Market Segmentation and Product Positioning

The assignment discusses the importance of market segmentation in capturing customers for a particular product. It provides a report on how to promote 'Ready Meal' in South Korea by segmenting the market through social media marketing and product positioning. The document also references relevant literature on market segmentation and product positioning.

MARKETING AND
ECONOMIC

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
A. Identification of market segmentation method which will be used in target country............1
B.) criteria for targeting specific customers and market strategy...............................................2
C.) Product positioning within the country.................................................................................2
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................4

INTRODUCTION
Market segment is the process of subdividing market which is in accordance with
similarity, commonality and kinship (Liu and et.al., 2019). The present report will develop to
provide market segment of product 'Ready Meal' in South Koria.
A. Identification of market segmentation method which will be used in target country
In order to target customer in South Korea for developing Ready meal two methods of
market segment will be used which are as follows-
Demographic Segmentation: In South Korea consumption behaviour of consumers
nowadays increasing and developing lot more in comparison to previous consumption.
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Illustration 1: Market segmentation
(source: How to Design Market Campaigns, 2018)

Consumers of that country are mostly concern with the brand name and health benefits of such
products. In recent trend in such market is of ready meal which will be available online,
especially they searching through social media and they also enjoy information about purchased
product. Therefore, in order to promote ' Ready Meal' in that country working professional and
outsider students will be targeted because they so not have time prepare food and eat (Howells
and Lowe, 2018). These are the consumer in such country which showing their willingness to
make online purchase of food which is easily available.
Behavioural segmentation: South Korean consumers generally have a nature of spending
money on the item which is high in quality. They have a pattern of eating food which is easily
available and is prepared with proper hygienic manner. Therefore, consumers which prefer food
which is good in quality will easily get attracted towards ' Ready Meal' products. Consumers
which prefer customised food will also get attracted for such product because it has facility of
making food in accordance with consumer.
B.) criteria for targeting specific customers and market strategy
Ready Meal product has been targeted to working professionals and outsiders students
because generally these are the group which has busy schedule and do not have time to make
food and eat. Therefore, 'Ready Meal' is the product which will be developed in accordance with
their taste preference where easy home delivery with fair range is also available. Facility of
providing home made food is also available so that consumer will able to order food, one day
prior in accordance with their own preference (Dietrich, Rundle-Thiele and Kubacki, 2017).
Market strategy to target such group is generally through social media marketing where
direct communication will get developed to consumers in order to effectively promote product.
C.) Product positioning within the country
Developing 'Ready Meal' product in South Korea has been decided because this is market
in where consumer are ready to spent their money for valuable product. This is the group which
generally have high desire of getting tasty food with proper nutrition. It is effective because
'Ready Meal is equal to healthy food' where food is been prepared with proper clean equipment
with appropriate ingredients (Dibb and Simkin, 2016). Vegetables are directly used from farms
and hygienic quality of food is provided to working professionals and outsider students.
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CONCLUSION
From above report it is concluded that market segmentation plays an important role in
order to capture customers for particular product. In this report, market segmentation has been
developed to promote 'Ready Meal' in South Korea country where market strategy and
positioning is provided to promote product among working professionals.
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REFERENCES
Books and Journals
Dibb, S. and Simkin, L., 2016. Market segmentation and segment strategy. Markefing theory: A
student text, Sage, Los Angeles. pp.251-279. Available through
<https://books.google.co.in/books?
hl=en&lr=&id=qhkFDAAAQBAJ&oi=fnd&pg=PA251&dq=Market+segmentation+and+s
egment+strategy&ots=iYuwVTGmza&sig=WN7vbI1B1wOQ8k96PDj4RtzznkI#v=onepa
ge&q=Market%20segmentation%20and%20segment%20strategy&f=false>
Dietrich, T., Rundle-Thiele, S. and Kubacki, K., 2017. Segmentation in Social Marketing (Vol.
1). Singapore: Springer. Available through
<https://link.springer.com/book/10.1007%2F978-981-10-1835-0>
Howells, J. and Lowe, M., 2018. Innovation, market segmentation and entrepreneurship in
services: The case of the hotel industry. Available through <https://kar.kent.ac.uk/63978/>
Liu, J and et.al., 2019. Market segmentation: A multiple criteria approach combining preference
analysis and segmentation decision. Omega. 83. pp.1-13. Available through
<https://www.sciencedirect.com/science/article/pii/S0305048317306503>
Online
Market Segmentation. 2018. [Online]. Available through <https://www.mbaskool.com/business-
concepts/marketing-and-strategy-terms/16952-market-segmentation.html>
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