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Case Study. As mentioned in this article, market segmentation is used in order to focus in one main area of the market. In this case, it will be the Muslim market

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Introduction

Case Study - Part A - P. 71 A business can use market segmentation in order to have effective marketing. Breaking down a market into sub-groups is known as market segmentation. A business can then target these different groups and develop products and services for each of them. There are four main ways in which businesses tend to segment their market: geographically, demographically, psychographically, and behaviorally. In this article, it could be identified the use of market segmentation and one type of it. (i) As mentioned in this article, market segmentation is used in order to focus in one main area of the market. In this case, it will be the Muslim market, because it is mentioned that Marian Salzman, who is one of the world's foremost trend-spotters, predicted that the next big thing in marketing will the "Muslim Pound." So for a business it might be a good idea to center the attention into this segment of the market (ii) ...read more.

Middle

Case Study - Part B - P. 71 Market segmentation is breaking down a market into sub-groups with similar characteristics, it let a business target these groups and develop products and services for each of them. A business can have several benefits from market segmentation. According to the case of Muslims a small business benefits from market segmentation because they understand its consumers better because the Muslims have unique set of needs and the greater the knowledge they will suit their needs better and in that way it allows the business to sell more products overall. The Muslims will feel that the business is paying attention to their needs and they will develop loyalty to the business. Being focus in one segment of a market which in this case are the Muslims will help increase the profit because they exist more than 5000 millionaires in UK. ...read more.

Conclusion

This means that if a business focuses in selling more products counting the needs of the Muslims, they can increase their sales and gain more profit because there is a big section of Muslims in the UK. Another phase of the market targeting is to select market segments, which means choose which will be its target market. In this case it is mentioned that there are more than 5,000 Muslim millionaires in the UK. It can be inferred that businesses may want to select the Muslim millionaires as their target market in order to position their products according to Muslims unique needs to gain financial reward. In conclusion, because the Muslim market is a high opportunity area, targeting this segment of the market will affect a business marketing financial services in a positive way. Hall, Dave, Rob Jones, Carlo Raffo, Alain Anderton, Ian Chambers, and Dave Gray. Business Studies. Fourth. Harlow: Pearson Education, 2008. Print. ?? ?? ?? ?? Business and Management 1/31/2012 ...read more.

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