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20 November, 23:59

2. You have been asked to identify the various segment in the market and then a potential targeting strategy. Describe the segments for a pet supply store and then justify the best targeting strategy to use.

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  1. 21 November, 00:45
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    The various segments in the market include:

    Demographic segmentation. Psychographic segmentation. Behavioral segmentation. Geographic segmentation.

    Explanation:

    Market segmentation is designed to identify the most profitable segments in order to better understand their needs and purchase motivations.

    Targeting strategy is a strategy for selection of potential customers a company can sell its products to. Targeting is done to a specific target group with respect to the various segments in any market.

    A pet supply store can use differentiated marketing or multi-segment targeting since its market segmentation reveals several potential target segments that the company can serve profitably. A differentiated marketing strategy exploits the differences between marketing segments by designing a specific marketing mix for each segment.

    In this case, specific marketing mixes can be developed to appeal to all or some of the segments.
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