Market segmentation factors: analysis of the confectionery industry in Macedonia

Jovanov, Tamara and Davcev, Ljupco and Boeva, Aneta (2018) Market segmentation factors: analysis of the confectionery industry in Macedonia. Macedonian International Journal of Marketing, 4 (8). pp. 79-97. ISSN 1857-9787

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Abstract

The first step in market segmentation should be the choice of the segmentation strategy (not differentiated, differentiated, concentrated or micro-marketing) depending on the balance that the enterprise wants to achieve in terms of the perceived additional value and the cost of achieving it. Segmentation for the needs of confectionery enterprises should reveal: the buying behavior and habits in using products; the willingness to pay a higher price for a higher quality; the degree of brand loyalty; needs; social status, self-conceptualization, lifestyle. After determining the direction of the segmentation, it is also necessary to determine the methods / factors by which different segments of consumers will be shared and described on the basis of appropriate characteristics, in order to better understand the profile of consumers in each individual segment, similarities between consumers within a segment and the similarities and differences between segments. Enterprises, regardless of size, can focus on a variety of different methods / factors for segmentation: geographic factors; demographic factors; psychographic factors. The reason for using more, and not just one method of market segmentation, stems from the need to overcome the shortcomings that arise with the isolated application of only one method and to create a wider segmentation strategy. Market segmentation allows increasing the competitive advantage through the possibility of creating an appropriate offer that will best satisfy the needs of consumers in comparison with the competitors, and as a result of good knowledge of the segments of the market. Key words: segmentation, factors, consumers, confectionery industry

Item Type: Article
Subjects: Social Sciences > Economics and business
Social Sciences > Psychology
Divisions: Faculty of Economics
Depositing User: Tamara Jovanov
Date Deposited: 13 Aug 2018 09:44
Last Modified: 13 Aug 2018 09:44
URI: http://eprints.ugd.edu.mk/id/eprint/20286

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