Marketing Referance
The marketing concept suggest that to achieve organisational goals and be more profitable, an organisation should focuses its efforts on developing marketing mixes that best meet the needs of the consumer. However, since consumer needs within a market vary, one marketing mix could not adequately satisfy the needs of the entire market. Targeting marketing is one of the most important ideas in modern day marketing. Under the idea, the marketer divides the market into subgroups with similar needs and wants or preference, it will then be possible to tailor marketing mixes to specific segments, better meeting their needs. As figure 1-1 shows, targeting marketing involve three major steps- market segmentation, market targeting and market positioning. Market segmentation is the first step that dividing a market into subgroups of consumers who are homogeneous in their response to a particular marketing mix. The second step is market targeting, in this step, the company select one or more target segments based on evaluating of each segment's attractiveness. The final step is market positioning, the company formulates marketing mix for each target segments and develops competitive positioning for its products.
Marketers can divide the market into many segments base on different geographic units such as nations, counties, regions and cities. Geographical segmentaion can be useful where there are regional difference in needs. For example, in the UK, Northerner consume 33% more potatoes and 43% more flour than their peers in the south east but consume 43% less fresh fruit. And they spend far more on alcoholic drink, most of it on beer. Londoners and Scots on other hand prefer wine. Market opportunity include the size of the segment, rate of growth, market potential and buyer power. Generally, large, growth segments with potential for future growth are more attractive than small segments without potential for growth. The size and growth must be measurable so that the company can determine if the segments are worth the investment in marketing and relationship costs associated with the group. What Is the Competitive Environment? The company may gain more market sales in using concentrated or differentiated marketing as competitors use undifferentiated marketing. As discussed early, because the two approach can let the company focusing on what's the customer's needs and provide better matches the customer's desire. Contrary, it is unwise to adopt the undifferentiated marketing when competitors use segmentation. The company decide which and how many segments to serve after evaluating different segments. As the Figure 1-3 show, there are three market converage alternatives: undifferentiate marketing, differentiated marketing or concentrated marketing.
Some common words found in the essay are:
Undifferentiate Marketng, Marketing Concentrated, , Marketing Positioning, Competitive Environment, Measurablity Measurablity, Libra Positioning, Segmentation Psychographic, Mitsubishi Holden, Segmentation Demographic, marketing mix, target market, marketing mixes, undifferentiated marketing, target marketing, differentiated marketing, concentrated marketing, market targeting, positioning strategy, market segmentation, marketing concentrated marketing, focuses common consumers, serve market ignore, decide serve market, consumers decide serve,
Approximate Word count = 3180
Approximate Pages = 13 (250 words per page double spaced)
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