((((MYCROLAB)))) group project Report in subject of NEW PRODUCT Essay

((((MYCROLAB)))) group project Report in subject of NEW PRODUCT MAMAGEMENT - Essay Example Market segmentation, targeting and positioning are the three major approaches which are applied by the marketing departments in their endeavors to achieve organizational goals. Of the three steps mentioned above segmentation is the first one to take on. In market segmentation, segment variables are identified and the market is segmented accordingly. The segmentation allows the company to focus on the demands of the targeted market and fulfill its demands. It seeks to differentiate between various segments of a market and addresses to the needs and requirements of each market. In this way they make products and introduce services which are specifically meant for that particular segment of the market only. There are various approaches that can be applied in the segmentation of market. Company would thus, be able to create its identity in all its major market segments. Different marketing and communication strategies could be applied for each segment keeping in mind, the respective cons umers in the segments. (Dickensin, 1987) The market is segmented according to the Business market segmentation. The segmentation has been done according to the following bases: geographic segmentation, customer type and buying behavior. Geographic segmentation gives us secondary segment which includes metropolitan and regional hospitals. Customer types and buying behavior usage patterns blend together to give us the primary segment -who are medical practitioners and local GPs- and tertiary segment including medical charities and humanitarian support organizations. In market segmentation, we have grouped customers and non-customers with similar characteristics. These characteristics include similar economic, biographic and usage behavior. Biographics are considered because Mycrolab is a health related diagnostic system and is mostly used by people in health services or people with health issues or health conscious. Moreover product related segmentation have also