of which has one or more homogeneous characteristics.”

According to Prof. E. Jerome McCarthy, “Market segmentation is naming broad product markets and segmenting these broad product markets in order to select target market and develop suitable marketing mixes.”

In conclusion, the process of dividing total market into several small parts on the basis of customers’ need, want, buying purpose, buying habit, age, education, gender, religion, income, place etc. is called market segmentation. Market segmentation is made in a way that, generally, the characteristics of all the customers within same segmentation are similar. As it is difficult to satisfy all types of customers by a firm, it should identify target markets by making market segmentation and should develop proper marketing mix. Market segmentation is customer oriented mission, in which total market is divided into several parts of same characteristics by identifying customers’ needs or wants to supply them with their demands.

Requirements of Market Segmentation            

Market segmentation is a consumer oriented mission. This mission supplies goods or services to satisfy wants and needs of customers of the target market in order to achieve organizational goal. Same basis of market segmentation for different products cannot be appropriate. The necessary components for market segmentation are as follows:

The requirements of Market Segmentation

1) Divisible

Market should be made divisible for market segmentation. Market should be divided on the basis of purchasing power, purchasing purpose, purchasing habit, lifestyle, living style, gender, religion, place etc. While dividing market, the customers having same wants and character should be grouped. Doing so, it becomes easy to form marketing mix strategy. If the total market is not easy to divide and has no characters, adopting market segmentation policy becomes impossible.

2) Measurable

Customers’ wants, purchasing power and characteristics should be measurable. Besides, the information necessary for market segmentation also should be easily available. Customers’ income, age, gender etc. can be easily available. Customers’ income, age, gender etc. can be easily obtained and measurable. But beliefs, perception and attitude of the customers cannot be measured. So, market segmentation should not be made on the basis of the components which cannot be measured because true information cannot be obtained from it. As a result, it becomes difficult to make marketing mix.

3) Accessible

Market segmentation should be made in a way that it becomes easy to reach there and provide effective services. Market segmentation should be made in a way that marketing activities such as distribution, advertisement media, selling efforts etc. can reach there easily. If market segmentation is made beyond the access, it becomes difficult to reach there, provide goods or services and market segmentation becomes ineffective. So, these factors should be well though and considered while segmenting market.

4) Substantial

Profit components should not be missed while segmenting market. If profit cannot be earned from providing goods or services to the customers, a business firm cannot make sustainable development. The main purpose of market segmentation by identifying target market is to earn profit. So, market should be segmented so that profit can be clearly seen. For this, market segments should be sufficient and satisfactory. If the market segment is small, it becomes difficult to earn profit.

5) Actionable

The other important requirement of market segmentation is action ability. A business organization should be able to implement its policy and programs to attract targeted market segment and provide services. So, market segmentation should be made considering the human, physical and financial resources of a firm so that it can be easily implemented. If actions cannot be carried out due to the lack of human, physical and financial capacity, the market segmentation becomes ineffective.

Benefits of Market Segmentation             

Dividing total market into small parts or segments is called market segmentation. Market segmentation is a customer oriented concept. It makes easy to identify target market and make marketing plans and programs. Market segmentation plays an important role in identifying market opportunities, effectively using market resources, evaluating competitors, making strategic plans, specializing market, making effective marketing mix and making business organizations adoptable to the environment. The benefit of market segmentation can be presented in the following figure:

Benefits of Market Segmentation

1) Identification of market opportunities

To be able to identify market opportunities is an important aspect of market segmentation. Size, development and wants of each segment can be analyzed by dividing total market in several segments. Besides, characters of the customers of each segment and possible profit also can be analyzed by segmenting the market. Market opportunities can be identified from such analysis. More profitable market segment can be chosen leaving aside the less profitable one. As a result, the business firm becomes able to achieve its goal. The joint venture commercial banks operating in Nepal want to conduct their activities in only profitable city areas. They are not willing to open their branches and operate in less profitable rural areas.

2) Effective use of marketing resources

The other important aspect of market segmentation is to be able to use marketing resources effectively. Marketing resources can be effectively used by using separate marketing mixes for each segment. Goods or services can be produced according to the demand of market segment. Price of goods or services can be fixed according to the purchasing power of the customers of each segment. Promotional activities also can be conducted according to the market segment. Proper distribution channel can be selected according to the demand and wants of segment. If market is not segmented, it becomes difficult to produce suitable goods or services to all segments, fix price, conduct promotional activities and select distribution channel.

3) Evaluation of competitors

The other important aspect of market segmentation is successful evaluation of competitors. It is necessary to get all information about competitors’ situation of each segment from market segmentation. Their weak and strong aspects can be identified through their evaluation. True information about competitors’ strategy and marketing mix can be obtained. Business success can be achieved by identifying weak aspects of competitors.

4) Strategic planning

The other important aspect of market segmentation is to help in making effective strategic plans. Strategic plans can be made for each market segment by segmenting market. Information about number of customers, purchasing behavior of customers, their purchasing power and purchasing purpose should be obtained for making strategic plans. Along with this, it is also necessary to get knowledge about the market strategies of competitors. If a detail study is carried out of market segment by segmenting market, information about all these matters can be acquired. Appropriate strategic plans for each segment can be made on the basis of this information.

5) Market specialization

Market segmentation also helps in market specialization. Total market becomes vast. In vast market, it becomes difficult to specialize market by analyzing customers. So, a business organization should divide total market in different segments, specialize market by studying and analyzing the customers of each segment and can specialize market adjusting with marketing mix to satisfy the customers.

6) Effective marketing mix

The other important aspect of market segmentation is to be possible for effective marketing mix. True information about customers’ interest, their habit, custom, purchasing power, purchases behavior, buying motives etc. can be acquired from market segmentation. Proper marketing mix can be prepared for each market segment on the basis of such information and can be implemented effectively. Besides this, marketing mix can be changed according to necessity and time.

7) Environmental adaptation

Environment is an important component to affect any business organization. If environment is made favorable to the organization, business success can be easily achieved. Environmental components of small segments also can be identified through market segmentation. The quick changing environment can be anticipated. As a result, business organization can be made adaptable to the environment by marketing mix.

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           You may also like to read:           

• Meaning and Components of Marketing Mix

• Selection of Market Segment | Single Segment Coverage and Multi Segment Coverage Market

• Process of Market Segmentation | Evaluation of Market Segment

• Patterns of Target Market Selection

• Segmentation Variables for Consumer Markets

• Segmentation Variables for Industrial Market

• Market segmentation Practices in Nepal | Systematic Segmentation and Non-systematic Segmentation