Sign Up Now
Get instant access to over 1 million+ study documents
OR
Already registered? click here to login
By creating your account, you agree to our terms of service, privacy policy and student honor code.
Market segmentation is often defined as "grouping people according to their similarity related to a particular product category" (Richardson). The most commonly used forms of segmentation are geographic, demographic, psychographic and benefit; demographic and geographic segmentation are descriptive while psychographic and benefit segmentation are behavioral. In order to determine the appropriate market for a particular product, you must be first be able to identity what sort of product you will be marketing, whether it is a consumer good or service or an industrial good or service. In this particular case, a new beverage will most likely be classified as a consumer good and as a convenience good. Maslow's hierarchy of needs categorizes all of our desires based on necessity for survival. For example, food, water and shelter are at the highest level of Maslow's hierarchy of needs because human beings absolutely cannot survive without them. On the...
are at the bottom of the list because they do not enable our everyday survival; instead, they are merely objects which add to our level of pleasure.
Different products and services may need to be segmented based on differing criteria or even more than one market in which case there will be a marketing mix. With a new beverage, the segmentation and potential markets would be based on demographics and psychological variables and lifestyles. The age and gender of the market will play a crucial role followed by the lifestyle, personality and self-image of the target customer's. Once all of these variables have been identified an appropriate advertising plan can then be implemented. In the case of a new beverage, the both children and parents alike will have to be targeted. The beverage will have to appeal to the children based on lifestyle and…
With the target market established, the next step would be to develop an advertising plan. Television ads would be the most effective advertising method; however, it can be rather costly as well. Other possible types of advertising may include school promotions, radio commercials, billboards, and coupons and even free samples at local grocery stores. The exact advertising plan may greatly depend on the budget allocated for the entire project.
Richardson. "Market Segmentation." Witiger.com. Web. 4 Apr. 2011.
"Types of Market Segmentation." Fds.oup.com. Web. 4 Apr. 2011.
medium sized company, Sportzshoo plc makes a range shoes sports. The company founded privately owned Steve Scott, entrepreneur Olympic gold medalist. Marketing information Types of marketing information needed by Sportzshoo There are various types of marketing information that Sportzshoo PLC will need in order to succeed. It is important for the company to understand the procedures that are needed to gather, sort, evaluate, analyze and distribute the marketing information in order to
Marketing for Humanitarian Organizations Marketing and Humanitarian Marketing is often described as the activities which a company or organization undertakes in selling and buying products and services. It involves promoting their products and services through advertising, sales, and delivery to clientele. Marketing is often embedded in the marketing mix which states the four 'Ps' of marketing which are product, place, promotion, and price. Marketing involves concept such as customer relationship management, business
Critter Campus Two sisters, Toni and Jill, are giving serious consideration regarding whether they might go into business together to operate a kennel that would provide high quality services at reasonable cost and cater to all types of animals, not just dogs and cats. It doesn't seem likely that the two women can use the strategy of cost leadership. They have not completely established whether they can build a large facility. According
Additionally the company is increasingly concerned with meeting the energy needs of people and organizations throughout the world ("Company Profile"). To this end Exxon Mobil is committed to "exploration and production of crude oil and natural gas; the manufacture of petroleum products; and the transportation and sale of crude oil, natural gas, and petroleum products ("Company Profile")." In addition Exxon Mobile is a primary producer and marketer of both commodity
Uses of visualization in business analytics include market segmentation analysis and factor analysis to define new audience segments based on psychographics. Visualization is often also used for pricing analysis to determine how elasticity can vary by product and area being sold into. 6. What are the steps involved in effective decision making and how can business intelligence assist in helping executive and managers make better strategic and operational decisions? Effective decision
The younger crowd may be more attracted by the dangerousness of the bikes and by the sense of adventure involved. Older groups seek a certain return to youth and show an adherence to the idea of freedom. The motorcycle at one time had the aura of an outlaw lifestyle, as noted, an image that the company has not sought and often seeks to counter. Still, that image remains strong