The purpose of this paper is to explain the market segmentation, targeting and positioning of products from Verizon Wireless Company. It is a telecom operator company that specializes in provision of wireless products and services to its customers. In order for the company to market its products with the lowest costs possible, it has to find the best market segments for its products and use it (Struhl, 2013). The first one is geographic segmentation, these is where sellers segment their products according to the geographical measures, like different states, cities, nations or regions. Verizon wireless can sell its products in the international market, making it a very convenient form of marketing. The second one is demographic segmentation, which is based on variables like age, gender, religion, level of education and a person’s occupation. It divides markets into different stages making it easier for the marketer to pass out information about the products. The third one is psychographic segmentation which is obtained by observing the undertakings, interests and thoughts of consumers. It identifies the individual activities and lifestyles of the targeted people and hence it would be easy to influence them to buy the product or service.
Read also Market Segmentation, Targeting, and Positioning Of Verizon Wireless Company Products
Geographic market segmentation can be most convenient in Verizon Wireless since it is selling its products in the international marker and it has operations in different states. The fact that it collects data from both demographic and geographic proves that it provides accurate and efficient results. The segment can be well supported by Verizon Wireless since it has enough and matching resources for it. It will suit the company’s initiatives of using PrecisionID, which works in such a manner that when a consumer visits a certain website or mobile application, a request is sent through Verizon network where the advertisers partnering with the company can reach specific demographic segments and connect with consumers (Sarli & Baharun, 2011). This will not only improve the company’s general performances but also to those of the advertisers using the tool. Considering competition, the company will retain its position of being competitive in the market. The other positive factor is that segment is growing indicating a high potential of future growth of the company as well. The size of the segment is also large which can serve the large scale productions of different products in Verizon Wireless.
Read also Market Segmentation – Definition , Importance And Necessity
The company should not focus all its resources on the new target market because the market was identified on the availability of resources to support it. Therefore it should be allocated the budgeted resources for the sector only, while the company continues to venture in other markets (Struhl, 2013). It is best for the company to concentrate on the new market but at the same time still venture in other segments because unprecedented events like inflations can occur in the new market segment which might result to heavy losses when the company relies on one market.
When introducing new product in the segment, a company look for a location in the map that has no competitor’s .And when looking for areas to supply a product, a location with many consumers of the product is considered. From the map, consumers felt that the use FiOS internet was the most distinctive and has better functionalities among the products offered by the company, while 2G internet access had the least.
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