DOCSLIB.ORG

Marketing Concepts

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Marketing Concepts Marketing Concepts Media Type: Microsoft® PowerPoint® Presentation Duration: 111 slides Goal: To define marketing concepts and explore the relationship between business activities and marketing. Description: To satisfy economic needs, businesses depend on practicing marketing concepts. This presentation classifies and explains business activities as production, marketing, management or finance functions. Students learn how to explain the interdependency between business activities and marketing. Objectives: 1. To define marketing concepts and explore how the marketing concepts relate to job-seeking and career planning processes. 2. To explain the importance of target markets and the advantages and disadvantages of market segmentation and mass marketing. 3. To differentiate among the types of segmentation, such as geographic, demographic, psychographic and behavioral. 4. To explore the meaning of “marketing mix” and how the mix contributes to successful marketing strategies. College & Career Readiness Anchor Standards for Reading Reading Standards for Informational Text Read closely to determine what the text says explicitly and to make logical inferences from it; cite specific textual evidence when writing or speaking to support conclusions drawn from the text. Key Ideas & De- Cite strong and thorough textual evidence to support analysis of what the text says explicitly as well as inferences drawn 9-10.1 tails from the text. Cite strong and thorough textual evidence to support analysis of what the text says explicitly as well as inferences drawn 11-12.1 from the text, including determining where the text leaves matters uncertain. Integrate and evaluate content presented in diverse formats and media, including visually and quantitatively, as well as in words. Integration of Analyze various accounts of a subject told in different mediums, determining which details are emphasized in each ac- Knowledge & 9-10.7 Ideas count. Integrate and evaluate multiple sources of information presented in different media or formats as well as in words in order 11-12.7 to address a question or solve a problem. Marketing Concepts College & Career Readiness Anchor Standards for Writing Writing Standards Write informative/explanatory texts to examine and convey complex ideas and information clearly and accurately through the effective selection, organization, and analysis of content. Text Types & Write informative/explanatory texts to examine and convey complex ideas, concepts, and information clearly and 9-10.2 Purposes accurately through the effective selection, organization, and analysis of content. Write informative/explanatory texts to examine and convey complex ideas, concepts, and information clearly and 11-12.2 accurately through the effective selection, organization, and analysis of content. Conduct short as well as more sustained research projects based on focused questions, demonstrating understanding of the subject under investigation. Gather relevant information from multiple print and digital sources, assess the credibility and accuracy of each source, and integrate the information while avoiding plagiarism. Conduct short as well as more sustained research projects to answer a question or solve a problem; narrow or broaden Research to Build 9-12.7 the inquiry when appropriate; synthesize multiple sources on the subject, demonstrating understanding of the subject & Present under investigation. Knowledge Gather relevant information from multiple authoritative print and digital sources, using advanced searches effectively; 9-10.8 assess the usefulness of each source in answering the research question; integrate information into the text selectively to maintain the flow of ideas, avoiding plagiarism and following a standard format for citation. Gather relevant information from multiple authoritative print and digital sources, using advanced searches effectively; assess the strengths and limitations of each source in terms of the task, purpose, and audience; integrate information into 11-12.8 the text selectively to maintain the flow of ideas, avoiding plagiarism and overreliance on any one source and following a standard format for citation. Marketing Career Cluster (MK) Cluster Standard Describe the impact of economics, economics systems and entrepreneurship on marketing. Plan, monitor, manage and maintain the use of financial resources for marketing activities. Select, monitor and manage sales and distribution channels. Determine and adjust prices to maximize return while maintaining customer perception of value. Obtain, develop, maintain and improve a product or service mix in response to market opportunities. Communicate information about products, services, images and/or ideas to achieve a desired outcome. Use marketing strategies and processes to determine and meet client needs and wants. Marketing Concepts Class 6: Allow time for students to work on their Projects. Student and Teacher Notes are available to print in Class 7: Remind students to continue using the outline format. You can access these documents under Vocabulary Handout as reference. the “Printable Resources” section. If student licenses Show slides 67 to 75 of the Marketing have been purchased, an interactive version of the Concepts - Marketing Mix segment. Student Notes is available in the “Interactive Activities” Slides Distribute the Marketing Mix Outline section. If printing the full PowerPoint® is desired, you 67-75 Activity and allow students to work. may download the file and print the handouts as Hand out the Marketing Yourself Matrix needed. Activity for students to begin as homework. Class 1: Begin class by asking students what effect they believe marketing has on Class 8: Hand out the Marketing & Information their lives. Allow students to discuss Technology Project and allow students ideas. Hand out the Marketing to work. Slides Concepts Vocabulary Handout. Show 1-17 slides 1 to 17 of the Marketing Class 9: Remind students to continue using the Concepts - The Marketing Concepts Vocabulary Handout as reference. segment. Hand out the Marketing Show slides 76 to 91 of the Marketing Strategies Project and allow groups to Concepts - Marketing Mix segment. work. Distribute the Inbound or Students should complete the Outbound Activity for students to begin Slides 76-91 corresponding Assessment. Distribute as homework. the Marketing Yourself Portfolio Project and allow students to work. Class 2: Remind students to continue using the Vocabulary Handout as reference Class 10: Allow time for students to work on their materials. Show slides 18 to 30 of the Projects. Marketing Concepts - The Marketing Slides Concepts segment. Students should Class 11: Remind students to continue using the 18-30 complete the corresponding Vocabulary Handout as reference. Assessment. Have students begin the Show the Marketing Concepts - Trends Marketing Functions Activity. in Marketing & Advertising segment. Slides Students should complete the Class 3: Allow time for students to work on their 92-111 corresponding Assessment. Distribute Projects/Activities. the Mobile Marketing Project and allow students to work. Hand out the Class 4: Remind students to use their Marketing Trends Project for students Vocabulary Handout and pass out the to begin as homework. Consumer Buying Power Student Handout. Show slides 31 to 45 of the Class 12: Distribute the Elements of Slides Marketing Concepts - Segmentation Advertisements Project and allow 31-45 segment. Hand out the Demographics students to work. Activity and allow students to work. Distribute the My Demographics Project Class 13: Hand out the Crossword for students to for students to begin as homework. complete as a review. Distribute the Marketing Concepts Final Assessment Class 5: Remind students to use their and allow time for students to complete Vocabulary Handout and pass out the it. Allow the remainder of the class for Utility Marketing Student Handout. students to work on their Projects. Show slides 46 to 66 of the Marketing Slides Concepts - Segmentation segment. 46-66 Class 14: Students should complete and turn in Students should complete the all completed work. corresponding Assessment. Marketing Concepts American Marketing Association Using the Career Connections Activity, allow students http://www.www.ama.org to explore the various careers associated with this Quick MBA lesson. See the Activity for more details. If student http://www.quickmba.com/marketing/mix/ licenses have been purchased: Students will select the interviews to watch based on your directions. If only a teacher license is purchased: Show students all the career interviews and instruct them to only complete the interview form for the required number of interviews. BPA iCEV50416 Philip Mowry, Chief Marketing Office & Global Marketing Team Director of Business Development, National Develop a written marketing plan Composite Center Explore and expand customer base including iCEV50585 Clifton Wilkinson, Vice president & demographics Marketing Director of Business Development, Develop promotional mix McDougal Co. DECA iCEV50621 Renee Gonzales, Marketing Specialist, Explain marketing and its importance in the global Mercedes Benz of Lubbock economy Describe marketing functions and related activities Distinguish between merchandising and marketing FBLA Marketing Entrepreneurship Inbound or Outbound Directions: Students will determine whether the scenarios are inbound marketing strategies or outbound marketing strategies and why. Marketing Functions Directions:
Load more

Recommended publications
  • The Emergence of a Mass Market and the Dynamics of Retail Forms in Korea Insoo Baek
    The Emergence of a Mass Market and the Dynamics of Retail Forms in Korea Insoo Baek In this paper, I examine the evolution of major retail forms— supermarkets, department stores, discount stores, and convenience stores—in Korea during three phases from the 1970s to the 1990s. Korea provides a useful comparison to Japan, showing how two nations subject to similar pressures from mass markets have experienced difficult structural and operational changes within retailing. Particular emphasis is given to changing markets and competition among retail forms and the relation of those factors to operating systems. I find that, although the dynamics of retail change in later developed countries create similar innovations in retail forms, plural paths of adaptation occur across national boundaries because of differences in markets, competition, and operating systems. Economic development in Korea radically changed the forms of retailing in the country within a short period. The rapid economic growth not only boosted production but also increased private spending, causing a boom in consumption. Taking advantage of this business opportunity, a modern type of retailing, different from traditional forms, has emerged recently and has itself become a factor in maintaining economic growth. Research focusing on spending patterns and on distribution (a channel that connects spending and production) is necessary to understand the process of Korean economic development. Yet much of the research to date has approached the subject from the production side and has neglected consumption. This could be the result of considering de- mand only in the export market while overlooking demand in the domestic ____________ I wish to thank the commentator and audience members at the “Retailing and Distribution” session of the Business History Conference (June 2003) for their assistance in developing my ideas about this article.
