Marketing Management Course
Marketing
Management
MARKETING
Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably.
Chartered Institute of Marketing
4
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
Geography
cultural differences in habits and tastes post code analysis systems
Demography
-
age sex household income/personal income education level social status life cycle
Psychography
-
personality traits perceptual styles attitudes about self, family, society reference groups social roles
General Life Style
-
correlation of demographics and psychographics Product Usage
-
frequency of purchase links to other purchases
Geography
-
distribution strengths and weaknesses
Industry Type
-
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
5
employees, turnover, profit or media spend as the criteria
Product Usage
-
-
segment by loyalty, most active, average spend, greatest year on year increase useful to cross check usage with company size to check that we are turning potential into sales.
Decision Process
-
identifying the key roles in the decision making process - the users, financiers, influencers, advisers and ultimate decision maker.
Company Ownership and other products
-
segmenting companies by multinational, European, UK will enable identification of trends and targeting of opportunities.
6
THE MARKETING MIX
The traditional mix of product, price place and promotion covers the following Product
Management
MARKETING
Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably.
Chartered Institute of Marketing
4
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
Geography
cultural differences in habits and tastes post code analysis systems
Demography
-
age sex household income/personal income education level social status life cycle
Psychography
-
personality traits perceptual styles attitudes about self, family, society reference groups social roles
General Life Style
-
correlation of demographics and psychographics Product Usage
-
frequency of purchase links to other purchases
Geography
-
distribution strengths and weaknesses
Industry Type
-
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
5
employees, turnover, profit or media spend as the criteria
Product Usage
-
-
segment by loyalty, most active, average spend, greatest year on year increase useful to cross check usage with company size to check that we are turning potential into sales.
Decision Process
-
identifying the key roles in the decision making process - the users, financiers, influencers, advisers and ultimate decision maker.
Company Ownership and other products
-
segmenting companies by multinational, European, UK will enable identification of trends and targeting of opportunities.
6
THE MARKETING MIX
The traditional mix of product, price place and promotion covers the following Product