Segmentation involves identifying a group of potential customers who are likely to patronize a new supermarket in Glen Waverley. This process essentially involves dividing the market into homogeneous groups based on shared product needs, which correspond to the key elements of the marketing mix: product, price, distribution, and promotion.
According to Hughes (2006), targeting involves identifying the various potential areas that can meet all the needs of the customers, while positioning refers to how customers perceive the different market areas.
Segmentation is important for companies to effectively allocate financial resources and cater to the different areas of the market. According to Dibb, Stern, and Wensley (2002), understanding customers and their perceptions on segmentation can help a manager starting a business evaluate customer preferences. In opening a business, it is already known that there are three areas in the market: product-markets, m
...arket stability, and attitudes reliability. All businesses offer products to meet customer needs and benefits. For example, families may find supermarkets useful for purchasing food items.
The buying behavior of cultural groups like Chinese and Sri-Lankans, who purchase large packs of rice, can affect the supermarket's performance, while Australians tend not to buy this type of food. Therefore, segmentation plays a crucial role in the success of a business, enabling better comprehension of customers, fostering customer-company relationships, providing a deeper understanding of competition, and ultimately improving profits. Consequently, segmentation proves to be a valuable tool for businesses.
The new business aims to attract families by offering a convenient location and a constant supply of daily necessities. In Glen Waverley, about 60% of marriages involve separate households, highlighting the potential demand for the business. The perception of the market
held by customers influences its positioning.
Therefore, it is necessary to consider positioning in order to meet customer satisfaction in business.
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