The customer experience coalesces here; all segments merge together in synthesis. Models move from the rote to the analytical, from the passive to the active, and from the manufacture driven to the service driven.
To ensure long-term compatibility, perform continual needs analysis, understanding that consumer dynamics (demographics and psychographics) continually evolve.
Conclusions -- Modern society is complex, and thus the types of choices consumers make on a minute by minute basis are also complex. By the very nature of these multiple, yet dichotomous, choices, 21st century culture demands a different set of values within the sales experience. Globalism is, in fact lessening national and occupational layering, and moving the consumer more towards value orientation and commonality of views, goals, and psychological factors (Hofstede, et.al., 1990). As we look into the future of marketing, then, it is clear that both design and approach to product management must reverse century-long trends and move to…...
Conduct a SWOT (strengths, weakness, opportunities and treats) analysis for the company;
Strengths
In the current economy, the economic downturn has hurt the horse industry. "With the loss of jobs, additional money that people used to care for their horses has gone down...You have to feed your family before you feed your horses" (Powers 2009). The availability of second-hand goods will be helpful to address this issue. On the other hand, one of the most untouched segments by the recession was that of high-end, luxury goods. Consumers who do not primarily live off of their salaries as less impacted by the upturns and downturns of the unemployment rate, and the stock market has been less affected than employment by current economic figures. They will have more money to buy customized saddles and to pursue their hobby.
Weaknesses
The market for horse items is very specific, and not all areas of the country have high…...
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References
Clifford, Stephanie. (2011). Even marked up, luxury goods fly off shelves. The New York Times.
In this paper, we present a marketing plan for My Wonderland, a specialty smoke shop based in Lancaster City, CA and which also operates as a gift shop. The marketing plan includes a detailed analysis of the company, its clients as well as the possible expansion/success strategies. The aim of the marketing plan is to make the business appealing to potential franchisees since the business plans to employ franchise model as an expansion strategy.
Consumer behavior which defined by Hawkins (2010) as the study of individuals, organizations or groups and the processes that they use in selecting, securing, using, disposing of products, services and experiences as well as ideas for the purpose of satisfying the needs and impact of the processes on the consumers is an important aspect of marketing. In this paper, we present an elaborate marketing plan for selling smoke shop franchises.…...
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References
Anderson, WT., Golden, LL (1984), "LIFESTYLE AND PSYCHOGRAPHICS: A CRITICAL REVIEW AND RECOMMENDATION," in Advances in Consumer Research Volume 11, eds. Thomas C. Kinnear, Provo, UT: Association for Consumer Research, Pages: 405-411.
Bellman, S., Lohse, G., and Johnson, E. .Predictors of online buying behavior,. Communications of the ACM (42:12), 1999, pp.
32-38.
City of Lancaster Planning Department (2010).Demographics fact sheet
The target markets are children up to 12 years of age, general practitioner or family practice, geriatrics and a specialty area of orthopedics given how many sports teams are in the area. Our clinic focuses on urgent care for orthopedic injuries as these are often time-sensitive in terms of the treatment needed. Our focus on measuring wait times and response times has aided our segmentation efforts as well and efforts to create a reputation for timely, excellent service. This is consistent with findings in the field of segmentation when studied from a customer experience and expectations standpoint (Ziv, Shanthikumar, George, Carmon, 1995).
3. How are your organization's services positioned to meet the demands of its target market (s)?
The infant children's services are positioned as being comprehensive enough to deal with prenatal through adolescent child heath, yet also in depth enough to deal with advanced children's…...
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References
Don Marsh. (2010). Marketing to the Mature Marketplace. Marketing Health Services, 30(1), 12-17.
Carmon, Ziv, Shanthikumar, J George, & Carmon, Tali F. (1995). A psychological perspective on service segmentation models: The significance of accounting for consumers' perceptions of waiting and service. Management Science, 41(11), 1806.
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 other hand, items…...
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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.
Market Segmentation
There are a variety of ways to segment a market in order to identify a target market and perform many of the key marketing functions. Determining the basis of an effective segmentation is a multi-step and even multi-disciplinary process that can be incredibly complex. The five key forms of segmentation include:
Geographic
Demographic
Behavioral
Psychological
Price
Geographic segmentation is simply by region. This is especially important to brick and motor retail stores and businesses in the service industry that only cater to certain areas. However, national operations such as Amazon that ship their products have a lot more flexibility in this segmentation category.
Demographic segmentation will focus on factors such as age, income level, and education status. This is an extremely useful way to focus on a target market and can be used in conjunction with geographic or other segmentation methods. For example, an ideal target market figure can be described as a mid-life woman who…...
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Works Cited
McCrackin, G. (1986). Culture and consumption: A theoretical account of the structure and movement of the cultural meaning of consumer goods. Journal of Consumer Research, 13(1), 71-86.
Stigler, G. (1954). The Early History of Empirical Studies of Consumer Behavior. The Journal of Political Economy, 62(2), 95-113.
