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Groupon marketing strategy
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Many people would think that marketing is marketing and that there is no difference between marketing between consumers versus businesses, but there is a defined difference. When Groupon markets to consumers they are trying to give the consumer an experience by creating value and discovery. Groupon chooses the businesses that consumers may have never heard of and then features them a discount to try that business. Groupon is marketing to convert the consumer into buying by presenting deals and coupons to entice them to buy. They need to capture the consumer’s attention and interest immediately. Using these tactics “more than 50 million customers continue to trust Groupon to deliver incredible value on things they do every day…” (Groupon, Inc,
Armstrong, Gary, and Philip Kotler. Marketing: an introduction. 11th ed. Upper Saddle River, NJ: Pearson Prentice Hall, 2013. Print.
A characteristic of the marketing concept is customer orientation. Business activities are mostly engaged to produce a satisfied customer. They are there to Stress on the desires and wishes of a customer this keeps businesses on track with their target market. The best marketing decisions are completed on the foundation of making a massive impact in the market and towards customers. The consumers/people
Marketing at the Vanguard Group. In light of an evolving market, faced with new competitors, and after a careful analysis of their current customers, the Vanguard Group (hereinafter referred to as “Vanguard”) realizes it must rethink its entire marketing strategy. However, in order to protect and leverage their competitive advantage, which is their low management fees, and to optimize the loyalty that their customers continuously demonstrate toward their organization, they must now target the most profitable segment for them, and develop the best way to serve and delight these customers. SITUATION ANALYSIS Highlighted SWOT Strengths Low fees strategy - a good idea.
What major technology change has had the greatest impact on the quality of your life?
Marketing is a process of determining a consumer’s needs, devising a product or service to satisfy those needs, and trying to focus customers on the goods and services you are offering. Marketing is extremely important, and a fundamental building block for business growth. A marketing team is given the task of creating customer awareness through a variety of different marketing techniques. If a business does not pay close attention to their consumer demographic and needs, they will eventually fail over time. Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps. During the early 1960’s, Professor E. Jerome McCarthy of Harvard Business School stated that a marketing mix contains four elements. The four key points are product, pricing, promotion, and placement. It is recognized that all these aspects must be present to ensure a successful business model within a given industry. We will now take a thorough look at the four marketing mix points.
Marketing is that broad area of business activity that directs the flow of services provided by the carrier to the customer in order to satisfy customers’ needs and wants and to achieve company objectives. Marketing is more than selling: it involves a number of business activities, including forecasting, market research and analysis, product research and development, price setting, and promotion, including advertising. Marketing also involves the finance activities such as credit and collection that are associated with ticket sales. Marketing is customer oriented…Without marketing and sales, there would be no airlines. (p. 274)
With the internet technology, everyone can stay at home for online shopping. What’s more, if you can enjoy daily discounts with all the information, home delivery and 24-hour daily operation, that’s all that can be found by buying Groupon. Groupon, the company has successfully captured millions of online consumers throughout the world. The marketing strategy of Groupon captures the consumer behavior. Consumer buying behavior, defined as.
...s is achieved through social groups. Marketers focus upon group influence and social needs in their marketing activity to develop a stronger brand image which carers to the needs of the consumers.
The American Marketing Association provides the following definition of marketing: "Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stake holders" (Kotler & Keller, 2006). Clearly, the value to the customer must first be defined by understanding the customers' needs including those that may go beyond the product or service a company is selling. For example, Safeway, a grocery store chain, goes beyond fulfilling a customer's need for groceries by addressing other needs, such as convenience, thru a door-to-door delivery of their groceries. While another company, Wal-Mart, is successful by making their products widely available to as many people as possible at the lowest possible prices. Again, the product is only part of the equation; Wal-Mart's marketing mix also focuses heavily on price and distribution (place). Finally, Microsoft now allows customers the convenience of purchasing and downloading their favorite software titles directly from Microsoft's Windows Marketplace website instead of having to travel to a retail store.
Marketing is a fundamental aspect of all businesses, whether they are set out to make a profit, or charitable organisations - they will have to carry out marketing research of some description. It has been described as being, “the management process responsible for identifying, anticipating and satisfying customer requirements profitably.” (Chartered Institute of Marketing) This essay will explore the role of marketing in a marketing oriented business and different aspects of the external environment that a smartphone company should be aware of. The points raised throughout will be supported using relevant journals, textbooks and newspaper articles.
Once segments of customers have been defined, marketers need to select and evaluate which segments will be worth targeting. Cui and Choudhury (2003) define market targeting as marketing a product to a segment of customers due to the magnetism, for example size or growth, of the group. Marketers are able to select segments using undifferentiated, differentiated and concentrated marketing. By ignoring segment differences ...
Too often, a marketing function is misunderstood, because many people do not understand what is meant by ‘Marketing’.
Market opportunities for breakfast cereals is vast, some segments of the market have been neglected, most notably that of the over-50’s. Insightful presentations were given at the “Older, Richer, Wiser” Conference that would suggest the over 50’s market segment is targetable.
Another definition of marketing is the "selling of products or services: the business activity of presenting products or services in such a way as to make them desirable" (MSN Encarta). However, according to (Kotler & Keller, 2006) the formal definition of "marketing is an organizational function and a set of processes for creating, communication, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its shareholders"(Kotler & Keller, p.4). According to these definitions, marketing needs to cover customers' necessities and at the same time sell products to increase future revenues. However, marketing is more extensive than just selling a product. Moreover, marketing activities are all activities associated with identifying the particular wants and needs of a target market of customers, and then going about satisfying those customers better than the competitors. This involves doing market research on customers, analyzing their needs, and then making strategic decisions about product design, pricing, promotion and distribution.
Marketing is a vital component in the success of businesses. Smaller businesses rely on business advertising, expenses, knowing if the business is networking with the right people, or joining the best organisations that lead to success (EStartup business blog, 2010). Marketing concentrates on customers and what the customers want. Customers are the source of sales and profits. Many small businesses are faced with remarkable hardships due to not developing the right marketing plan (EStartup business blog, 2010).