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May Consider Essay Example

Success in marketing carries common features with aspects of success in business. The return from the action by the management regarding production, design, selling, promotions, and after sale services plays a critical role in the success of marketing. The company has a brand as an offering for exchange at the marketplace. Similarly, fashion market research has strategic important goals that remain clear and precise. It offers a description of different elements of demand on the market and the needed want that the management must satisfy.The idea behind fashion market aims at reconciling various needs of clients with the limited resources available to an organization. Furthermore, it gives marketing and product provisions to remain adjusted in the process of creating a rhythm with the wants of different groups in the market (Fennell, 2008). It is not possible for any company that wants to succeed to launch a new product or service without undertaking the process of fashion market research. The economic pricing theory provides the groundwork for fashion market in theory (James, 2007). The theory holds that maximization of profits takes place when the company segments prices based on the variance in the market. Fashion market takes places based on various factors. Geographic segmentation comes first (Fader, 2006). The process entails dividing the market into geographical segments including regions, states, and nations. Other aspects of geographic segmentation are rural areas and urban zones, climate and the density of the population. Demographic division constitutes the second factor of segmentation (Fennell, 2010). The division degenerates into sub-segments such as age, stages of lifestyle, gender, generation, income, level of education, as well as the social class among many more.Smith (Dickson, 2002)) was among the first scholars to draft an original paper on market segmentation. In his paper, Smith differentiated two orientations to product plans of action. They entailed product differentiation and market segmentation. The process of making product decisions constitutes market segmentation. The process stakes place after a thorough evaluation and differentiation of the diversity within the market in terms of wants associated with what people deliver to the market (Dickson, 2002). Smith dealt with evolution of fashion market and defined product differentiation as product decisions taken by the

Bibliography

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Arthur, W. Brian (2004).Increasing Returns and Path Dependency in the Economy, Ann Arbor: The University of Michigan Press.

Bass, M., (2008). Market Segmentation: Group versus Individual Behaviour, Journal of Marketing Research, 5, 264-270.

Ben-Akiva, M(2009), Extended Framework for Modelling Choice Behaviour, Marketing Letters, 10 (3), 187-203.

Dickson, R. (2002), "Person-Situation: Segmentations Missing Link." Journal of Marketing, 46, 56-64.

Dickson, R. (2002), "Towards General Theory of Competitive Rationality,” Journal of Marketing, 56, 1-10.

Fader, S. (2006), "Modelling Consumer Choice among SKUs”, Journal of Marketing Research, 33, 442-452.

Fennell, G (2010). The Situation." Motivation and Emotion, v. 4 (December) 299-322

Fennell, G (2007). "Value and Values: Relevance to Advertising." In L. Kahle and L.Chiagouris (Eds.), Values, Lifestyles, and Psychographics. Hillsdale, NJ: Erlbaum, 83-110.

Fennell, G (2008). "Action as Counter change: Identifying Antecedents of the Domain and Goal of Action American Psychological Association, 122-129.

James L. G., (2007), "Market Segmentation, Product Differentiation, and

Marketing Strategy," Journal of Marketing, 51, 1-10.

Rossi, E., (2009). "Marketing Models of Consumer Heterogeneity, Journal of Econometrics, 89, 57-78.

Verbeke, R., (2000) "Dynamic Strategic Thinking”, Journal of the Academy of Marketing Science, 29.3, 216-237.

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preview essay on May Consider
  • Pages: 4 (1000 words)
  • Document Type: Essay
  • Subject: Marketing
  • Level: Undergraduate
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