1. Discuss the major variables that are used in segmenting consumer markets. 1. What do you think about Martin Lindstrom's approach to influencing customer behaviour? Market segmentation: “Dividing a market into smaller groups of buyers with distinct needs, characteristics or behaviors who require separate products or marketing mixes.
(Philip, Veronica, John and Gary, 2005:393) As all the customers are individuals who have different needs and wants and place different emphasis on specific product attributes, each company must identify the parts of market that it can serve best. This is backed by Subhash saying that “not all customers want the same thing. Particularly in well-supplied markets, customers generally prefer products or services that are tailored to their needs. Differences
A country's consumers can be divided into so many different consumer groups. Based on which consumer groups they lie in, the consumers will have different needs. Also they will find different things that appeal to them. So before you launch a marketing campaign, you need to identify which set of people does your business cater to? What we mean by this is, that you need to know who your customers are?
Knowing what a person thinks they want, need, and deserve all takes research. Research in advertising is to mental bind yourself to the consumer that you are trying to attract. Demographics plays a big part in the research process, because if the product is too expensive then I shouldn’t try to push a product on a moderately spending shopper. I want the product to fly off the shelves, not be looked at like it’s in gallery. Look, but don’t touch.
By stepping out of their comfort levels managers need to develop knowledge of cultural differences and a sensitivity to diversity issues. By establishing relationships at work with individuals different from yourself, you begin to learn about the talent and knowledge the diverse culture can add to your organization. They also need to address prejudice and prejudgment within themselves. Some examples of misconceptions usually based on cultural values, stereotypes and life experiences are that women are less committed to a successful career than men, older employees cannot learn new technology and younger workers only care about themselves and their social life. By challenging these prejudgments, a manager can become a role model for all employees to embrace cultural diversity in the work place.
Let me fist began with accountability. Accountability is major part of being successful in life and in your career. It seems like in society, people are just looking for any avenue possible to shift the blame and not take responsibilities for their own actions. I feel employers are looking for someone who not only acknowledges his or her errors, and take responsibility for his or her actions, but also someone who is willing to learn from their mistakes and not blame someone else. Everyone makes mistakes but the real test is how you react.
Solving what people need is the ultimate solution to what products and services they will buy. People buy products and services based on what they perceive are missing or where there is a void in their life. The people’s problem helps to determine what products people will buy to satisfy their needs. When the consumer identifies a problem that will help to determine what the people needs are and what they will buy. Consumer behavior consumption is also ultimately driven in people by their emotions, personalities, and how they feel about a product and what need it satisfies.
Extreme segmentation Market segmentation refers to identification of like minded clusters of consumers who can be expected to behave in a similar way, making similar decisions in the market place in similar situations. When it comes to fitness of the products, segments can be based on gender, age, physical ability of the consumer and the income level. Segmenting market should be done according to the segment target position process and thereafter develop a suitable market plan to deliver expected benefits. Segmenting the market involves a complicated and risky process a it can determine the success and failure of an organization because poor segmentation always leads to poor sales of products. When an organization is attempting to diversify it products to the selected market segments, market segmentation to some extent happens to be taken to an extreme condition.
These companies make a point of following the law to ensure that others cannot take legal action against them. For example, a company may create more waste than necessary, but it will remove of the waste in a legal method rather than dumping it illegally. Accommodating An accommodating stance signifies that a company believes social responsibility is important -- and perhaps as important as making a profit. These companies satisfy all legal requirements and attempt to meet ethical standards. An accommodating company does not