Business Chp 11 Essay

Question: Outline the marketing process and explain the importance of each element of the marketing plan.

In the Marketing Segmenting there are four kind of segmentation, they are Behavioral Segmentation, Demographic Segmentation, Psychographic Segmentation, and Geographic

Additionally to the Market segmentation, many retailers and businesses use the segmentation as a marketing strategy and a factor when determining such as the location of a store, or the products that are going to be sold. Some of the strategic methods that are well known and utilized by many businesses are the Geographic, Demographic, Psychographic, and the Behavioral segmentation. I will focus more on the Geographic segmentation which creates data from the consumer's zip codes, neighborhood population and household income, and much more. Overall every retailer's focus is to have a successful business, and when doing that you must know who you are targeting and undergo research about those consumers who will be purchasing your products. This

A, How is the market segmented? What are the key customer motivations and unmet needs? What are the similarities and differences among the segments? How might a company link customer motivations to value propositions?

• Define marketing and outline the steps in the marketing process • Explain the importance of understanding customers and the marketplace, and identify the five core marketplace concepts • Identify the key elements of a customer-driven market strategy and discuss the marketing management orientations that guide marketing strategy. • Discuss customer relationship management and identify strategies for creating value for customers and captures value from customers in return. • Describe the major trends and forces that are changing the market landscape in this age of relationships.

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large.[American Marketing Association(AMA) Board Of Directors]

1. What are the four variables of the marketing mix? Why are these elements known as "variables?"

Marketing involves the management process of translating a concept of goods or services to the customer. It includes the co-ordination of four major elements, the 4 P’s of Marketing. Which can also be known as the marketing mix. The four P’s include; Product, Price, Place and Promotion.

Similarly (Tynan and Drayton, 1987) states that the aim of market segmentation is to identify market segments, or individual sets of customers, which would form targets for the company’s future marketing plans. The elements used to separate customers into segments can include: age, gender, occupation, income, life stage, amongst others.

To reach different markets or to promote your products to different locations or people one has to use a method called market segmentation. "Market segmentation describes the division of a market into homogenous groups which will respond differently to promotions, communications, advertising and other marketing mix variable" (Cumming). Market segmentation is extremely important for companies around the world. If a company doesn't research the area in which they are going to market or they put a product that is either to expensive or to elaborate in an area that can't afford that then they will fail as a company. In my paper I will discussion why market segmentation is used in around the world, the types of segmentation, some techniques

     To reach different markets or to promote your products to different locations or people one has to use a method called market segmentation. “Market segmentation describes the division of a market into homogenous groups which will respond differently to promotions, communications, advertising and other marketing mix variable” (Cumming). Market segmentation is extremely important for companies around the world. If a company doesn’t research the area in which they are going to market or they put a product that is either to expensive or to elaborate in an area that can’t afford that then they will fail as a company. In my paper I will discussion why market segmentation is used in around the world, the types of

The decision of dividing the entire market into different consumer segments is just what Paul Elio did when he saw a potential for his three-wheeled efficiency vehicle. Before a business can target a specific market, the market needs to be divided into segments based upon similar needs, wants, or desires. “It is not feasible to go after all customers, because customers have different wants, needs and tastes” (Suttle). Identification of target demographics is necessary for market segmentation research. Consumer demographics range from gender, age, ethnic and religious groups, household size and income, and even geographic regions. Markets can also be segmented based on consumer’s behavioral and psychographic characteristics. Elio took notice that many consumers drive larger vehicles on their commutes and often only have one person inside the car. He saw a need for a

Identifying various segments of a target market can be achieved by examining geographic, demographic, psychographic and behavioural differences among consumers. Segmentation is a methodological process of dividing a market into distinct homogenous groups that might require separate experiences or marketing service mixes (Venugopal and Baets 1994) (Sulekha Goyat. 2011). There are numerous ways how market segments can be identified (Mazanec, 1997; Wedel & Kamakura, 1998). The process by which segmentation takes place consists of three main elements: segmentation, targeting and positioning (Kotler, 1998). Figure 1 gives an overview of these elements

Segmentation is dividing market into smaller groups according to a criterion like their needs, wealth, or locations. Main aim while segmenting consumers is matching each group’s needs and wants with exact products. Basic criterions of market segmentation are geographic, demographic, psychographic and behavioral attitudes.

Adapted from Thomas V. Bonoma and Benson P. Shapiro, Segmenting the Industrial Market (Lexington, MA: Lexington Books, 1983).