Market Segmentation Evaluation Strategy, Thesis Paper Example

An evaluation of internal and external factors abides the decision-making process to research the characteristics of the marketing environment and technology adoption, social impact, and quality control. The paradigm of an evaluation process is to analyze the degree of segment sales, growth rate, and profitability of the operating activities of consumer and competitor market segmentation. In which, they create opportunities to break the precise trade-offs that niches hope to exploit (Raynor, 2004). Hence, it gives the firm a competitive advantage in the heterogeneous (competitive) marketplace by using the market penetration strategy. However, the firm can be competitive disadvantaged in the heterogeneity (non-competitive) marketplace. Because, the resources are intangible products, the firm thus implements a market development strategy in order to persuade future existing consumers and competitors (Dixon, 1994).

Resource Advantage Theory

The theoretical framework of market segment strategy of resource advantage (R-A) theory surrounds the applicability to strategize resource capacities. According to authors, Baines, et.al (2005) formulated the market segmentation schemes into one an attainable theory as described in scope, “R-A theory highlights and emphasizes is that a valuable outsourced resource is one that enables a firm, when competing for a market segment’s patronage, to move upward and/or to the right in the marketplace position matrix. That is a valuable outsourced resource that enables firms to compete by being relative to competitors and more efficient and/or more effective.” A conceptual marketing mix is an innovation of a strategy that builds a relationship with values and finance’s welfare interaction.

Business Ethics

An author, Philip Nelson (1991), explicitly stated that, Ethical “Knowledge,” like all social knowledge, is created and maintained through processes of socialization and legitimation. The group, which controls these processes, can institutionalize their version of “reality”. The dimensional of ethical marketing influenced the ideological conception of collaboration in the workplace and the community for the common good. In the retrospective, market segmentation can be examined on the basis of their distribution and logistical networks, pricing mechanisms and promotional techniques— the basis for business ethics to be more effective at control of market segmentation, in which, lessening of the cost to society and individuals purchasing power (Ford, et. al, 2010). Some people in an indefensible position presumes that decisions in the realm of economics are value-free; and that ‘‘since the laws of the market’’ dictate behavior, the decision-makers cannot be held morally responsible (Wine, 2008).

In other words, business ethics conveys business decision-making during the formulation, implementation, and the evaluation phrases in the marketplace. For instance, work performance relies on the work ethics in order to gain higher product productivity. However, it can falter the product sales. In addition, business ethics are reflected from vision and mission statement, which the constituents adheres the firm’s objectives. A mission statement should provide a realistic and attainable foundation for which the strategic plan, performance improvement activities, goal formation, and team alignment are built upon (Hader, 2006).

In the reference of a mission statement, this is a reflection of business ethics guideline for all levels of managers and subordinates. Business environmentalism illustrates the concept of accepting and pursuing a goal of sustainable development. The point on the continuum at which an organization chooses to operate is reflected in its environmental mission, policies and actions, in the extent, complying the laws of business. Businesses and their managers should be concerned about sustainable development for many reasons. Businesses and or the societies in which they exist will have a long run future. Business managers believed that engaging in sustainable development in the magnitude of enhancing organizational reputations. Hence, managers believed that sustainable development could be used by businesses as a distinctive core competency, in order to obtain a strategic competitive advantage; all rationales are valid and serve to stress the need for responsible business to pursue sustainable development in the current competitive reality (Dinah, 2001).

Recommendations for My Marketing Plan

A recommendation for my marketing plan is the market penetration strategy utilizing the utilitarian theory that will organize systemically and streamlined. In addition, market development strategy will also be formulated in order to develop a strategy that targeted future customers and competitors in a various market segments.

References

Phillips, N. (1991).The Sociology of Knowledge: Toward an Existential View of Business Ethics. Journal of Business Ethics, 10(10), 787. ALUMNI – ABI/INFORM Global. (Document ID: 572587). Retrieved March 21, 2010 from: http://proquest.umi.com/pqdweb?did=572587&Fmt=6&clientId=77774&RQT=309&VName=PQD

Ford, D., & Saren, M. (1987). The Underside of Business. Journal of General Management, 13(1), 22. from Alumni – ABI/INFORM Global. (Document ID: 7095507). Retrieved March 21, 2010 from: http://proquest.umi.com/pqdweb?did=7095507&Fmt=2&clientId=77774&RQT=309&VName=PQD

Raynor, M.E. & Weinberg, H.S. (2004). Beyond Segmentation. Marketing Management, 13(6), 22-28. Alumni – ABI/INFORM Global. (Document ID: 767694701). Retrieved March 21, 2010 from: http://proquest.umi.com/pqdweb?did=767694701&sid=7&Fmt=2&clientId=77774&RQT=309&VName=PQD

Baines, P.R., Worcester R, M., Jarrett, D. & Mortimore, R. (2005). Product Attribute-Based Voter Segmentation and Resource Advantage Theory. Journal of Marketing Management, 21(9, 10), 1079-115.Alumni – ABI/INFORM Global. (Document ID: 998594791) Retrieved March 21, 2010 from: http://proquest.umi.com/pqdweb?did=998594791&sid=10&Fmt=2&clientId=77774&RQT=309&VName=PQD

Dixon, D.H.(1994). Macroeconomic price and quantity responses with heterogeneous product markets. Oxford Economic Papers, 46(3), 385.Alumni – ABI/INFORM Global. (Document ID: 28914). Retrieved March 21, 2010 from: http://proquest.umi.com/pqdweb?did=28914&sid=4&Fmt=2&clientId=77774&RQT=309&VName=PQD

Brady, F. N., & Logsdon, J. M. (1988). Zimbardo’s ‘Standard Prison Experiment’ and The Relevance O. Journal of Business Ethics, 7(9), 703. Retrieved March 21, 2010, from Alumni – ABI/INFORM Global. (Document ID: 572750). Retrieved March 21, 2010 from: http://proquest.umi.com/pqdweb?did=572750&sid=5&Fmt=2&clientId=77774&RQT=309&VName=PQD

Wines, W. (2008). Seven Pillars of Business Ethics: Toward a Comprehensive Framework. Journal of Business Ethics, 79(4), 483-499. Alumni – ABI/INFORM Global. (Document ID: 1471210271). Retrieved March 21, 2010 from: http://proquest.umi.com/pqdweb?did=1471210271&Fmt=2&clientId=77774&RQT=309&VName=PQD

Hader, R. (2006). More than words: Provide a clear and concise mission statement. Nursing Management, 37(7), 6. Retrieved March 21, 2010, from Alumni – ABI/INFORM Global. (Document ID: 1079608241). Retrieved March 21, 2010 from: http://proquest.umi.com/pqdweb?did=1079608241&sid=7&Fmt=2&clientId=77774&RQT=309&VName=PQD

Dinah, M.P, & Cecily. A.R. (2001). Sustainable development: The ethics support the economics. Journal of Business Ethics,2 32(2), 157-168. Alumni – ABI/INFORM Global. (Document ID: 77869228). Retrieved March 21, 2010 from: http://proquest.umi.com/pqdweb?did=77869228&sid=8&Fmt=4&clientId=77774&RQT=309&VName=PQD