Our Word of the Year choice serves as a symbol of each year’s most meaningful events and lookup trends.It is an opportunity for us to reflect on the language and ideas that represented each year.The eighteenth century English entrepreneurs, Josiah Wedgewood and Matthew Boulton, both staged expansive showcases of their wares in their private residences or in rented halls to which only the upper classes were invited while Wedgewood used a team of itinerant salesmen to sell wares to the masses.
Yet another technique that emerged around the same time was to hold a showcase of goods in the shopkeeper's private home for the benefit of wealthier clients.
Samuel Pepys, for example, writing in 1660, describes being invited to the home of a retailer to view a wooden jack.
This allowed the sale of goods to the common people, without encouraging them to come inside.
Another solution, that came into vogue from the late sixteenth century, was to invite favoured customers into a back-room of the store, where goods were permanently on display.
Until relatively recently, most segmentation approaches have retained this tactical perspective in that they address immediate short-term decisions; such as describing the current “market served” and are concerned with informing marketing mix decisions.
However, with the advent of digital communications and mass data storage, it has been possible for marketers to conceive of segmenting at the level of the individual consumer.Extensive data is now available to support segmentation at very narrow groups or even for the single customer, allowing marketers to devise a customised offer with an individual price which can be disseminated via real-time communications. But in spite of its limitations, market segmentation remains one of the enduring concepts in marketing and continues to be widely used in practice.One American study, for example, suggested that almost 60 percent of senior executives had used market segmentation in the past two years.Market segmentation assumes that different market segments require different marketing programs – that is, different offers, prices, promotion, distribution or some combination of marketing variables.Market segmentation is not only designed to identify the most profitable segments, but also to develop profiles of key segments in order to better understand their needs and purchase motivations.Between 19, George B Waldron, working at Mahin's Advertising Agency in the United States used tax registers, city directories and census data to show advertisers the proportion of educated vs illiterate consumers and the earning capacity of different occupations etc.