Market Segementation
Market segmentation is a way to differentiate a group so that the seller of goods or services does not concentrate on the entire universe, but on a group of high potential customers that are more likely to purchase the product. A market segment, of course, is a sub-set of the entire marketing unit that is made up of individuals or organizations with characteristics that allow them to be grouped together to provide a more appropriate marketing experience, a more individuated for of sales. Since different segments have different values, the homogeneity with in the segment defines the common goals and needs. This has been part of the more sophisticated manner of looking at specific demographics and psychographics to set pricing, packaging, and even types of service. In effect, while there may be a number of "ideal" market segments for a specific product or service, manufacturers must develop different ways…...
Having identified their target markets with targeted solutions, Nissan introduced a model called "Cube."
While market segments and targets will naturally emerge from research, it is important to acknowledge that all segments or targets are not of equal value. Each segment needs to be evaluated: how large is the segment and can a single solution distributed through a specific set of channels be profitably? (Lecture Notes/textbook) In addition to market sizing and profit potential, a target market should also be evaluated from a long-term perspective: will people who buy their cars as young consumers, continue to buy the Nissan brand as they progress through their life stages?
According to Murphy, the domestic sales of Japanese car manufacturers continued to decline; however, he did not provide enough information to determine the success of the "Cube." From a positive point-of-view, it is possible that the introduction of the "Cube" may have brought new…...
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References
Murphy, John 2008, " Car designers target the young to revive an industry," The Weekend Australian, 1-2 March.
Market Segmentation and Promotion Strategies in Achieving a Competitive Advantage
The importance of market segmentation relates to the need for companies to identify the specific attributes and needs of its customers in order to provide appropriate products or services. The importance of promotion strategies relates to the need to reach these market segments effectively with a company's marketing message. In order to gain further insights into these two critical marketing principles, this paper provides a review of the relevant literature concerning market segmentation and promotion strategies, followed by a summary of the research and important findings in the conclusion.
Market Segmentation
In order for companies to fine-tune their marketing efforts, they must first understand which segment of the market is most appropriate and how they can best reach this segment with their marketing message. In this regard, Michman (1999) advises that market segmentation is "a process of dividing a diverse market into…...
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References
Bickerton, P., Bickerton, M. & Pardesi, U. (2006). Cybermarketing: How to use the Internet to market your goods and services. Boston: Butterworth-Heinemann.
Hines, T. & Bruce, M. (2007). Fashion marketing: Contemporary issues. Boston: Butterworth-
Heinemann.
Michman, R.D. (1999). Lifestyle market segmentation. New York: Praeger.
Oakley Pro-Lenses Marketing plan
Market Strategy and Market Segmentation
Presenting the brand
It is important to know what role plays one product in our lives, that's why to fulfill all the customer needs requires a set of processes. In order to see how the new product will fit in the market, we conducted a marketing plan for releasing successfully Oakley ProLenses.
Oakley is one of the most loved brands of sunglasses, being known worldwide for design and quality. Oakley ProLenses is considered to be an innovative product, that's why the company needs to decide how to launch the product on the new market.
Presenting the product:
Oakley Prolenses, are made from a high quality materials, the lenses being made from a modified glass, and the arm glasses from special non-allergic substance called " biogen." The product comes with the latest designs, diverse models, different colors, and the latest technology which consist in allowing the wearers of…...
Segmentation -- Barcelona Travel
Market segmentation is a technique that groups consumers with similar needs and common buying behaviors into segments. These segments become the basis for targeted marketing, which is a more efficient and effective method of marketing than advertising to the masses (Epetimehin, 2011). A feature of market segmentation is the creation of consumer personas or profiles. Consumer personas are pegged to distinct market segments identified through the segmentation processes (Epetimehin, 2011). The use of consumer personas and market sub-segments requires a balancing act of using fine-grained filters while avoiding too discriminations that are too fine. Conceptually, consumer personas and sub-segments help businesses to reconcile consumer needs and desires with the limited resources of the firm (Epetimehin, 2011). A marketing segmentation approach is essentially a customer-centered approach that allows the products and marketing offerings to be adjusted so as to match the distinctive attributes and behaviors of consumer groups.
Blanding, M. (2014, July 4). Pay attention to your 'extreme consumers.' Research & Ideas, Harvard Business Review. Cambridge, MA: Harvard Business School Working Knowledge. Retrieved http://hbswk.hbs.edu/item/7570.html
construct lifestyle in market segmentation: The behaviour of tourist consumers" by Gonzalez and Bello (2002) argue that traditional segmentation techniques are inadequate to meet the needs of modern tourism consumers. They posit that lifestyle needs to be factored in, so that tourism operators can be better-equipped to meet the needs of tourists. The authors note in particular where there are similarities in purchasing patterns between people with very different socio-economic and demographic terms. The flip side to this is also noted -- that people can differ quite a bit in terms of lifestyle despite having demographic similarities. Thus, by factoring in lifestyle, marketers can improve their segmentation of the tourism market and this will give marketers a better chance to appeal to different lifestyle segments.
