Marketing Essay Example | Topics and Well Written Essays - 1250 words - 7

Marketing - Essay Example eryday city driving because its McPherson front axle offers high levels of driving safety, making it an excellent choice for everyday drivers as well who can enjoy the driving experience with relative safety ensured. The car is priced above $100,000. In devising an effective marketing plan for the Porsche, the market must be segmented so that target marketing can be directed at the appropriate segment that is most likely to purchase the new cars. Smith originally defined market segmentation as follows: â€Å"†¦..viewing a heterogeneous market as a number of smaller homogenous markets, in response to differing preferences, attributable to the desires of customers for precise satisfaction of their varying wants.† (Smith, 1965:5). In effectively marketing a sports car such as the Porsche, which is priced in the luxury car range, it may be necessary to direct marketing efforts towards a cosmopolitan, city area where there would be an adequate number of customers in the high income ranges. The city of Melbourne offers excellent potential for the Porsche 91 Turbo car, since it is experiencing rapid growth – for example, between 2000 to 2002, employment grew by 5.4%, while between 2002 and 2004, it grew by an additional 2%. (Profile, 2005). Segmentation is one of the essential ideas in marketing discipline, however it has evolved over time from purely descriptive factors of customers to benefit segmentation as a tool to identify factors that may influence future purchasing behavior.(Haley, 1968). According to Baker (1988), if market segmentation is to prove to be viable, then the following tools should apply: (a) viability (b) sustainability (c) responsiveness (d) stability (e) accessibility and (f) actionability. Benefit segmentation is a method that aids in the development of products and services that are of actual benefit to customers, therefore firstly, it is necessary to identify the kind of customers who may be benefited by the Porsche 911 Turbo car. For