    [Show full text]
  • Essentials of Marketing Chapter 2 Marketing Strategy Planning
    Essentials of Marketing Chapter 2 Marketing Strategy Planning McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. At the end of this presentation, you should be able to: 1. Understand what a marketing manager does. 2. Know what marketing strategy planning is—and why it is the focus of this book. 3. Understand target marketing. 4. Be familiar with the four Ps in a marketing mix. 5. Know the difference between a marketing strategy, a marketing plan, and a marketing program. 2–2 At the end of this presentation, you should be able to: 6. Be familiar with the text’s framework for marketing strategy planning—and why it involves a process of narrowing down from broad opportunities to the most attractive marketing strategy. 7. Know four broad types of marketing opportunities that help in identifying new strategies. 8. Understand why strategies for opportunities in international markets should be considered. 9. Understand the important new terms. 2–3 The Management Job in Marketing (Exhibit 2-1) Whole-Company Strategic Marketing Management Planning Planning Control Marketing Plan(s) Implement Marketing and Program Plan(s) and Program 2–4 What is a Marketing Strategy? (Exhibit 2-2) The The marketingmarketing mix mix TARGET MARKET 2–5 Selecting a Marketing-Oriented Strategy Is Target Marketing (Exhibit 2-3) The marketing mix Production-oriented manager sees Marketing-oriented manager sees everyone as basically similar and everyone as different and practices “mass marketing” practices “target marketing” 2–6 An Application of Target Marketing 2–7 Developing Marketing Mixes for Target Markets (Exhibit 2-4) The marketing mix TARGET MARKET 2–8 The Product Element of the Marketing Mix Courtesy of Clear Blue Inc.
    [Show full text]
  • Mass Prestige Brands – the End of Traditional Luxury Brand Marketing?
    Ekonomia Międzynarodowa 27 (2019) http://dx.doi.org/10.18778/2082-4440.27.03 Mass Prestige brands – the end of traditional luxury brand marketing? Joanna Pietrzak*1 Introduction The luxury goods market has shown significant growth during the last decade and is regarded as one of the most lucrative business areas globally due to its resilience to economic downturns. In 2017, the aggregated sales of the world’s 100 biggest luxury goods companies reached 247 billion USD, showing 10.8 percent annual growth and a composite net profit margin of 9.8 percent (Deloitte 2019). For ma- ny years, the luxury goods industry has maintained its exclusive and elitist image and concentrated solely on a narrow niche of wealthy consumers able to afford highly-priced articles produced in limited numbers. This characteristic feature of the luxury goods market has been undergoing radical change recently, challenged by three major trends, namely: (1) the growing number of wealthy consumers worldwide; (2) the changing demographics of consumer segments with access to luxury goods; (3) the technological revolution and the omnipresent internet as a communications tool and distribution channel. Over the past several years, a substantial increase in individual financial wealth has been taking place globally. The number of wealthy individuals grew noticeably, not only in traditionally prosperous countries like the USA, Japan, or Western European countries but also in emerging ones like China, India, Bangladesh, Nigeria, Brazil, or Poland. According to the Capgemini World Wealth Report (Capgemini 2019), in 2018, there were 18 million people whose liquid financial assets exceeded 1 million USD.
    [Show full text]
  • Advertising and Promotion
    Advertising and Promotion EXAM INFORMATION DESCRIPTION Exam Number Advertising and Promotion provides students with an 412 understanding of basic marketing principles and training for Items entry-level job positions in advertising and promotion. Students will experience different advertising methods to reach 37 target audiences, including newspaper, radio, TV, internet, mail, Points outdoor, and special promotion events. Specific skills will help students to create, produce, and effectively evaluate different 61 advertising and promotional strategies. Prerequisites NONE EXAM BLUEPRINT Recommended Course Length STANDARD PERCENTAGE OF EXAM ONE SEMESTER 1- Market Identification and Creativity 25% National Career Cluster 2- Promotion 23% 3- Different Forms of Media 33% HOSPITALITY AND TOURISM 4- Brand Image and Consumer Psychology 8% MARKETING 5- Careers in Advertising and Promotion 11% Performance Standards INCLUDED (OPTIONAL) Certificate Available YES www.precisionexams.com Advertising and Promotion 412.2021 STANDARD 1 Students will understand the concept of market identification and creativity in the promotional industry. Objective 1 Understand concepts of market and marketing identification. 1. Define the following terms: market, product life cycle, target market, mass marketing, and marketing segmentation (demographic, geographic, psychographic, and behavioral [product benefits] segmentation). 2. Describe advantages and disadvantages of mass marketing and other market segmenting. 3. Explain the importance of target markets to businesses. 4. Explain why the use of marketing segments is increasing. 5. Describe the concept of focus groups. 6. Understand the use of conducting market research. 7. Analyze the product life cycle and explain the role of promotion and advertising during each phase. Objective 2 Understand the concept of creativity. 1. Define the term creativity.
