MANAGEMENT SCIENCES DEPARTMENT Semester : 6th Assignment No:02
Subject:
Consumer Behavior
Submitted by:
Siraj Munawar (Bs-910)
BBA (hon)
Submitted to:
Dr. Qadir Baloach
Date of Submission:
ISLAMIA COLLEGE PESHAWAR
(Chartered University)
Acknowledgment
This assignment would not have been possible to complete without the support of my teacher Dr. Qadir Baloach. I want to express my gratitude to his supervision and guidance which was abundantly helpful and offered
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Target marketing on the other hand recognizes the diversity of customers and does not try to please all of them with the same offering. The first step in target marketing is to identify different market segments and their needs.
Requirements of Market Segments:
In addition to having different needs, for segments to be practical they should be evaluated against the following criteria: * Identifiable: the differentiating attributes of the segments must be measurable so that they can be identified. * Accessible: the segments must be reachable through communication and distribution channels. * Substantial: the segments should be sufficiently large to justify the resources required to target them. * Unique needs: to justify separate offerings, the segments must respond differently to the different marketing mixes. * Durable: the segments should be relatively stable to minimize the cost of frequent changes.
A good market segmentation will result in segment members that are internally homogenous and externally heterogeneous; that is, as similar as possible within the segment, and as different as possible between segments.
BASIS FOR CONSUMER MARKET SEGMENTATION
Consumer markets can be segmented on the following customer characteristics. 1. Geographic 2. Demographic 3. Psychographic 4. Behavioralistic
A)Geographical Segmentation
Geographic segmentation is a concept that is widely used in modern day
| According to the text, for sports marketers engaged in the strategic sports marketing process, two common goals are attracting more fans and keeping them. Benefit segmentation lies at the heart of these two objectives.Answer
The target market is generally the most lucrative choice from among different market segments – each segment being identifiable, measurable, sizable, reachable. For best results, include a fair amount of demographic information (income range, education level, family situation, etc.).
Target market refers to the group of customers that a given business aims to satisfy and serve in its marketing initiatives (Dave,2010). The company has a huge target market. Nike offers a a wide product rage with which it targets specific groups of individuals. The company strives to meet the sppec9ific requirements of a group of
Target Market – a specific group of customers on whom an organization focuses its marketing efforts.
understanding consumers’ needs, how groups of consumers differ from one another, and how consumers decide among products. The market need would be for specialty girls’ childrens clothing The following would be segmentation of the clothing market to help better understand the consumer (potential buyers): Geographic Segmentation Global Region or Country: India, Ect...
A marketing strategy provides a big picture of what a firm can do in a specific market. When creating a marketing strategy, a firm must identify a target market and a related marketing mix. A target market is "a group of similar customers to whom a firm wishes to appeal," and a marketing mix is "the controllable variables the company puts together to satisfy this target group." (Perrault and McCarthy 36) Focusing on specific target customers can help a firm develop a marketing mix that satisfies those customers ' specific needs better than another firm, making a firm less likely to face direct competitors.
Mass marketing vaguely aims at “everyone”, meaning everyone is considered potential customer. It attempts to try to sell to everyone. Examples of mass marketing are products like toothpaste or soaps. Restaurants would also be mass marketing. Target marketing on the other hand specifically “targets” specific customers. Dentures are targeted for senior citizens. Formulas are targeted for infants. Target customers ranges from age, gender and or race.
The goal of marketing is to be smart at it. Target had an excellent marketing strategy, which included building a strong customer base and creating a strong brand. With a strong brand customer are most likely to spend money and return. Customers
An organization should consider many factors when making such a decision is and includes the following guidelines:
According to Horner and Swarbrooke (2005: 39), Segmentation may be defined as the process of dividing a whole market into subgroups or segments for marketing management purposes. Market segmentation is the division of the overall market for a service into various categories with common characteristics. In response to different segments, organisations facilitate the available resources to achieve greater efficiency, in order to satisfy specific needs of customers.
One of the most important in coming up in the marketing plan is identifying your potential customers or your target market. With this, the researchers can implement and come up with the strategies suited with the identified target market. Target market or customers are those who are likely to buy your product.
As every customer has unique needs and expectations towards certain products, the ultimate goal of market segmentation is to organize customers into groups which allows targeting of customers with similar needs of and response to the products. The key is to minimize differentiation within each segment
1. TARGET MARKET: As discussed, target market is a group of potential customers in which a company directs its marketing efforts. A company should always anticipate consumers’ needs and work towards fulfilling these needs. It is one thing to identify your “target market” and another to satisfy them. Walmart’s credo is, “save money, live better” this summaries their target market, the lower-middle class and the poorer. (Low income consumers). Walmart is the only retail
Market segmentation was to dividing a market into distinct groups of buyers with different needs, charactistics or behaviour who might require separate products or marketing mixes, the company will first
‘Market segmentation represents an effort to identify and catergorise groups of customers and countries according to common characteristics’ (Keegan and Green 2016, p.228). For any business, it is crucial that they segment their market accordingly or they will risk forgoing sales opportunities. Fahy and Jobber (2015) identify the objective of market segmentation as distinguishing groups of customers with similar requirements so