Market segmentation is a subset of a market that has been complete by number of people with one or more characteristics that cause them to demand comparable products or services based on the merits of those products such as the function and possibly the price. Market segmenting is dividing the marketing into different groups of individual market that have comparable needs that a company divides into different groups, which have separate requirements, purpose etc. There are four important categories of segmentation, and these are: Geographic- this is under the heading of where people live, and in which country or city they are living in. In addition, it can be under the heading of population. Demographic- this is based on where people and type of people.
MKT 421 Complete Class Materials https://hwguiders.com/downloads/mkt-421-complete-class-materials MKT 421 Complete Class Materials MKT 421 Marketing Week 1 DQ 1 What is the definition of marketing? What are the benefits and drawbacks of incorporating marketing into the sales function of an organization? Do you think that marketing should be included as part of the sales organization within a company? Explain why or why not. MKT 421 Marketing Week 1 DQ 2 Select an organization with which you are familiar.
Week 2 DQ1 Buyer Behavior. The typical buying process consists of the following sequence of events: problem recognition, information search, evaluation of alternatives, purchase decision, and post purchase behavior. What specifically do you do as a consumer in each of these stages in a high involvement purchase like buying a house or a car? List the four main psychological processes as discussed in the text and what should marketers do to manage these four psychological processes affecting consumer
4. (TCO 6) Discuss the role of intermediaries in B2B. Distinguish between buy-side and sell-side intermediaries. (Points : 35) The major role of intermediaries in B2B transactions is to make sure that buy-side and sell-side conditionals coincide. Buy-side transactions focus on one buyer purchasing goods/services from many different sellers.
Explain key concepts such as segmentation, target marketing and product positioning. 2. Explain the four elements of the marketing mix: product strategies, pricing strategies, promotion strategies and distribution strategies. 3. Classify factors in the external marketing environment as either opportunities or threats as well as interpret internal company factors to create a SWOT analysis.
The Marketing Mix - 4 P's The four P’s of the Marketing Mix are: Product: Consists of developing a product in order to meet the wants and needs of a specific target market and may consist of either a good or service, or a mixture of both. The Product area of a marketing mix should also consider everything from the warranty of a product to the exclusions and limitations of a specific service. Place: Takes into account the cumulative efforts to get the ‘right’ product to the ‘right’ location of the target market when the market wants it. This means sourcing the appropriate channels of distribution in order to make the product available where the target market desires to purchase it, when they want to purchase it. Promotion: Informs the target market about the ‘right’ product and includes selling that product through personal and mass selling.
Make or buy decision a. Be able to identify relevant costs and benefits b. Be able to prepare a financial analysis and make a decision c. Compute the impact of outsourcing on the company’s overall profits 7. Special orders a. Be able to identify relevant costs and benefits; understand the decision rule b.
Explain why economies of scale are important to companies such as McDonald’s and GBK. Economies of scale gives big companies access to a larger market by allowing them to operate with greater geographical reach. Often, large firms in industries with high fixed costs can take advantage of savings that smaller firms cannot. Economies of scale characterizes a production process in which an increase in the scale of the firm causes a decrease in the long run average cost per unit. Economies of scale can be enjoyed by any size firm expanding its scale of operation.
The marketing strategies consist of overall cost leadership, differentiation, and focus. While, on the other hand, Lane Bryant’s use of market segmentation consists of demographic and psychographic
• Describe the various types of organizational buyers and consumers and the factors that influence their purchasing decisions. Week Three: Marketing Strategy: Product and Price • Describe the relationship between differentiation and position of products or services. • Analyze the impact of the product life cycle on marketing. • Identify the appropriate price strategy that should be used in the development of the strategic marketing plan. Week Four: Marketing Strategy: Place and