...segmentation variables as geographic, demographic, psychographic and behavioral segmentation” (Kotler & Keller, 2012, p. 214) There is a real need for market segmentation because different customers have different needs, and it is rarely possible to satisfy all customers by treating them alike. When you target a market, you are basically recognizing the fact that customers are different and have different needs. A respectable market segmentation will result in segment members that are as similar as possible within the segment, and as different as possible between segments. Variables to Segment Target Markets Geographic Segments Examples of geographic variables are regions, which include continent, country state and even neighborhoods; next there is size of metropolitan area segmented by population; then there is the density of the population, meaning is the target urban, suburban or rural; lastly, climate could be another segment. Demographic Segments Some demographic segmentation variables include: age, gender, generation, family size, income, occupation, education, ethnicity, and religion to name a few. Jayson DeMers, a Forbes Magazine contributor states, “a strong understanding of your audience is one of the best ways to ensure success” (DeMers, 2013). He also states that, “demographic profiles are limited in their potential to uncover motivation and buying patterns, but you should always build you profiles on a solid demographic base” (DeMers, 2013). Psychographic ...
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...Social Media and Its Impact on Corporate Commerce Assessment A, Part One - Evaluating the Pros and Cons of Different Social Media Sites Identify the pros and cons for each site. Blogger Con: Security - possible transmission of untrustworthy links Blogger Pro: Ability to filter comments via an approval mechanism Blogger Pro: Ability to filter comments via an approval mechanism Blogger Pro: Mass customization - widespread use among target audience Blogger Pro: Ability to receive instant feedback from product demographics Blogger Pro: Mass customization - widespread use among target audience Digg Con: Security - possible transmission of untrustworthy links Digg Con: Limited visual presentation of product Digg Pro: Ability to incorporate elements of other social media sites Digg Pro: Media convergence - showing text, screen shots, videos Facebook Con: Security - possible transmission of untrustworthy links Facebook Pro: Ability to incorporate elements of other social media sites Facebook Pro: Instant communication to large groups Facebook Pro: Mobility - viewing on a cell photo adds to the audience Facebook Pro: Ability to post relevant, up-to-the-minute news and updates ...
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... DQ 2: Have you ever watched a movie or television show on a computer or portable device? In addition to the quality of the picture and sound, did you find that it affected your ability to share the experience with others? Explain. General Questions - General General Questions Title Examining the Use of Social Media and Its Impact on Corporate Commerce Assessment A, Part One - Evaluating the Pros and Cons of Different Social Media Sites Identify the pros and cons for each site. Blogger Con: Security - possible transmission of untrustworthy links Blogger Pro: Ability to filter comments via an approval mechanism Blogger Pro: Ability to filter comments via an approval mechanism Blogger Pro: Mass customization - widespread use among target audience Blogger Pro: Ability to receive instant feedback from product demographics Blogger Pro: Mass customization - widespread use among target audience Digg Con: Security - possible transmission of untrustworthy links Digg Con: Limited visual presentation of product Digg Pro: Ability to incorporate elements of other social media sites Digg Pro: Media convergence - showing text, screen shots, videos Facebook Con: Security - possible transmission of untrustworthy links Facebook...
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... Steps in market segmentation, targeting and positioning 2. Bases for segmenting consumer markets 3. Evaluating and selecting market segments 4. Choosing a positioning strategy 5. Developing a positioning statement 6. Communicating and Delivering the Chosen Position Introduction Companies are recognizing that they cannot serve all buyers in the marketplace. There are various types of customers with different needs and buying behavior. Rather than competing in the entire market (mass marketing) companies identify parts of the market that they can serve well and profitably (market segmentation and targeting). Let’s Define the Terms Market Segmentation – dividing a market into distinct groups with distinct needs, characteristics, or behavior who might require separate products or marketing mixes Target Marketing – the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter Market Positioning – arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. Bases for Segmenting Consumer Markets 1. Geographic – dividing a market into different geographical units such as nations, states, regions, countries, cities, or neighborhoods. 2. Demographic – dividing the market into groups based on demographic variables such as age, gender, family size, family size, family life cycle, income, occupation, education...
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...HRM 531 Week 4 Knowledge Check Correct answer in Capital Letter 1. The level of training needs analysis that focuses on identifying whether training supports the company’s strategic direction is called _____ analysis. a. individual b. environmental c. operations D. organization Organization analysis determines the overall needs of the company so that training can be designed to focus on strategic goals. 2. _____ analysis is helpful in determining the special needs of a particular group, such as older workers, women, or managers at different levels. a. Individual b. Operations C. Demographic d. Organization A demographic analysis can assist in designing training and selecting appropriate training methods. 3. The level of training needs analysis that attempts to identify the content of the training is _____ analysis. A. operations b. individual c. environmental d. organizational The operations analysis tries to break down the job and determine the specifics tasks that the employee needs to learn. 4. ____ refers to the material that is rich in association for the trainees and is therefore easily understood by them. A. Meaningfulness b. Pygmalion effect c. Orientation d. Training paradox To structure training for meaningfulness, provide an overview of the material at the start of training. Use real-life examples and build from simple skills to more complex as you go. 5. Which theory...
