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4572000-80010000Target MarketingThe Marketing Mix of you CompanyWhat is target marketing? In order for businesses to satisfy their customers, they need to determine who to market their product too. By knowing who to market too, what the customer wants, businesses can aim all of their marketing activities toward satisfying their consumers’ desires while accomplishing their company goals.When businesses determine their target market, they can begin to plan their marketing activites.Types of Area to Target:Consumers Age Group: Childern Market – Up to age 10Teenage Marekt – Youngsters ages 10-19Young Adulats Market – Adults ages 20-34Middle-Aged marekt – Adults 35-54Young Old Market – Adults ages 55-64Middle Old Market – Adulat ages 65-74Senior Market – Adults ages 75-84Elderly Market – Adulta ages 85 +Gender:MaleFemaleEducation Level: The higher the level of education, the better the quality of the product needs to be in order to satisfy the consumer.Eighth-grade education or lessHigh school diplomaSome college workCollege DegreeAdvanced degree beyond four years of college.Life Stages: The life stages of family or household can create new markets for products. The life stages that can be used for segmentation can include the following groups:Young, single peopleYoung, married couples without childrenFamilies with children at home.Older, married couples without children living at home.Older, single people.Occupation: The market of some products can be segmented on the basis of occupation.Many occupations are often related to certain products-auto mechanics with auto parts, accountants with calculators, teachers with books, etc.However, some marketers have found that it is easier to work with categories of occupations than with individual jobs.White-collar workers: Business executives, lawyers, dentist, teachers, office workers.Blue-collar workers: Plumbers, carpenters, mechanics, factory workersService workers: Police workers, sales people.Farm workers: Ranchers and farmers.Geogrpahi Secgmentation: Grouping consumers according to where they are located in geographic segmentation. This is one of the oldest methods of market segmentation. Consumers are grouped on the basis of such geographic division as regions, states, cities, and rural areas.For some products, use of geographic segmentation is easy to understand:Cold climates – market for heavy, warm clothing.Hot climates – sun-tan lotions and lightweight clothing.Psychographic Segementation: Lifestyles and personalities of consumers are used as the basis for psychographic segmentation of markets. Lifestyle refers to a person’s interests, values, and activities.Example of some of the activities that marketers might be interested inexamining are: sports, travel, fashion, or hobbies. A consumers who is interested in running, for example, is a natural market for running clothes, shoes, magazines, and health products.For other products, geographic segmentation marketing determine where to concentrate their making efforts.Should a company be marketing in cities of a certain size?Should a company be marketing in focused on rural areas?Are more products sold on the east coast than on the west coast?These types of ?’s can be answered through geographic segmentation.Behavioral Segmentation: Dividing consumers into groups according to their response to a product is behavioral segmentation.Consumers are grouped into categories on the bases of what they are looking for in a product and why they buy the product.Personality is defined by a person’s individual qualities. It affects the person’s buying behaviors. Therefore, marketers try to match consumers personalities with products.For example: fast, expensive, sports cars would appeal to an individual with bold, aggressive personalities. Different Behavioral Segamentation: Dividing consumers into groups according to theirRate of Use: Segmentation on the basis of usage rate classifies consumers as heavy, moderate, light, or nonusers of a product. Example: some consumers supplement their diets with vitamins. Heavy users of vitamins might take several types of vitamins everyday. Moderate vitamins might take several types of vitamins with fewer vitamins than a heavy user would.Consumers classified as light users of vitamins would only take vitamins during a time of illness or stress.Nonusers would not supplement their diets with any type of vitamin. Marketers would concentrated on the heavy users because they purchase more of the product than light user. Benefits Dervied: The same product may be purchased by consumers to satisfy different needs and wants.Example: A station wagon may be purchased by a salesperson because of the additional space for merchandise.However, a family would buy the station wagon for the space needed for children, pets, and groceries.Classifying consumers on the basis of benefits they desire from products helps marketers to provide the durability and quality demanded by the public.Benefits derived: The same product may be purchased by consumers to satisfy different needs and wants. Loyalty Response: Loyalty response: by studying the common traits of loyalty consumer, marketers can determine what they have in common and can plan to attract other consumers who have similar traits.Example: a mother buys only one brand of baby food for her child because she believes it is the best.Regardless of the price and availability of other brands of baby food, the mother will only purchase the one brand.The mother is exhibiting a loyalty response to the product. Occasion Response: Occasion response: Birthdays, Christmas, Weddings and graduations are examples of special occasions that prompt spending trends for some products.The sakes of watches and luggage increases at graduation time, while the sale of flowers, sheets, and towels increase during peak times for weddings.By studying the occasion responses of consumers, marketers can predict what is special events results in demand for products.100 Points ................
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