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The relationship between consumer behavior and marketing
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Customer Interface Target Market The first element or an essential step of a marketing strategy is target market. Target market can be defined as a group of consumers a company had decided to target its marketing efforts. iToast Sdn.Bhd would like to focused on three groups market segment and our company has made an analysis from each of the segment which are psychographic and demographic segmentation. From the aspect of demographic segmentation, our company decided to promote our product EasyToast into the market of different age, gender and different range of income potential customers. As we can observed that, younger generation as so called Y-generation that often touch with lots of new technology are more interested and curious about new …show more content…
Based on passport GMID, most of the Malaysian consumers been classified as the low income group especially those fresh graduate or age between 25-30years old, because they have to spend more time on work to fight for their salary and have not sufficient time to prepare their meals.(Passport GMID) Our company understands that during rush hour to work, healthy meal for white-collar workers is quite difficult in early morning and especially people who work alone outstation and far away from home. Hence EasyToast is to make their life with more convenience and healthy as our product can toast the bread with fresh fruits jam that contain high …show more content…
We use this strategy to set the right price for our product EasyToast in order to sell in the market. The selling price of the toaster will be RM200 per unit, it is stated that a company charge the price for the product could send a crucial message to their target market or consumers. The selling price of RM200 set by our company is determined by forecasting that what customers are willing to pay for our product EasyToast under cost-based pricing strategy. Moreover, our company could be able to maximize profit and also retaining a positive relationship with our consumers by using this
Once the target market has been identified it is important to develop a marketing strategy. In today's fast paced, information overloaded society; conveying a message about a product seems to be more difficult than ever. The consumer is bombarded with advertising everywhere they look. Today advertising not only exists on television, radio, magazines, and newspapers, it can be found on billboards, park benches, in our mailboxes, on buses, taxis, at sporting events, and on clothing.
Figure out the typical customers is the first marketing strategy. Business should find the right customers who would by your product and tailor and focus its marketing effort toward them. Thus, this target market represents the group of customer offering greatest opportunity.
When the young at heart seek out our products, when they respond to our messages and believe in what we stand for, when our relationship with consumers is healthy, that's when we grow. Even so, gaining true understanding of our consumers, and thereby being able to deliver meaningful innovation to them, is a huge challenge. It's not the demographics that change; it's the deliverables. Ours is a constantly moving target. Technology continues to increase the pace and volume of options in all of our lives.
What is a SWOT analysis? This concept involves assisting businesses to identify their strengths, weaknesses, opportunities and threats. It is often used to analyze an organization and its environment. Businesses find the analysis useful in assisting them to improve their business, establish goals and objectives.
Zappos currently offers a diverse product line. This product line has allowed them to develop a prestigious brand. Zappos can take advantage of their brand name by adding a new product, as brand extensions have become in increasingly popular strategy (Greifeneder, Bless, & Kuschmann, 2007). However, with this branding comes pressure when considering a new product. Pressure to deliver the new product to market that stands up to the consumers’ brand expectations.
Demographic segmentation -Age: American Apparel mainly targets young adults of 20-35. They steer away from the under-18 age. They also choose not to go after the popular 35-45 age bracket and people over the age of 45. -Gender: female and male -Income: related to the age of the target, the company knows many of this target market have entry-level jobs which means they are not making six-digit figures, but they are making less than $100,000 a year.
A SWOT analysis is a tool that identifies internal and external factors that may affect an organization. According to Parnell (2014), a SWOT analysis allows managers to investigate the strengths, weaknesses, opportunities, and threats that a company may face in their environment. Strengths and weaknesses are typically internal factors; while opportunities and threats are external factors. A company’s strengths are the things that set them apart and make them different or better than anyone else in their industry. The weaknesses are the things that affect them in a negative manner that keep the company from being competitive. Development of a SWOT allows the company to identify and take advantage of the opportunity to strengthen the organization
The recipe used in preparing different food items makes the products offered unique to the customer. Combination of different ingredient helps in increasing the quality of good
test whatever it's a bad effect or not. So when it used on humans, we
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.
Once a business has successfully completed segmentation based on the market into various groups the targets will be chosen. As we all know no one unique strategy will be able to appeal to all consumer segments therefore being able to come up with different strategies for specific targets are a vital aspect of marketing.
The SWOT analysis is a useful tool for identifying our personal strengths, weaknesses, opportunities, and threats to our plans and goals. According to a “Fuel My Motivation” article (2010), this analysis considers internal influences that can positively or negatively affect our ability to achieve our goals. The internal factors are our strengths and weaknesses. Also considered are opportunities and threats, which are external influences that can have a positive or negative impact on the ability to achieve our goals. I will share how the self-assessment instruments and self-exercises in this course have contributed to assessing and understanding my strengths and weaknesses. I will also discuss techniques I will use to leverage my strengths and understand my weaknesses. In addition, I will consider opportunities that I can take advantage of and the threats that can possibly impede my progress.
The major objective of any company is to make profits. Marketing is responsible for identifying a company’s customers anticipating their needs and wants, satisfying theses needs while keeping the its major goal which maximizing profits
Our main target market is the children and the adults. Our product is created in a way that it enhances creative and innovative skills. The product allows children to create and design items that may potentially be useful in the future. We target the adults because we believe
Foster your business growth and reach genuine customers with our Pharmacists mailing addresses Healthcare Marketers offers you the most unique and accurate mailing address lists of Pharmacists in order to aid marketers reach their target audience spread across the world. Pharmacists mailing addresses contains contact details of pharmacists who are located in various countries such as the USA, Canada, Europe, UK, China, Japan, Hong Kong, Australia, Singapore and many other countries. Our high quality Pharmacists contact list is 100% tele verified, validated, accurate, precise and cost effective and all the data is collected from various authentic sources such as Government records, healthcare directories, trade shows, yellow pages, conferences,