[Author’s Name]
[Institution’s Name]
Marketing is a broad concept which has number of things lies under this ambit in total. It is more than important for a company to have effective marketing concept to analyze the things all along (Damien McLoughlin, 2010). Segmentation is yet another important thing that comes under the ambit of marketing management. The main objective of this assignment is to analyze the consumer and business markets of a company which is Stanley Black & Decker (SWK), a major player in the portable power tool industry. SWK is in the favor of having two different market segmentations (David & Cravens, 1999).
Both of the markets which analyzed and controlled by the SWK are different and dissimilar with each other in different terms and conditions. The marketing co-operations and market competition in both of these scenarios are different with each other because the company has different visions and things as far as analyzing its markets accordingly. The company has different approaches while working with tradesman segmentation and while working with the corporate clients.
It is a time for SWK to change their marketing strategy completely in approaching both of segmentations, like the tradesmen segmentation and the industrial segmentation. Focusing on the goal of tradesman segmentation is more towards the analytical procedure of the company than focusing on the industrial sector; hence the company has to change their marketing efforts in both of these scenarios accordingly.
One of the major examples of such type of marketing approach is to use the niche marketing approach accordingly, in which the company may focus or approach a single marketing based things accordingly. Approaching the segments with this approach would certainly help out the company to increase their financial belongings accordingly.
References
Damien McLoughlin, D.A.A. (2010) Strategic Market Management: Global Perspectives, New York: Pearson Group.
David W. Cravens, W.J.M.R.H.W. (1999) Strategic Marketing Management for the Pacific Region, New York : Pearson Group.
