Marketing Segmentation And Marketing Mix

Name of StudentMarketing Management –MKT 6210Assessment Task 1Marketing Management –MKT 6210Assessment Task 1Choose a company of your choice and explain the marketing segmentation methods implemented by themThe process of market segmentation involves division of the complete potential market for a product or service offering into small-sized groups. These groups have same wants and needs and the rationale behind market segmentation is that the company is able to devise customized promotion and advertising strategy to target the group, thereby meeting the needs of diverse consumer base more effectively (Schuetz, 2015). Wal-Mart is a retail giant and covers a huge market. The concept of markets segmentation is very important for the management of Wal-Mart because it gives the company insights into where to open-up a new retail outlet and what type of products or service should the company offer to a particular consumer segment (Chuang, Donegan, Ganon & Wei, 2011). In addition, the company is making use of a diverse range of store format at numerous localities, in order to fulfill the needs and wants of a diverse consumer base. To add on, Wal-Mart has five