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Individual Assignment: Reflective Journal

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Market Segmentation Market Segmentation is a marketing strategy in a large market that divided into small identifiable groups. Its purpose is to design marketing mix for meet the customer’s wants and needs. Markets can be segmented by one or some of the following segmentation. It’s segmented to target only the most possible potential buyers. In other words, a company using market segmentation to evaluate which market the company wants to pursue. There are four bases for market segmentation in consumer market strategies: Geographic Segmentation, Behavioral Segmentation, Demographic Segmentation and Psychographic Segmentation. Geographic Segmentation means collect and analyze the information that refers to the physical location of the customer. It comprises regions by countries and states, district, languages and so on. Kit Kat is broadly divided into urban (cities) and rural (villages). Kit Kat caters the high urban need by making products available that too with a variety with the help of which the rural crowd can be kept attracted. According to (Buswell 2013), Kit Kat can attracts consumers because the price is very reasonable and with the most famous slogan which is ‘Have a break, have a Kit Kat’ by Thompson in 1957. Besides that, Kit Kat can target the rural crowd because the price is stable and slightly changes compared to other competitors such as Cadbury because its price is cheaper and much affordable. Behavioral segmentation is divided consumers to different groups according to their response to a product. Its marketing strategy is to understand the consumers and find out what consumers’ wants and needs and develop a new product to satisfy their needs. Occasion is included for behavioral segmentation. Kit Kat developed a product called Assorted Miniatures Party bag is use for holiday or events. Besides that, Kit Kat was invented in 1935. Due to its…...

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