First of all, it should be noted that such a wide concept as marketing has a lot of definitions. That is why a few of them should be considered. According to the Business Dictionary, marketing is “the management process through which goods and services move from concept to the customer” (“Marketing”, n.d.). This definition focuses on the entire complex of actions in the process of moving products to customers. Marketing includes the four main elements, which are usually called the 4P’s of marketing: product, price, place, and promotion. “Philip Kotler defines marketing as “satisfying needs and wants through an exchange process” (“What is marketing”, n.d.). In general, marketing can be defined as the process of market research.
When speaking about marketing, the concept of segmentation should be considered. First of all, each company should determine its target market. The process of determining the target market is the process of evaluating the attractiveness of each market segment. Market segmentation is a strategy of adaptation of marketing activities to the characteristics and needs of homogeneous groups of buyers, determined from a single market. Segmentation refers to the marketing of a particular product or group of products. Market segmentation can be interpreted as the process of dividing customers into groups by major differences in needs, characteristics, or behavior. “Market segmentation is the identification of portions of the market that are different from one another. Segmentation allows the firm to better satisfy the needs of its potential customers” (“Market segmentation”, n.d.).
The segment consists of consumers who equally respond to the same set of marketing incentives. The behavior and reaction of the company should be adequate to these market segments. The company should focus its attention and efforts on the specific needs of a particular group of consumers.
Medical equipment is a kind of unique product that should be focused on specific groups of customers or segments. Three target segments can be defined for such products as medical equipment. These three segments can be named as “disabled people”, “hospitals”, and “tenants”. Of course, each segment has its own features and special characteristics. Disabled people include the entire range of people with disabilities. These people often need medical equipment for permanent using at their homes. Each segment is characterized by its own factors. For example, such segment as “disabled people” is characterized by such psychographic features as affiliation to people with disabilities, inactive lifestyle, and innovative attitude to new products, since such people hope to find such equipment, which can help them. Hospitals are selected into a certain group since they are the main customers of medical equipment. However, it is difficult to classify this group with psychographic factors. The last segment is named as tenants. This group includes customers, which have temporary health problems and, that is why they need medical equipment for a certain time.
In general, these three segments mean three groups of customers of medical equipment: people with disabilities, who need such equipment constantly at home, hospitals, which need such equipment for their clients, and tenants, who need medical equipment temporary and, that is why they do not need to buy it.