Essay Sample on Women to Go Company Segmentation and Target Market Analysis

Introduction

In any business enterprise whether large or small, there is a great need for carrying market segmentation. This can be defined as the process of identifying a specified region in relation to their ability to purchasing products or services. As it is commonly known, competition within the market is a determining factor and each business enterprise needs to segment the market in order to obtain the greatest share. In my business which I know as women to go that deals with women's beauty, here are some of the stages that I could consider when implementing or revising the market segmentation plan.

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The setting of the objective - There is a need for setting the objectives and goals of what is to be achieved by the business. This will trigger workers within the business to work towards achieving those set goals and objectives. In my business, the objective being set is to become the best enterprise in offering beauty services to the ladies at reduced prices from maximum benefits.

Identification of the Customer segments - This is an important aspect within the business since it defines the different level of purchasing power (Camilleri, 2018). After defining those segments, the business always works to maintain the strongest area and work towards improving those regions which are yet to deliver as per expected.

Development of segmentation strategy - This usually happens to those areas which are not up to standard when it comes to gain customers trust. This is because every business enterprise wants to have the biggest percentage of market share and this is only achieved through developing strategy of increasing market segmentation. There are many strategies which are adopted by business though they depend on the nature of business (Camilleri, 2018). For example in my business of women to go, the strategy suggested is to increase the level of hygiene while delivering those services.

Execute or launch the plan - For any business to achieve its objectives it must execute the strategy being suggested (Camilleri, 2018). Since having a bigger percentage of market share is the core objective, there is a need for implementing that suggested strategy. For example, implementation will include through the washing of customer's hair to make sure that it is clean enough to be serviced.

It will be also necessary to have the four criteria of market segmentation for it to be effective within the business enterprise. These criteria will be based on the following:

• Demographic segmentation which concerns with the number of people being located in that region. My business will be located in the central business district where there is a lot of people and ready market with high purchasing power (Liu & Liao, 2019).
• Geographical segmentation which concerns with the location of the market. In issue concerning location, it is also necessary to consider the issue of infrastructure for easy accessibility.
• Behavioral segmentation which concerns with the tastes and preferences of the customer. This is in some way connected with the geographical location since the behavior of customers is highly influenced by their location.

Psychological segmentation which concerns with how the customer has perceived that business enterprise. This factor is highly influenced by the reputation of the company (Liu & Liao, 2019). If the company has already established its brand well, then the psychological segmentation will be very positive. On the other hand, if the reputation is not well built, physiological segmentation will not have positive yields. In my business, physiological segmentation will be achieved through that aspect of maintaining a high level of hygiene.

Competitive and Industrial Analysis

Some of the competitors of Women to go company includes Ulta beauty, New Avon and Glossier Ulta beauty is the largest retailer company in the USA. They have concentrated on offering hair care products and salon services in the specified area an aspect which has made them obtain a big market share. Over the five last years, the company has grown with a bigger percentage due to the perfect strategy of market segmentation. New Avon sells beauty products across the USA and some parts of Canada. The company also has grown over the past five years due to its brand name. The glossier company has concentrated on making its products unique an aspect that has helped them to obtain market segmentation as well as growing at a considerable rate over the last five years.

Women to Go Swot Analysis

Strengths

The company has a number of full services which includes Updo weave, shampoo, blow-dry style among others which originated from them and this makes them have large market segmentation.

Weakness

The company has not introduced required strategies of obtaining market segmentation which makes them be somehow ineffective when it comes to reaching the potential customers.

Opportunities

The company has an opportunity of improving those services which originated from them and they can use them to obtain the market segmentation.

Threats

This company is being surrounded by vast of competitors which in one way or the other poses lots of threats. The above-mentioned companies in competitive and Industrial analysis have been a threat to Women to Go Company which has contributed towards reducing their market segmentation.

References

Camilleri, M. A. (2018). Market segmentation, targeting, and positioning. In Travel Marketing, tourism economics and the airline product (pp. 69-83). Springer, Cham.

Liu, J., Liao, X., Huang, W., & Liao, X. (2019). Market segmentation: A multiple criteria approach combining preference analysis and segmentation decision. Omega, 83, 1-13.