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...Customers to Serve To Design a Customer Driven Strategy: * Select Customers to Serve: * Segmentation: Dividing the market into smaller groups with distinct needs, characteristics or behaviours who might require separate products or marketing mixes * Targeting: The process of evaluating the attractiveness of each segment and selecting one or more segments to enter * Decide on the Value Proposition: * Differentiation: Differentiating the firm’s offering to create a value for the target customers * Positioning: Arranging for a market offering to occupy a clear, distinctive and desirable place relative to competition in customers’ minds. Chapter One: Segmentation: Segmentation is dividing the market into smaller groups with distinct needs, characteristics or behaviours who might require separate products or marketing mixes Requirements for Effective Segmentation: * Accessible * Substantial * Differentiable * Actionable Types of Market Segmentation: * Segmenting Consumer Markets: * Geographic: Divides the market into different geographical units such as nations, regions, states, countries or cities * Demographic: Divides the market into groups based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation and nationality (easiest form of segmentation) * Psychographic : Divides buyers into different groups based on social class...
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...that influences how messages are used and how meanings are constructed. 6. Face-to-Face Communication- Refers to situations in which the participants who are physically or bodily present speak to one another during the interaction. 7. Mediated Communication- Refers to communication or messages that are transmitted through some type of medium. 8. Interpersonal Communication- Refers to communication with or between persons. 9. Small Group Communication- Refers to the communication among the members of a small group of people working together to achieve a common goal or purpose. 10. Public Communication- Refers to situations in which a person delivers a message to an audience. 11. Mass Communication- Refers to messages transmitted by electronic and print media to large audiences that are distant and undifferentiated. 12. Communication Metaphors- Comparing one thing to a different, usually more familiar thing. 13. Transmission Metaphor- The communication model that describes communication...
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...The marketing mix concept is the first thing I learned in Foundations of Marketing and helped me to understand the rest of the concepts in the book. Throughout the class I learned about product, promotion, price and place (the four Ps) strategies that marketers must combine successfully to gain consumers attention, market share and/or to accomplish the desire marketing goal (to satisfy the consumers’ needs). All successes start with a plan and there is no exception when it comes to marketing; therefore, an organization develops a marketing plan to use as a tool during the marketing process, which involve different aspects of the four Ps. The marketing plan describes the marketing environment and market position of a business, outlines marketing objectives and strategies (such as identifying the product and the target customers, reaching customers, and retaining customers), and identifies how the company will implement and control the strategies. I understand now that creating and strategically implementing a marketing plan is crucial to the success of a business (along with a business plan first). Some start-up companies create good products and expect every consumer to buy them, but after the hype of the product is over many of these companies disappear, why? Perhaps creating and executing a well written marketing plan would help these start-ups to focus its marketing efforts on a target market, resulting in long-term consumer loyalty and business growth. Developing marketing...
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...article, “Understanding Jazz Audiences: Listening and Learning at the Edinburgh Jazz and Blues Festival” Karen and Stephanie attempt to measure how Jazz audiences are influenced by a live performance at the Edinburgh Jazz and Blues Festival (EJBF) in 2007, and assess the role that music plays in their broader cultural and emotional lives. The authors use data gained through organizational surveys of fifteen performances to observe the audiences, venues and the experiences during the festival. This research focuses on assessing the audience profile which contends their motivation to participate the festivals and the factors to attend musical events. Moreover, the researchers examine audience expectations and their experiences of jazz listening....
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...important aspect in defining whom the company is, what it stands for, and how it envisions itself in relationship to the corporate environment, it operates within. As CanGo enters into the online gaming industry, new and existing stakeholders will be anxious to review and understand the executive vision for the organization. Leadership should not under estimate the critical step of casting vision. Although Can Go does not clearly articulate its mission statement episodes, it appears to be to connect trendsetters to quality entertainment using the latest and most innovative technology . This becomes more evident as Can Go prepares to launch into the world of online gaming and as it seeks to adequately market to its primary and secondary audiences – Gen Hers and Gen Yers.The challenge, as Warren so adequately points out, Can Go does not have the capital to compete against competitors like Amazon, CDNow and Barnes & Noble who also boast distribution systems that can move five times the product that Can Go can. The Can Go team assumes the impending IPO will help them close the capital gap and fund its launch into online gaming. This is risky approach to business and a clear indication that Can Go has done no strategic planning since its original business...
