Image credited to Reliance
Anyanwu, a professor of Marketing noted that “For
any company to assume that every person is a consumer of its product is an
attempt at economic suicide” Anyanwu (1993:152)
And according to Adirika et al (1997:123) “ the
marketer recognizes that different segments exist in the total market and
design a version of the basic product that would more precisely meet the
needs and preferences of each segment”
this is the true spirit of the marketing concept.
And according to business resource software inc
(2011:I ) it states that the purpose of segmenting a market is to allow your
marketing/sales program to focus on the subsets of prospects that are mostly
likely to purchase your offering” continuing it states “that strategic –your
offering is in some way important to the enterprise mission, objectives and
operational oversight” for example a service industry that helped evaluate
capital investment opportunities would fall into this domain of influence, the
purchase decision of this category of offering will be made by the prospects
top level executive management”
Busch and Houston in 1985 defined market
segmentation as the process by which an organization attempts to match a total
marketing programme to the unique manner in which one or more customer groups
behave in the market place.
Pension market can be segmented in to the
following,
public and private sectors,
Public can be categorized into Federal , state, and
Local government with the introduction of pension Reform Act 2014 that makes
mandatory for state and local government throughout the federation.
Even the federal government agencies can be categorized as
Federal Ministries, like Federal Ministry of Education
Federal Parastatals like National Communication
Commission.
Federal Tertiary and Research institutions.
The paramilitary that will include Customs, civil
defense, fire service etc
And private can be categorized into the following:
Financial services, like banks, insurance
companies, discount houses, Micro finance banks, Finance houses, Stock
brokering firms, Building societies, Savings and Loans Company.
Oil and gas like oil exploration companies, up
stream and down stream, petroleum marketing company, and oil service companies,
and petrol stations.
Constructions, manufacturing and agricultural
companies
Road constructions, Building construction
companies, Rail construction etc.
Small and medium scale companies
Transport , aviation companies, airlines, shipping
companies, courier, air ticketing, media
houses, electronic and print, printing and publishing, advertising and public
relations agencies.
Equipment vendors like Huawei, Ericson, and
Dizengoff etc
Communications
Professionals like consultants, Estate firms, law,
accounting, audit, actuary firms, professional bodies like ACCA, ICAN, NIMN,
COREN etc
By volume of remittances,
By number of registration
By geographical location like north east ,north
west, south east south west, south south, north central.
In a competitive environment of today, it is neither
possible nor profitable for a marketer to try to sell to all consumers, you can
never satisfy the world is an old saying that best describes the rational in
market segmentation, Anyanwu op cited.
Continuing Anyanwu stated that
“a market is made up of heavy and light users while the heavy users
account 30 percent of the total market
segment, they account for as much as 60-70 percent of the consumption of a
given good or service” this is in agreement with the 80/20 Rule which was first propounded by
Vilfredo Pareto in 1897 known as the Pareto principle or the principle of the
least effort, it goes to stipulate that 20 percent of the world hold 80 percent
of the world economy, also that 80 percent of our success comes from 20 percent
of our effort. Kiosaki and Leitcher.
Kiyosaki went on to say that 10 percent of the people hold 90 percent of
the money in 90/10 Rule of money.
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