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Developing Marketing Strategies
Developing marketing strategies and planning
Developing marketing strategies and planning
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Student Name:Delia Alina Lapusneanu.................................................. Student No: B00699824.................................................................... Course Title: FUNDAMENTALS OF MARKTING ....................... Module Code/Title: MKT104( 10563).............................................. Lecturer: TATIANA PREDELINA................................................... Assignement Choose a tangible consumer product with which you are familiar and complete the following: a) Identify one speific consumer segment for this product b) Identify and discuss the characteristics of your chosen segment c)Show how the marketing mix reflet the characteristic of your chosen 1.INTRODUCTION 2. MAIN BODY - Definition …show more content…
According to Peter Doyle (2006) market segmentation means, in the most easy way, dividing market. Segmentation is defined as the process by which a large mass of customers are classified into segments with the same preferences with common needs and similar requirements of buyers ( businessdictioary.uk). Regarding Coca-Cola, the company addresses more people who have a very busy life and who need extra energy. In this category we include athletes, students, students, professionals, businessmen, people aged 15-35. But besides energy source that gives this drink carbonated, it has a pleasant taste that people enjoy it fully. Coke was brought to market in 1886 in the city of Atlanta, Georgia by Dr. John Pemberton and did not have air bubbles and began selling the soda fountains, and the slogan was "delicious and refreshing" (coca-colacompany.com, 2016) . According to Chong ( 2003) the most important part of the marketing mix is the end product that can be sold on the market at a good price, with a proper promotion. To define maketing theory, we should first of all understand the term marketing
13th Ed. -. Jo Ray McCuen-Metherell and Anthony C. Winkler. Mason, OH: Cengage Learning, 2011. 428.
Segmentation is the process of identifying different macro-groups of customers (i.e. segments) based on their common characteristics. The process of choosing a target segment, on which to focus marketing activities on, is a process named targeting.
Segmenting the market will allow the company to focus more clearly on targeting the right customers with the right product that better satisfy their needs.
Cengage. Learning. Weiten, W., Lloyd, M., Dunn, D., & Hammer, E. ( 2009,2006).
Coca-Cola was formulated by John S.Pemberton, originally as a cocawine called Pemberton's French Wine Coca, and originally sold as a patent medicine for five cents a glass at soda fountains, which were popular in America due to a contemporary view that soda water was good for your health. Coca-Cola is the trademarked name, registered in 1893, for a popular soft drink sold in stores, restaurants and vending machines around the world.
Segmentation is a procedure of splitting up the market into different groups of consumers who the same common needs and wants. There are different types of segmentation like geographical segmentation, behavioral segmentation, demographic segmentation, lifestyle segmentation. Lexus divided their vehicles into two categories they four wheel drives and two wheel drives.
Many factors should be addressed when defining a target market. These factors include market segmentation, product life cycle, and the four "P's" that make the marketing mix. Market segmentation is the process of dividing a total market into market groups consisting of people who have relatively similar product wants and needs. There are four major segmentation variables: geographic, demographic, psychographic, and behavioral. Geographic segmentation includes world region, country region, city, density, or climate. Demographic segmentation can consist of age, gender, income, occupation, education, race, religion, or nationality. Social class, lifestyle, and personality fall into the psychographic segment. The behavioral segment divides buyers into groups based on their knowledge, attitudes, uses, or responses to a product (Bethel, 2007). Once the market segment is identified, that market can be targeted.
It has been observed since the inception of Marketing that marketers target to only specific market and how they identify such market. There are certain criteria or base they use to identify the consumers who they would be serving to. Customers do have unique requirements satisfaction levels and aspirations. Some customers however are similar with respect to their requirements of goods and services. In such case if their needs are identified and they can be grouped in quantities of a specific size then it can be segmented. Now each customer group have specific expectations and businesses must cater to the needs of the segmented that has been targeted.
Segmentation is a marketing strategy that involves separating a wide target market into small groups of customers who share the common need of using or purchasing the product that needs to be marketed. Market segmentation strategies are utilized to identify these groups of consumers and strategies are designed and implemented to make the product or service appeal to them. Support and also the product will be strategically placed in order to successfully achieve the ultimate marketing goal. Businesses and organizations may come up with different type of strategies involving different products and catchy phrases depending on the product or the target segment.
Caroline and Jennifer said that ‘Market segmentation is a crucial marketing strategy. Its aim is to identify and delineate market segments or set of buyers which would then become targets for the company’s marketing plans.’ (Tynan and Drayton, 1987) There are many ways to segment the market, such as age, region, environment, psychology and wages (Hall, Jones and Raffo, 2010).
To begin with, it is crucial to appreciate the meaning of segmentation and targeting because these two terms lay the foundation for this report. Consequently, segmentation is dividing a market, into groups of consumers with homogenous traits in order to provide each group with the desired product. What is the meaning of targeting? It is where an enterprise evaluates every segment with an objective of identifying segments with promising business opportunities. Considering the nature of the product in question, it sufficed to mention that liquor- filled chocolates are to be sold to adults.
...03:26. Proquest Platinum. Proquest Information and Learning Co. Glenwood High School Lib., Chatham, IL 25 Oct. 2004
Market segmentation means dividing the market into distinct groups that have common needs and will respond similarly to marketing action. Each segment must be unique, have common needs, and respond in a similar manner to marketing efforts. Target market is the group of potential customer that has been selected by business to focus its marketing efforts towards. This is the group the business wants to sell its products/services to. Positioning refers to the image created in the minds of customer of its product or brand. It is a perception created in the minds of the consumer relative to that of its competitors.
According to Kotler et al 2013 market segmentation is defined as dividing a market into smaller segments of buyers with distinct needs, characteristics or behaviours that might require separate marketing strategies or mixes. As per the industry data which we were operating we used different theories to segment the market one of them is STP process. In this method whole market is sub divided into different segments based on three activities these are segmentation, targeting and positioning. From the market information in case study we identified similar groups of consumer under market segmentation activity. For example market E had consumers travelling between mini hub to medium city that had a new and growing market. While targeting the market we identified which group of consumers to aim for instance market D had major university and service sectors. Lastly in the product and brand positioning we created a concept so as to appeal the target market by running as discount airline. One of the approaches for market segmentation according to Kotler et...
MAS Ultra - School Edition. EBSCO. Web. 15 Feb. 2010. Menn, Joseph.