Mkt100 Marketing | Information About Assessment Answers

Answer:

Introduction

Herbal nutrition product is one of well known brands in the market that helps to make people healthier and happy. The paper demonstrates ample of information about market segmentation that helps to launch herbal nutrition products in the market.  

Segment consumer market 

Herbal nutrition products are healthier and happier that prefer by various customers in the market. The market is divided by the company after considering and monitoring on the four areas including demographics, lifestyle, geographic and behavioral. If a company wants to sell its herbal nutrition products in the market then it needs to focus on the behavioral segmentation because it helps in expanding and flourishing the business internationally. The characteristics of market segment include age, gender, lifestyle and interests which help in selling the products of the firm globally (Markgraf 2018). In demographic segmentation the company divides the market on the basis of various demographic factors including marital status, gender, age and income. Income level is one of the biggest demographic factors that may affect herbal nutrition products. On the other hand, the market is divided on behavior, preferences and choices of the customers. In psychographic segmentation, the organization categorizes the key target audience on the basis of lifestyle, attitude and personality of people. By segmenting the market, the company can able to know and analyze preferences, tastes and choices of the potential customers. Without segmenting the market, an organization can flourish its business activities in the foreign market. Thus, the firm uses segmentation strategy to sell herbal nutrition products in Malaysia (Markgraf 2018).

Evaluation market segment 

It is stated that segmentation is most significant marketing tool that helps the company to reach potential customers in the marketplace. By using this strategy, an organization can increase and enhance sale of herbal nutrition products in Malaysia (Mbaskool 2018). There are various ways to evaluate the market segmentation method; some of the ways are discussed below.

• By using marketing potential, the firm can easily identify and analyze the income level and buying behavior of the customers to sell the herbal nutrition products.
• Sales potential is another way to measure whether market segmentation is working properly or not. The outcome of this assessment gives an idea of how valuable is segment to the firm.
• An effective and unique key element of each segment is the rival situation.
• The company needs to keep constant eye on the strategies, approaches and products of rivals in the global market. It will help to overcome the competitors internationally.

One of the key success factors for every company is target market. The growth and success of the firm is dependent on the potential target market. The main target market for herbal nutrition is health conscious individuals who belong to high and middle income segments. Apart from this, young girls who want to be fit and healthy prefer herbal nutrition products. The target market wants more active lifestyle and healthier life by using these healthy products (Mbaskool 2018).

Conclusion 

It is concluded that segmentation is an effective and vital part of every company to introduce new products in the market as further it also helps to earn more revenue and returns in the global market.

Referencing 

Markgraf,Bert. How to evaluate marketing segments [Online], 2018, Retrieved from https://smallbusiness.chron.com/evaluate-marketing-segments-61354.html 

Mbaskool. Herballife SWOT analysis, competitors & USP [Online], 2018, retrieved from https://www.mbaskool.com/brandguide/lifestyle-and-retail/6344-herbalife.html