Olaghere (2010) gives a critique of this paper. He notes that using easily-observed lifestyle variables can deliver a 94% correct categorization of individuals, reinforcing the…...
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References:
Gonzalez, A. & Bello, L. (2002). The construct "lifestyle" in market segmentation: The behaviour of tourist consumers. European Journal of Marketing. Vol. 36 (1/2) 51-85
Thyne, M., Davies, S. & Nash, R. (2005). A lifestyle segmentation analysis of the backpacker market in Scotland. Journal of Quality Assurance in Hospitality & Tourism. Vol. 5 (2-4) 95-119.
Todd, S. & Lawson, R. (2001). Lifestyle segmentation and museum/gallery visiting behaviour. International Journal of Nonprofit and Voluntary Sector Marketing. Vol. 6 (3) 269-277.
Pizza Hut, Domino's most dominant global competitor, was clearly way behind all three national pizza chains in 2005, with a very weak innovation story on new products to sell, and more re-shuffling of menu items with aggressive pricing and programs to bring in the lucrative in-store buyer. The net result from this lack of innovation was Pizza Hut losing significant market share. it's expected that Pizza Hut will be more competitive to be more promotional throughout 2006, and would expect aggressive advertising that accentuates a "value" message.
Given a high gas price environment which is already happening today (as of June 2006), many operators in the pizza category have discussed "value" as a key theme. The challenge will be increasing transactions through "value" offerings while maintaining or boosting average pizza orders. According to Pizza Hut, much of the growth in the category in 2005 has been achieved through higher average check…...
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References
Domino's Market Research (2005) - From the 2005 Analyst Day Presentation downloaded from the Internet on May 28, 2006:
urgeons enter with the primary interest of achieving the best care for their patients, and may have an attitude which is disinclined toward changing accepted technologies. urgeons are not the greatest potential group for marketing focus given that some significant percentage will lack the authority to choose venders in a larger healthcare system.
Hospitals should constitute a larger part of the potential market. This target is also divided between general practice and specialization of hip implant procedures. Most hospitals are part of larger healthcare networks today, making decisions typically centralized and highly dependent upon shared economic interests with selected vendors. Thus, an attitude of resistance to change may also persist here, though penetration of specialty facilities in particular is a positive path to realizing a greater sale potential.
The two overlapping but distinct targets of healthcare dealer and stocking distributor are firms that specialize in identifying profitable and reliable medical products…...
The large amount of Hispanic supporters drawn by Fernando is a very valuable market segment for Dodgers tickets and merchandising. Season ticket sales can be positioned concomitantly with new merchandising in order to draw the Hispanic market.
Positioning
The Hispanic market can also be used as a target for positioning Dodgers tickets and merchandising. Positioning refers to the image that the company creates for its product in the mind of consumers. The two target markets are therefore used in creating a favorable image for the Dodgers and their tickets
Market positioning is fluid and evolves with the product itself. Fernando's inclusion and subsequent success within the Dodgers is therefore a catalyst for positioning evolution for the ticket selling company.
Positioning refers to the position of a product within the marketplace. Dodgers tickets are important to the high-end market and particularly to the Hispanic market. Dodgers tickets should therefore be identified as specifically targeted…...
1. Problem Definition: Identified the core problem as the decline in market share and profits for the electronics company.
2. Data Collection: Gathered data from financial statements, sales reports, market research, and competitive analysis.
3. Hypothesis Generation: Formulated hypotheses related to factors contributing to the decline, such as product innovation, marketing effectiveness, and operational efficiency.
4. Data Analysis: Performed statistical analysis (regression, correlation) to test the hypotheses and identify significant factors.
5. Root Cause Identification: Used causal mapping and decision trees to determine the underlying causes of the decline.
6. Insights Generation: Developed recommendations and actionable strategies based on the insights gained from....
Coca-Cola's corporate-level strategy revolves around maintaining its global leadership in the beverage industry. This includes a focus on expanding market share, driving profitability, and boosting brand recognition. The company has pursued several key initiatives, such as:
Diversification: Expanding beyond its core carbonated soft drink business into other beverage categories, including juices, sports drinks, and bottled water. Acquisitions: Acquiring strategic brands and companies to strengthen its portfolio and expand into new markets. Notable examples include Minute Maid, Dasani, and Innocent Drinks. Global Expansion: Continuing to expand its geographical reach by establishing operations in new countries and increasing market penetration in....
Business-level strategies are plans and approaches that companies adopt to gain a competitive advantage within their specific industry or market segments. They focus on optimizing operations, differentiating products or services, and targeting specific customer groups to achieve profitability and growth.
There are three main types of business-level strategies: cost leadership, differentiation, and focus.
1. Cost Leadership
Definition: Cost leadership is a strategy that aims to achieve the lowest possible production costs in an industry. Companies that pursue this strategy focus on maximizing efficiency, reducing expenses, and optimizing supply chain management.
Advantages:
Lower production costs lead to higher profit margins. High market share....
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