Essay About Market Segmentation And Overview Of Marketing

Marketing Environment Reflective Portfolio
Reflective PortfolioWorkshop Day and time: Friday 9:00Tutor: Boris KolarName: Student ID: Word Count: As a starting point, an overview of marketing and definitions of marketing was identified in week 1. According to Kotler et al. (2013), marketing refers to a process by which organisations build profitable relationship with consumers. Fig.1 below, which includes the first four steps of creating value for consumers and the final step of capturing value from consumers so as to earn profits, effectively leads me to a better understanding of the process of marketing. [pic 1]Fig.1 Kotler et al. (2013), A model of value creation and the marketing processBesides, marketing environment was discussed in week 2. A group poster about marketing concepts was allocated. Five interrelated concepts of marketing are identified as value, customer, competitor, exchange and organisation. What leaves me a deep impression is that exchange means people obtain something of value and give up something in return. As for Green and Black’s organic chocolate which satisfy customer’s need and want, company provide ethical luxury chocolate to customers and customers are able to purchase Green and Black’s chocolate in Coles et al. The concept of customers can be related to market segmentation which plays a significant role in customer profile. In week 4, I learnt that segmentation is dividing total market into identifiable and various groups. Based on workshop brief, Young and Platinum 201 included in Helix Persona’s groups is regarded as the target market of the new product of Green and Black’s.  Fig.2 below shows the prominent base of segmentation for Green and Black’s new product. After integrating characteristics of Young and Platinum group which was advised in workshop brief and made it relevant to segmentation, I understood the concept of segmentation well. Segmentation is followed by targeting and positioning. Positioning, which needs to assess positions of product and competing product, is a term of developing a marketing mix.