Market Segmentation, Research, Products & Services
Chapter 8: Market Segmentation
Market Segmentation: Definition & Importance
Definition: Dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors.
Importance: Helps firms tailor marketing efforts and products to meet specific customer needs, increasing efficiency and effectiveness.
Criteria for Successful Segmentation
- Substantiality: Segment must be large/profitable enough. Example: Teenagers as a large, spend-heavy segment.
- Identifiability & Measurability:
Email Marketing, Blogs, and Social Media: Strategies for Success
Email Marketing Campaign Process
1. Goals
Start by defining the goals of the campaign:
- Obtain qualified traffic.
- Getting leads.
- Conversion into sales.
2. Segmentation – Database
Clearly determine the target.
Distribution lists:
- External: purchased or rented.
- Internal: built by the company itself through data capture actions
- By subscription forms.
- Exchanging user contact dates by added value.
3. Content of the Message
Subject Line:
- Clearly identify the content.
- 50 characters maximum.
- Highlight benefits.
- Written in
Marketing Essentials: Key Concepts and Definitions
1. What is a product? A product is anything offered to a market to satisfy a need or want, including goods, services, experiences, ideas, or combinations of these.
2. Who defines the six stages involved in the strategic marketing planning process? Philip Kotler and other marketing experts define these stages as: (1) Situation Analysis, (2) Goal Setting, (3) Strategy Formulation, (4) Tactical Planning, (5) Implementation, and (6) Monitoring and Control.
3. What is Structural linkage? Structural linkage
Read MoreKey Advertising Concepts: Budgeting, Campaigns, and Execution
Advertising Budget
Meaning
To face competition and increase product sales, every company spends large amounts on advertising. Multinational corporations (MNCs) lead, spending billions, while Indian companies spend crores of rupees. Therefore, planning this spending becomes necessary. Money spent on advertising is an investment that helps not only create brand awareness but also increase the advertiser’s sales and profit.
Factors Determining Advertising Budgets
- Frequency of Advertising: The ad budget
Key Concepts in Advertising and Sales Promotion
Marketing Department Responsibilities
The marketing department is typically responsible for:
- Detecting the need for an advertising campaign.
- Creating a plan that describes the objectives to be achieved with the campaign.
- Choosing an advertising agency.
- Developing the brief: a document containing product information, market analysis, etc.
- Approving the creative proposal and the final campaign design.
- Monitoring the results and comparing them against the objectives.
Advertising Agency Responsibilities
An advertising
Read MoreCore Marketing Concepts: Needs, Value, and Markets
All successful companies are strongly focused on marketing. These companies make an effort to understand and satisfy customer needs. They motivate workers to help build strong customer relationships based on creating value.
What is Marketing?
It is the set of adaptive processes by which organizations collaborate with customers and partners to create, communicate, deliver, and share value.
Marketing Defined
Marketing must be understood in terms of satisfying customer needs. If customer needs are understood,
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