Report For The Board Of Directors

• Explain demographics, Geographic’s, psychographics and why companies use these methods to segment the market effectively

Marketing is a social process by which any individuals and organisations can obtain what they need and want through creating and exchanging value with others.

Marketing – The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment.

marketing is the process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others

Definition of marketing is the management process through which goods and services move from concept to the customer. For example, new Apple products are developed to include improved applications and systems, are set at different prices depending on how much capability the customer desires, and are sold in places where other Apple products are sold. Marketing is based on thinking about the business in terms of customer needs and their satisfaction.

They have a very clear strategy for the pursuit of their goal and vision. The market segmentation as well as the identification of target markets is the important element of each marketing strategy at which they are the basis for determining any particular of the marketing mix, which is product, pricing, place and promotion. Market segmentation reveals the company's market segment opportunities. The company has to evaluate the various segments and decide how many and which segments it can serve the best. In evaluating different market segments, a company must consider of three factors, that is, segment size and growth, segment structural attractiveness and also company’s objectives and resources. (Armstrong & Kotler, 2005)

Marketing is the term used to describe a range of activities within a business that are designed to keep existing customers and to gain new ones. The ‘marketing cycle’ begins with the objectives of the business, which feed into marketing objectives. Next comes, Market analysis, involving

This process helps a firm or organisation in focusing its marketing effort towards a specific segment or a group of segments. Depending on the product, organisational goals, the size of the firm and the marketing resources available a firm may target only one ‘niche’ segment or alternatively focus on several related segments. Another method can be to start with one segment and add more when business grows successfully. Large companies often target all market segments and try to serve them by offering a large variety of products to suit all their needs, wants and demands.

In business marketing, market segmentation and targeting specific markets aids organizations by reducing the risks involved in decisions of how, where, when, and with whom the brand, product, or service will be advertised, directed, or promoted to. Positioning the product or service to the accurate target while controlling the marketing budget are tactics used by marketing professionals to assure reaching the largest target group and controlling costs (Boundless, 2014). Attracting the right customer is the ultimate objective of targeting specific markets by directing the research and efforts in a manner

Marketing is the activity and process for creating, communicating, delivering, and exchange a product or service; which has values for the customers/clients. Overall it is an integrated process which builds customer relationship and creates an identity for their customers and themselves.

Carefully evaluate the pros and cons of the segment markets and determine the market where the product has definite advantages over other

Marketing is a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others. (Kotler & Armstrong, 2012)

Every company depends on an efficient marketing program to fulfill customers' needs. Marketing is a process of finding out what the customer wants and meeting those requirements. Within the company, the marketing group has to consider customer values and customer satisfaction before considering offering a product. Marketing is part of our everyday world, and can be perceived everywhere and every time. At any time, everyone has been exposed to different kinds of marketing or advertising depending upon personal necessities such as T.V commercials, radio, internet, etc.

Marketing is an essentially about marshalling the resources of the organization so that they can meet the changing needs of the customers on whom the organization depends. As a verb, marketing is all about how an organization addresses its markets. Marketing is “The management process which identifies, anticipates and supplies the customer requirements efficiently and profitability”.

After an organization gathers data from the market research, an organization then can embark on market segmentation. As companies cannot connect with all of their potential customers, they need to divide markets into groups of consumers, clients, or customers with similar needs or wants (Sarstedt & Mooi, 2014). In other words, it is the grouping together of potential customers by their willingness or their potential willingness in buying of the product you plan to sell. It is important also to note that customers should not only be willing to make purchases from your company but also they must also have sufficient income for them to qualify to become your customers. The variables, in this case, which are vital include gender, age, home ownership, or loyalty to a particular brand that you must overcome.