The Co-operative Group (Food,Funeralcare,Banking group, Essay

The Co-operative Group (Food,Funeralcare,Banking group, Pharmacy,Travel) - Essay Example Marketers have started to make different market segments for ensuring an easy access to their target customers. It ensures proper delivering of the products as demanded by the target customers (Wedel & et. al., 2000). Source: (Gelb Consulting Group, n.d.) In relation to the study of market segmentation, The Co-operative Group Ltd has been chosen to demonstrate the features, failures and overcoming of the failures in different market segmentation in terms of this company. The Co-operative Group Ltd is a consumer cooperative based company headquartered in the United Kingdom with having its diverse retain chains including business relating to food, funeral care, banking group, pharmacy and travel. There are many cooperative businesses in the world. Among them The Co-operative Group is one of the largest. It is the biggest mutual business of the United Kingdom. It has been operating with more than 4800 retail outlets and it also employs above 100,000 individuals in its chain organisation . Its annual turnover in over 13billion Pounds a year. It is a kind of consumer cooperative (Co-operative Group Limited, n.d.). ... The reason behind this is that marketing strategies made for a group completely differ by its accessibility to another group. Target markets are actually quantifiable through factors related to their income, age bracket and population. Characteristics should be recognisable in a well defined manner and in measurable format. Substantial indicates that the segment should be large enough to stand as a group and also large enough to become profitable (Gelb Consulting Group, n.d.). 2.0 Features of Segmentation Market segmentation plays a very crucial role for formulating marketing strategy of a majority of successful organisations. Contextually, all markets embrace a different kind of groups of people with different needs along with preferences (Lamb & et. al., 2008). It helps the marketer to define the marketing objectives more accurately. In addition to this, better allocation of resources also should be there. On the other side, performance of the market can be evaluated more preciousl y when the marketers have the precise objectives for the specific segment of markets. Each and every firm cannot serve its potential customers in the same way as it does not have abundant resources (Blyth & Zimmerman, 2005). 2.1 Defining the Target Market Market is a very complex phenomenon from the viewpoint of a company. It constitutes different sets of consumers, leads to different tastes and demands for different products. Thus, from a company perspective, it is quite tough to position products to a specific market as the demand for that particular is distinct with reference to a varied set of consumers. Market segmentation techniques help an organisation to differentiate a market into different target