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...12 Concept: Four Levels of Needs Analysis Mastery 100% Questions 1 2 3 1. The level of training needs analysis that focuses on identifying whether training supports the company’s strategic direction is called _____ analysis. A. individual B. environmental C. operations D. organization Correct: The Correct Answer is: D. Organization analysis determines the overall needs of the company so that training can be designed to focus on strategic goals. 2. _____ analysis is helpful in determining the special needs of a particular group, such as older workers, women, or managers at different levels. A. Individual B. Operations C. Demographic D. Organization Correct: The Correct Answer is: C. A demographic analysis can assist in designing training and selecting appropriate training methods. 3. The level of training needs analysis that attempts to identify the content of the training is _____ analysis. A. operations B. individual C. environmental D. organizational Correct: The Correct Answer is: A. The operations analysis tries to break down the job and determine the specifics tasks that the employee needs to learn. Concept: Principles That Enhance Learning Mastery 4. 100% Questions 4 5 6 _____ refers to the material that is rich in association for the trainees and is therefore easily understood by them. A. Meaningfulness B. Pygmalion...
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...where you need to be with this type of technology. Everyone has a website that highlights their strengths and buries their weaknesses. The question is what are you going to do to get people to go to your website? Magazine ads are great because you are capturing someone who already reads, and with your full color integration and flip page technology, it would be a perfect premise to get someone to upgrade. The only problem is that other eReaders are already doing this. Television ads are the same way. You can spend thousands of dollars to air your ads, but what separates you from the others? It is extremely difficult to beat an existing entity using the channels that they are already established in. This is why you must segment your audience and attack directly, capturing their attention, their business, and of course their loyalty. With the price of text books on the rise, more and more ebooks are becoming available over countless campuses across the world. While this technology is still new, LibraTech can become the dominant force in the electronic text book market and will...
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...Marketing Research and Segmentation Marketing for Health Care HCS/539 March 9, 2013 Marketing Research and Segmentation Marketing research is vital to the success of a health care organization. Researching patient demographics can prevent marketing errors that could close the doors of even the best hospital. Performing a lifestyle profile to be used as a demographic profile assists in segmenting the market, and provides insight into how community members will perceive the facility. Banner Boswell Medical Center (BBWMC) is located in Sun City, Arizona in Maricopa County. Patient demographics are distinctive and unique in Maricopa County, making comparative studies near impossible. BBWMC’s distinctive patient demographics make this health care organization the ideal subject for illustrating the important of marketing research and segmentation. Sun City population is 24, 132. The median age is 76.2, and the median income is $34,600 annually. Lifestyle Profile for BBWMC Psychography is an examination of how people live; their activities, interests, and opinions. Nielson’s: My Best Segments provided the most common segments for this zip code: * 49 American Classics – downscale mature without kids. The American Classics are typically retired home owners, live a comfortable lifestyle, and have deep ties to their neighborhood. Lifestyle and media traits include: ordering from Reader’s Digest, watching the Dr. Phil Show, and own Chevrolet Monte Carlo’s. * 46 Old...
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...ACCOUNT PLANNING MANAGEMENT MCC2543 ASSIGNMENT 1 CONTENTS Part 1: Research Background 1. Company/Product Background 2. Research Problem 3. Research Question 4. Research Objective 5. Methodology Part 2: Finding and Recommendation Report 1. Problem Identification 2. Identification of Consumer Behavior 3. Demographics and Regional Subcultures 4. Consumer Expectations 5. Consumer Motivations 6. Brand Loyalty 7. Creative Recommendation PART 1 1/ Company Background History of VW Volkswagen AG is a Germany-based automobile manufacturer. The Company develops vehicles and components, and also produces and sells vehicles, in particular Volkswagen brand passenger cars and commercial vehicles. The Company consists of two divisions: Automotive and Financial Services division. The Automotive division is responsible for the development of vehicles and engines, the production and sale of passenger cars, commercial vehicles, trucks and buses, and the genuine parts business. The Financial services division's portfolio of services includes dealer and customer services in the field of financing, leasing, direct bank, insurance and fleet business. The Company's brands include Volkswagen, Audi, Bentley, Bugatti, Lamborghini, SEAT, Skoda, Scania and Volkswagen Commercial Vehicles and each brand offers a product range from low-consumption small cars to luxury class vehicles, as well as pick ups, busses...
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...Chapter 19 Step 1: Identify Target Audience -Firms conduct research to identify their target audience, then they use the information they gain to set the tone for the advertising program and help them select the media they will use to deliver the message to that audience. -Firms must keep in mind that their target audience may or may not be the same as the current users of the product Step 2: Set Advertising Objectives Advertising Plan- a subsection of the firm’s overall marketing plan that explicitly analyzes the marketing and advertising situation, identifies the objectives of the advertising campaign, clarifies a specific strategy for accomplish those objectives, and indicates how the firm can determine whether the campaign was successful. Generally, in advertising to consumers, the objective is a pull strategy Pull strategy- designed to get consumers to pull product into the supply chain by demanding it Push Strategies- designed to increase demand by focusing on wholesalers, retailers, salespeople. These campaigns attempt to motivate the seller to highlight product, rather than the product of competitors, and thereby push the product to consumers. 1.) Informative Advertising Informative Advertising is the communication used to create and build brand awareness, with the ultimate goal of moving the consumer through the buying cycle to purchase. Such advertising helps determine some important early stages of a product’s life cycle, particularly when consumers have little...
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