Professional Documents
Culture Documents
ANALYZE
Marketing Principles
Provide different definitions of marketing.
Marketing is the act of developing an engaging relationship with
every single human being that shows an interest in you.
Geographic Segmentation
While typically a subset of demographics, geographic
segmentation is typically the easiest.
Geographic segmentation creates different target customer
groups based on geographical boundaries. Because potential
customers have needs, preferences, and interests that differ
according to their geographies, understanding the climates and
geographic regions of customer groups can help determine
where to sell and advertise, as well as where to expand your
business.
Demographic Segmentation
Demographic segmentation sorts a market by demographic
elements such as age, education, income, family size, race,
gender, occupation, nationality, and more.
Demographic segmentation is one of the simplest and most
commonly used forms of segmentation because the products and
services we buy, how we use those products, and how much we
are willing to spend on them is most often based on
demographic factors.
Firmographic Segmentation
Firmographic segmentation is similar to demographic
segmentation.
The difference is that demographics look at individuals while
firmographics look at organisations.
Firmographic segmentation would take into consideration things
like company size, number of employees and would illustrate
how addressing a small business would differ from addressing
an enterprise corporation.
Behavioural Segmentation
Behavioural segmentation divides markets by behaviours and
decision-making patterns such as purchase, consumption,
lifestyle, and usage.
For instance, younger buyers may tend to purchase body wash,
while older consumer groups may lean towards soap bars.
Segmenting markets based off purchase behaviours enables
marketers to develop a more targeted approach.
Psychographic Segmentation
Psychographic segmentation takes into account the
psychological aspects of consumer behaviour by dividing
markets according to lifestyle, personality traits, values,
opinions, and interests of consumers.
Large markets like the fitness market use psychographic
segmentation when they sort their customers into categories of
people who care about healthy living and exercise.
Bread
Toast
Cake
Bun
Biscuits and Cookies
Doughnuts
The price range which are acceptable to the office
workers.
Marketing Mix
Advertising
Outdoor advertising
Joint Ventures
Promoting your business is all about getting your offer in front
of the right people.
One of the easiest ways to do this is to find existing audiences
that match your ideal market.
A great way to do this is to partner with non-competing
businesses who are marketing to the same people as you are.
Find services that could potentially add value to your customers,
and that your services could also help their customers.
Sales promotion
Sell during the off-season: Goods like swimwear, boats, tents,
air conditioners, refrigerators are definitely more popular in
summer but you should consider special strategies to sell them
throughout the year. Offer time-limited discounts, "1+1=3"
campaigns, and other marketing tricks.
Run clearance campaigns: They're especially popular before
summer and winter. As dealers need to make room for a new
collection, they often run total clearance campaigns when users
can buy goods from old collections at extremely reduced prices.
Launch a new product: If you're going to expand and turn your
small coffee shop into a bakery, you need to reach new market
segments. You can attract new customers by offering a free
cookie with each cup of coffee or suggest visitors set their own
price once in a while.