Contemporary Business Studies - Academy of Knowledge Process ...

International Journal of Contemporary Business StudiesVol: 4, No: 2. February, 2013 ISSN 2156-7506Available online at http://www.akpinsight.webs.com2. PROBLEM STATEMENTThe problem statement explains us the need for customer centric marketing and to focus on how tosegment the market which in turn will affect the profit margins and eventually will lead towards thegrowth of the organization (Chen & Green, 2009).Market segmentation is complete concept ofunderstanding the needs of different sets of people. This method can be related to one-to-one marketing.Similarly market segmentation also focused on different parts of market and create and makestrategieswhich leads to one-to-one marketing. Still some differences remain between present marketsituations of segmentation and marketing approach of one by one; however we may also requireddeveloping customer oriented products and plain the production as per market segmentation (Chen &Green, 2009).3.RESEARCH QUESTIONSThe study is based on the following research questions;• How a multinational company can becomes more customer focused through market segmentation(Breman, 2009)?• What do the customers need and how will they change (Barat, 2010)?• Explain the characteristics of Market segmentation. How it differs in each type of segment(Madhavan, 2012)?• What are key areas of market segmentations for your product (Fuller, 2008)?• Describe different targeting strategies (Walsh, 2001)?• What is distinct in each group (Shaw, 2012)?• How is the customers buying trend and what will it change (Hansen, 2009)?• What all other past segmentation studies have been engaged and to what level those were useful(Walsh, 2001)?4.RESEARCH OBJECTIVES:The objective of this research article is to perform a conceptual as well as practical study to demonstrateand enlighten the following objectives:1. To make Market segmentation a creative and interactive process. The aim is to satisfy customerneeds(Ponder,2011).2. To develop complete hypothetical study, to assist researchers in creating modelpattern(Shaw,2012).3. To develop models which integrate the concepts of segmentation, One-to-one marketing,targeting and positioning and facilitate empirical validation of the segmentation(Meer,2007).4. Analysis of segment solutions and to study the stability of segments over time(Dipp,2010).5.RATIONALE OF STUDYMarket segmentation is a concept that interests both customer as well as marketers. It is to treat bothcustomers and marketers are alike and most will be less satisfied this market segmentation is a trend oftoday modern market practice (Domowitz, Glen, & Madhavan, 2012).Before 1980 marketers are verymuch crazy and focused on mass marketing. The main reason behind mass marketing is that one productwas used to satisfy large number of peoples and same manufacturing and communication techniques areused for same Product (Dickson & Ginter, 1987). But in recent years marketers feel that if they divert2013©Academy of Knowledge Process45