    [Show full text]
  • Make Your Marketing Relevant by Curtis Schroeder, MBA Candidate Imagine the 60-Foot-Long Boat of the U.S
    KELLER CENTER RESEARCH REPORT INSIDER: Make Your Voice Heard – Make Your Marketing Relevant By Curtis Schroeder, MBA Candidate Imagine the 60-foot-long boat of the U.S. women’s national rowing team cutting across a crystal-clear lake in a heated 2,000-meter race. As the team synchronously rows their oars back and forth, they look forward and eagerly await direction from the coxswain, the competitor/coach seated in the stern of the boat in front of them. The coxswain calls out commands to influence the behavior of her team: Let it glide! Hold starboard! Power 10! Competing with the coxswain’s messages are the noises the boats and oars make in the water, the voices of the other competitors, and the roars of the crowd cheering their teams on to victory. For the coxswain to be most effective in her role, she knows that her team must establish a strong game plan before the race begins. To win, she must understand the makeup of her team, establish clear and concise signals that her team can recognize and respond to during the race, and communicate those signals quickly and at exactly the right times. Otherwise, the coxswain’s messages will be lost in the competing noise of the race and her team will fail to reach their potential. Sandra Zoratti and Lee Gallagher’s principles of precision marketing in their new book, Precision Marketing: Maximizing Revenue Through Relevance, parallel the roles of the coxswain. To win the race – or to generate the highest potential Return on Investment (ROI) in today’s marketplace – Zoratti and Gallagher argue that marketers must become increasingly relevant.
    [Show full text]
  • Perspectives on Retail and Consumer Goods
    Perspectives on retail and consumer goods Number 7, January 2019 Perspectives on retail and Editor McKinsey Practice consumer goods is written Monica Toriello Publications by experts and practitioners in McKinsey & Company’s Contributing Editors Editor in Chief Retail and Consumer Goods Susan Gurewitsch, Christian Lucia Rahilly practices, along with other Johnson, Barr Seitz McKinsey colleagues. Executive Editors Art Direction and Design Michael T. Borruso, To send comments or Leff Communications Allan Gold, Bill Javetski, request copies, email us: Mark Staples Consumer_Perspectives Data Visualization @McKinsey.com Richard Johnson, Copyright © 2019 McKinsey & Jonathon Rivait Company. All rights reserved. Editorial Board Peter Breuer, Tracy Francis, Editorial Production This publication is not Jan Henrich, Greg Kelly, Sajal Elizabeth Brown, Roger intended to be used as Kohli, Jörn Küpper, Clarisse Draper, Gwyn Herbein, the basis for trading in the Magnin, Paul McInerney, Pamela Norton, Katya shares of any company or Tobias Wachinger Petriwsky, Charmaine Rice, for undertaking any other John C. Sanchez, Dana complex or significant Senior Content Directors Sand, Katie Turner, Sneha financial transaction without Greg Kelly, Tobias Wachinger Vats, Pooja Yadav, Belinda Yu consulting appropriate professional advisers. Project and Content Managing Editors Managers Heather Byer, Venetia No part of this publication Verena Dellago, Shruti Lal Simcock may be copied or redistributed in any form Cover Photography without the prior written © Rawpixel/Getty Images consent of McKinsey & Company. Table of contents 2 Foreword by Greg Kelly 4 12 22 26 Winning in an era of A new value-creation Agility@Scale: Capturing ‘Fast action’ in fast food: unprecedented disruption: model for consumer goods growth in the US consumer- McDonald’s CFO on why the A perspective on US retail The industry’s historical goods sector company is growing again In light of the large-scale value-creation model To compete more effectively Kevin Ozan became CFO of forces disrupting the US retail is faltering.
