Critically analyse approaches to market segmentation that can be Essay

Critically analyse approaches to foodstuff air division that cigaret be applied to the fashion sell sector - Essay ExampleBesides, clothing for every season is being produced to suit every market and every generation. This enhances the importance of market segmentation in the fashion retail sector. This essay will critically analyze the approaches that can be applied to the retail fashion sector.The fashion retail industry in UK is turbulent as the fashion conscious consumers expect and thrive for constant change. This requires proper market segmentation so that retailers are in a position to satisfy individual customer needs. The fashion retail market is split into number of segments luxury, high street and supermarket/out-of-town discounter (Bruce & Daly, 2006). With the supermarkets having entered the clothing sector, the fashion retail has been redefined. It enables the time-starved consumers to purchase cheap clothing instead of visiting high street. Different retailers ado pt a unlike segmentation strategy depending on the market and the products they have on offer.Segmentation according to Bond and Morris (2003) can either be attitudinal or latent class segmentation. Consumers have different attitudes and these lead to different mien but this does not apply to the retail fashion sector where customer preferences change by the season. Results on the butt of attitudinal segmentation have been very flat. Latent class segmentation differentiates people on the basis of the degree of their perception of brand, price promotion, sales personnel and product line. Segmenting on this basis gives a break away cluster solution which is more robust than based on attitudes.Market pose strategies are genuine by retailers based on product, price and service provision. Store images assist the retailers in determining the positioning strategies (Birtwistle, Clarke & Freathy, 1998). The retailers project an image which matches the targeted customers self-image worl d, which increases customer loyalty. The store image is linked to customer