Good Marketing Article Review Example
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Shelby D. Hunt and Dennis B. Arnett have published a paper on “market segmentation strategy, competitive advantage, and public policy: Grounding segmentation strategy in resource-advantage theory” in the Australian Marketing Journal (2004). A summary of the paper follows.
“Market segmentation” refers to the use of statistical techniques to identify groups of potential customers with different needs, wants and tastes (Hunt & Arnett, 2004, p.8). Hunt and Arnett examine the nature of marketing segmentation strategy in order to arrive at a theoretical foundation in consonance with “demand heterogeneity”, justifying firms’ decisions to produce and market goods arriving at a mechanism by which market segmentation can lead to improved financial results. Hunt and Arnett argue that firms that leverage resources gain competitive advantage in the marketplace (14). Using resource advantage, successful firms acknowledge the heterogeneity of the markets and concentrate their resources at points for maximum gain, exploiting market segmentation (Hunt & Arnett, 2004, p.15). Successful firms also must study the nature of the competition in the segments they target, in order to arrive at an optimal “resource – marketing segment fit” (Hunt & Arnett, 2004, p. 19).
Relevance and Implementation
The prognosis of the paper has relevance in emergency services such as ambulance services. The resource advantage theory would indicate how to target vulnerable populations so as to extend the optimal services in the area of operations.
The most critical component of an ambulance service is the number of ambulances in its disposal. If the service providers decide to deploy their ambulances evenly across the city to react to emergencies, the deployment may not be optimal. Instead, using the market segmentation technique, the service providers may arrive at an understanding of the areas that are most prone to violence and accidents. If ambulances were to be strategically placed in such areas, it is likely that emergency response times would be reduced and emergency services be rendered satisfactorily.
Market segmentation and targeted application of resources would serve to leverage existing capabilities to the advantage of the firm. An analysis of the competition in the targeted market segments would ensure that resources are not frittered away. The paper is relevant in all fields of consumer service. In the field of emergency response, market segmentation and resource allocation would enable ambulances to be strategically placed to gain the crucial first mover advantage to deliver quality emergency services.
Hunt, S.D., & Arnett, D.B. (2004). Market segmentation strategy, competitive advantage, and public policy: Grounding segmentation strategy in resource-advantage theory. Australian Marketing Journal 12/1: 7-25. Retrieved 06 Feb 2015, from http://sdh.ba.ttu.edu/AMJ04%20-%20Mkt%20Seg%20Strategy.pdf
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