Marketing is the management process responsible
for identifying, anticipating and satisfying
customer requirements profitably.
Chartered Institute of Marketing
DEFINING THE TARGET MARKET
In order to accurately plan marketing activity it is vital to clearly define who is being targeted. In order to do this we need a framework for segmenting both the consumer and business markets.
Consumer Market Segmentation factors
product distribution region
cultural differences in habits and tastes
post code analysis systems
household income/personal income
attitudes about self, family, society
General Life Style
correlation of demographics and
frequency of purchase
links to other purchases
distribution strengths and weaknesses
use of Standard Industry Classification
(SIC) codes or Yellow Pages Business
types or own classifications.
Size of Company
this could use the number of
Business Market Segmentation Factors
employees, turnover, profit or media
spend as the criteria
segment by loyalty, most active,
average spend, greatest year on year
useful to cross check usage with
company size to check that we are
turning potential into sales.
identifying the key roles in the
decision making process - the users,
financiers, influencers, advisers and
ultimate decision maker.
Company Ownership and
segmenting companies by multinational, European, UK will enable identification of trends and targeting
THE MARKETING MIX
The traditional mix of product, price place and promotion covers the following
Discounts & Allowances
EXERCISE - THE MARKETING MIX
List for one of your products the elements which constitute the marketing mix, under each of the following headings:Product
MARKETING RESEARCH AND ANALYSIS OF
Marketing Research ‘The
systematic gathering, recording and analysis of data
relating to the marketing of goods and services’
Research produces data not decisions
Good quality, reliable marketing research is the bedrock of any good marketing plan so we need to ensure that the gathering and recording process is robust and gives good quality data on which to base our marketing decisions. The following questions should be asked before setting up a marketing information system:What information do I need?
• from internal as well as external sources
How often do I need to update the information?
• some may be needed on a daily basis, others weekly, monthly or annually.
What is tracking new developments and opportunities?
• this type of research will require a flexible approach to monitor the ongoing trends and developments of the business.
The following is a suggested framework for information gathering.
KNOWING YOUR CUSTOMERS
If we are going to develop realistic and achievable marketing plans for our...