Introduction To Marketing Study Notes For Test

757 words - 3 pages

Marketing Study NotesTarget Market - to whom will you target the product.Developing Starategic Marketing Plan- identify, evaluate & select the market- when market is selected, develop & implement a Marketing Program designed to target choosen market.Market - people with willingness to purchase and authority to buy.Types of Markets:CONSUMERR GOODS - products & services purchased by consumer for personal use.INDUSTRIAL GOODS - products purchased to be used for production of other goods or for resale.marketing of Industrial Goods also called - "Business to Business Marketing".the key to proper classification of goods lies in the purchaser & in the reasons for buying the good.Market Segmentation - grouping people according to their similarity in one or more dimensions related to a particular product category.Market Segmantation:age, gender, geographic location, income, population, mobility, etc. are vital for marketing strategy.5 basis for segmenting consumer markets:1. Demographic Segmentation2. Geographic Segmentation3. Psychographic Segmentation4. Benefit Segmentation5. Usage RateGEOGRAPHIC SEGMENTATION - dividing market into homogeneous groups based on population location. (used for ages)DEMOGRAPHIC SEGMENTATION - dividing market on characteristics such as age, gender, income. (easiest)PSYCHOGRAPHIC SEGMENTATION - to identify market segments it uses behavioural profiles developed from analyses of the activities, opinions, interests, and lifestyles of consumers.BENEFIT SEGMENTATION - depends on advanced marketing research techniques that focus on benefits the consumer expects to derive from a product.USAGE RATE - divides the market by amount of product consumed, and/or brand loyalty.Start point in market segmentation - find where your buyers are. Geographic.(People move to bigger populated placed. Immigration impacted Canada. People are in the cities. Canada's population - urban. Toronto - Montreal - Vancouver : biggest.)Residence location within geographic area is very important.Climate also.Geographic segmentation - which sales regions to enter, where sales offices located, where retail outlets are located.Geographic segmentation is useful whendifferences in preference and purchase patterns emerge from regional lines.DEMOGRAPHIC SEGMENTATION - age, gender, income, occupation, education, household size.Demographic Segmentation is used for 3 reasons:1. They are easy to identify and measure2. They are associated with the sale of many products and services3. They are typically referred to in describing the audiences of advertising media, so that media buyers and others can easily pinpoint the desired target market.Many products are gender specific (razors)Age: 45 - 65 - grown children, mortgages paid off - more disposable income. This income is used for luxury goods, new furniture, travel.Senior-Citizen Market.FAMILY LIFE CYCLE - the process of family formation, development, and dissolution.Patrick Murphy & William Staples made 6...

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