In today's world of business, companies of the same industry are so abundant that the competition could damage a business's financial health. To avoid this situation, companies use a strategy called Marketing Segmentation. This process consists of separating the market into four sub sectors to more efficiently target a specific group of people.
These four sections are;
- Demographics,
- Geographies,
- Chirography's,
- and Behaviorist's.
- Based out of Met.
Pleasant, Michigan, Label Management was forced into creating new venues targeting a variety of people with different wants and needs after McDonald's came to town. Due to the fact that all of Label Management's are located in Met. Pleasant, they all fall under the same geographic. Geographies separated customers based on their physical location given that people of the same area typically share similar needs and wants.
...Met. Pleasant is home to Central Michigan University, classifying it as a college town.
Label Management, therefore, emphasizes its sales to the whopping seventeen thousand student body, along with the local townspeople and their families. There are many demographic-related bases for segmenting a market such s age, gender, occupation, ethnicity, and education. Label Managements, Pixies, is a fast food restaurant that targets college students and moms on- the-go. They also cater for athletic groups, sororities, and fraternities.
Another restaurant is Label's, Benignant, which possesses an old Irish pub atmosphere, focuses more on business people and older college students due to their upscale environment. These two businesses demonstrate how businesses vary depending on their target market. When taking the chirography's approach, the business segments a market depending on their attitudes, personality, and lifestyle. Ponderosa Stake House targets ones who are looking for
a large amount of food for low prices, simplicity, and a place to take a large group.
However, Italian Oven, provides a relaxing restaurant where one could relax and enjoy the entertainment. Ponderosa would most likely appeal to college students on a budget, whereas, the Italian Oven would be the ideal place for families to eat on a night out. Finally, there is the behaviorist's segmentation which targets a market based on the customers knowledge and use of the specific product or business. A restaurant, like Label's Big Boy, reassures customers that they ill experience friendly service, good prices, and familiar menu, which makes them loyal.
Pixies gives their customers fast food for a quick meal which is suitable for those in a rush.
These restaurants are basically opposite, assuring that there are two segments of the markets that they will be doing business with. Though in a condensed area, Label Management has multiple different restaurants, all targeting different customers. This is all due to the marketing strategy of Marketing Segmentation. This process satisfies the needs and wants of those living in the geographic location of Met. Pleasant, Michigan.
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