Essay About Company’S Current Situation And Appropriate Market Segment

Apple Vehicle Venture
Apple Vehicle VentureChapter 5 covers marketing segmentation. This area of marketing is key in examining consumer behavior. In order to create an appropriate market segment for a specific product or service, an organization first has to find the organizaions situation, wants and needs, and various market segments available. Knowing the company’s current situation allows a smooth trnasition when planning how to market a product. Successful marketing depends on satifying consumers wants and needs. If their wants and needs are unclear, how can a company properly market a product to them? Dividing the markets based on relevancy is the core of market segmentation. There are three important questions to ask in order to place a market type:-Is the segmentationa priori or post hoc?-How are the segments classfiied?-What is the foundation of segmenting consumer/organizational buying behavior?Markets can be divided for consumer buyers by geographicacl location, demographics, social status, emotions,and behavior. Some organizational segments are company size, purchase quanitity, product application, oganizational type, and location.Recently, Apple has been discussing the possibily of producing a car. Apple is at a point where their phones can’t eveolve more than they are currently. Due to this, Apple must find a way to reinnovate their brand to satify the consumers needs for something groundbreaking in techonolgy. Apple discovered their issues,recognized their consumers crrent needs, and needs to evaulate the various market segments. The company has been speaking with McLaren who manufacters sports cars. Sports cars are directed towards a certain type of consumer based on demographic, social class, etc. The segement includes consumers of age of purchainf autority, typically a male with an income of $50,000 or more. The consumers feels strongly about their image and need to strive. Apple spoke with McLaren as well as Lit Motors to discuss if the partnership would be favorable. The company is companring the two manufactueres in order to chose the one who could help them satisfy consumer needs. Apple is  anyalzing the companies sizes, product application, location, purchase staus, and attribute importance.