    [Show full text]
  • Marketing Concepts
    S T Marketing Concepts U D Marketing Concept E business must satisfy needs and wants of their customer to compete N T Customer V person who buys the product O C Consumer A person who uses the product B U Pricing L A determines prices for products in order to maximize profit R Y Promotion applying promotional techniques to potential customers H A Product/Service Management N D developing, improving and maintaining a product mix O U Financing T obtaining the money necessary for business operations Selling providing consumers with the products and services they desire Marketing Information Management managing market information to maximize business decisions Distribution using channels to get products to consumers Disaggregate reduce the marketing focus to product-market areas where companies are more likely to have a competitive advantage Segmentation aggregating process which clusters people with similar needs into market segments Market Segments similar group of consumers responding to the same marketing mix Baby Boom Generation babies born between 1946-1964; aging population; are of interest to companies promoting products related to aging populations Accompanies: Marketing Concepts 1 S T Marketing Concepts U D Generation X E babies born between 1965-1977; children of dual-careered parental homes N and rising divorce rates; media savvy; big spenders in cosmetics, electronics, T clothing and entertainment; reached through sharp images music and humor V O Generation Y C babies born between 1977-1997; children growing up in computer-dense
    [Show full text]
  • Introducing Marketing This Book Is Licensed Under a Creative Commons Attribution 3.0 License
    Introducing Marketing This book is licensed under a Creative Commons Attribution 3.0 License Introducing Marketing John Burnett Copyright © 2011 John Burnett Editor-In-Chief: John Burnett Associate Editor: Marisa Drexel Editorial assistants: Aashka Chaudhari, Rachel Pugliese, Jackie Sharman, LaKwanzaa Walton Proofreaders: Tessa Greenleaf, Desiree White Volunteers: Catherine Land, Bryan Wethington For any questions about this text, please email: [email protected] The Global Text Project is funded by the Jacobs Foundation, Zurich, Switzerland This book is licensed under a Creative Commons Attribution 3.0 License Introducing Marketing 2 A Global Text Table of Contents About the author............................................................................................................................................... 5 Preface............................................................................................................................................................... 6 1. Introducing marketing ............................................................................................................8 Elvis—alive and well ........................................................................................................................................ 8 Marketing: definition and justification ......................................................................................................... 10 Keys to marketing success ............................................................................................................................
    [Show full text]
  • The Vanishing Mass Market', Wired Lack of Transparency), Than on Absolute Laws of Nature That Dic- Magazine Spoke of the Lost Boys and the Long Tail
    and can get on the cheap at Aldi or WalMart). As Chris Anderson, author of the excellent Long Tail article points out, the only reason mass used to equal 'hit', had to do with the now outdated percep- tion that if something sells well, it must certainly be good. Now, with consumers not only being comfortable wandering further from the beaten path, but the beaten path also being much easier to leave (thank you WWW), they discover their taste is not as main- stream as they thought. Mass popularity was based more on what was available (think mass marketing budgets, limited physical shelf space, limited broadcasting channels, and a nearly complete BusinessWeek called it 'The Vanishing Mass Market', Wired lack of transparency), than on absolute laws of nature that dic- Magazine spoke of the Lost Boys and the Long Tail. Others talk tated 'good' or 'bad'. about Niche Mania, Stuck in the Middle, or Commoditization Chaos. We at TRENDWATCHING.COM dubbed it NOUVEAU NICHE: the new riches will come from servicing the new niches! And while all of this may smack of wordplay, the drivers behind this trend stretch widely and profusely, and have been building for years. So even though you may be more or less familiar with the below, it's definitely time to incorporate NOUVEAU NICHE into your corporate vocabulary AND your business strategy. The move towards everything niche should definitely rank right up there with other mega trends like GENERATION C, MASSCLUSIVITY, MASTERS OF THE YOUNIVERSE and so on. What's fueling NOUVEAU NICHE? No wonder that retail and hospitality players, which currently find themselves at the forefront of the NOUVEAU NICHE slash best of 1.
