Saturday, April 27, 2019
Chevron Corporation Essay Example | Topics and Well Written Essays - 2000 words
banding Corporation - Essay Example grocery variance, by definition, is the grouping of customers into sub-units or shares based on their needs implying that a particular securities industry segment has the same needs and as such, a business develops the same marketing strategy to respond to the needs. Segmentation of target markets takes three approaches namely undifferentiated, concentrated and differentiated. In this regard, undifferentiated segmentation entails a business treating customers as the same or when an organisation targets homogenous market while concentrated segmentation occurs when a satisfying focuses on several market segmentations that have same needs and preferences, for instance, price sensitive consumers. However, differentiated market segmentation entails a business targeting many market segments or heterogeneous markets as with the case of Chevron Corporation because it has various business segments. Chevrons market segmentation depends on both the upstr eam and downstream business segments. Upstream business operations include exploration, development and production of natural flub as well as unskilled oil while downstream operations involve crude oil refinery, marketing in addition to the transportation of the finished or the final petroleum products.Nonetheless, businesses severalize their market using demographics, psychographic, behavioural and geographic criteria when segmenting their markets. Demographic segmentation takes into consideration customer characteristics including gender, age, education, income status, cultural footing and job.