    [Show full text]
  • Perspectives on Personalization @ Scale Vol
    Perspectives on Personalization @ Scale Vol. 1 July 2018 1 Perspectives on Personalization @ Scale Vol. 1 July 2018 Content Preface 7 Section 1: Talking through essential questions surrounding Personalization @ Scale 9 Interview with Julien Boudet and Kai Vollhardt: Personalization @ Scale: First steps in a profitable journey to growth 10 Section 2: How to achieve and leverage Personalization @ Scale 15 I. Laying the foundation: The heartbeat of modern marketing—data activation and personalization 16 II. Defining the strategy: What shoppers really want from personalized marketing 22 III. Gearing up operations: Making your marketing organization agile for Personalization @ Scale—a step-by-step guide 29 IV: No customer left behind: How to put personalization at the center of your marketing to drive growth 35 Section 3: What practitioners think about Personalization @ Scale 43 Interview with Liad Agmon, CEO Dynamic Yield, and Kelsey Robinson: What’s happening with personalization on the front lines 44 Authors and contacts 48 Co-authors and content contributors 50 5 Preface Personalization is teetering on the edge of the buzzword precipice. As companies rush to embrace it, the concept is increasingly invoked as a solution to everything even as what personalization itself means becomes ever more vague. We understand personalization as “using customer triggers to optimize the timing, content, offer, and design of every customer experience.” Its value in driving growth is well proven, but capturing it can be especially challenging when so much ambiguity surrounds the conver- sation. That lack of clarity is especially problematic as businesses navigate the complexities in progressing from experimenting with personalization to scaling it.
    [Show full text]
  • Redalyc.RELATIONAL MARKETING in MASS MARKETING. THEORY
    Revista Brasileira de Marketing E-ISSN: 2177-5184 [email protected] Universidade Nove de Julho Brasil Wakabayashi, José Luis RELATIONAL MARKETING IN MASS MARKETING. THEORY OR ACTUAL PRACTICE? Revista Brasileira de Marketing, vol. 11, núm. 1, enero-abril, 2012, pp. 148-161 Universidade Nove de Julho São Paulo, Brasil Available in: http://www.redalyc.org/articulo.oa?id=471747527009 How to cite Complete issue Scientific Information System More information about this article Network of Scientific Journals from Latin America, the Caribbean, Spain and Portugal Journal's homepage in redalyc.org Non-profit academic project, developed under the open access initiative REMark – Revista Brasileira de Marketing e-ISSN: 2177-5184 DOI: 10.5585/remark.v11i1.2255 Data de recebimento: 27/10/2011 Data de aceite: 06/02/2012 Editor Científico: Claudia Rosa Acevedo Avaliação: Double Blind Review pelo SEER/OJS Revisão: Gramatical, normativa e de formatação RELATIONAL MARKETING IN MASS MARKETING. THEORY OR ACTUAL PRACTICE? José Luis Wakabayashi Ph.D. em Ciências de Administração da Universidade ESADE-ESAN, Espanha Professor da área de Mercado da Universidade da Escuela de Administración de Negocios para Graduados – ESAN E-mail: [email protected] (Peru) ________________________________________________________________________________ REMark - Revista Brasileira de Marketing, São Paulo, v. 11, n. 1, p. 148-161, jan./abril. 2012. 148 José Luis Wakabayashi _____________________________________________________________________________ RELATIONAL MARKETING IN MASS MARKETING. THEORY OR ACTUAL PRACTICE? ABSTRACT The relational marketing paradigm, as well as its predecessors, has been rapidly added to marketing management’s lexicon and tool kit. In conjunction with this concept, theoreticians have devised techniques that are essential to make it operative.
    [Show full text]
  • Target Marketing Target Marketing Is Not Mass Marketing a Well-Defined
    Target Marketing Involves breaking a market into segments and then concentrating your marketing efforts on one or a few key segments. It can be the key to attracting and making your small business’s a success. The beauty of target marketing is that it makes the promotion, pricing and distribution of your products and/or services easier and more cost-effective. It provides a focus to all of your marketing activities. Target marketing is not mass marketing Note that a marketing strategy specifies some particular target customers. This approach is called “target marketing” to distinguish it from “mass marketing.” Target marketing says that a marketing mix is tailored to fit some specific target customers. In contrast, mass marketing—the typical production-oriented approach—vaguely aims at “everyone” with the same marketing mix. Mass marketing assumes that everyone is the same—and it considers everyone to be a potential customer. It may help to think of target marketing as the “rifle approach” and mass marketing as the “shotgun approach.” A well-defined target market is the first element of a successful marketing strategy. Identifying your target market: Ask the following: The “who”: Demographics Who needs your product or service? Include basic demographic details such as age, gender, family size, educational level, and occupation here. The “where”: Geographics Where are your customers? These are the places your customers can be found (i.e., their zip code), and be sure to learn details like the size of the area, its population density, and its climate. The “why”: Psychographics Why do your customers make the choices they make? This is personality and lifestyle information that will help you figure out your customers’ patterns.
    [Show full text]