Table of Contents
Earlier approaches 4
Contemporary approaches 5
Customer orientation 6
Organizational orientation 8
Marketing research 8
Marketing environment 9
Geographic segmentation involves a business dividing its market on the basis of geography. There are several ways that a market can be geographically segmented. You can divide your market by geographical areas, such as by city, county, state, region (such as West Coast), country, or international region (such as Asia). You can also divide the market into rural, suburban, and urban market segments. Y Types of promotional activities 9
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The target market for your product could also be a very specific combination of these criteria. For instance, an electronic game manufacturer can target young adults with an income more than $50,000 per year living in metropolitan areas. Companies often conduct surveys to determine products desired by specific target markets.
Price is a very important element of the marketing mix. The company must create something of value for the consumer. The product must be one that the consumer is willing to pay a predetermined price for. Analysis is necessary to determine the price customers are willing to pay for a specific product. If your price is too low, you will not realize a profit. However, pricing higher than the other market suppliers of the product leads to decreased sales, also resulting in a loss for the company.
Related Reading: What Major Elements Comprise a Good Marketing Strategy?
Selling your product in the correct place is another important aspect of the marketing mix. No matter how good your product or service is, if the customer cannot find it, no purchases will be made. To determine the proper place to market your product, you must determine where the target audience is shopping for similar purchases. This might be in a brick-and-mortar storefront location or through an Internet store.
Once you have determined what product you will sell, the price you will charge and the place you will sell it, you must tell people about it. This is where promotion comes in. There are multiple mediums available to promote a product or service to your target consumers, including word of mouth, newspapers and other print publications, television, radio ads and Internet advertising. The money you have available to spend for promotion can determine which means you use. A small business with a limited advertising budget can print and distribute low-cost fliers rather than spending money on expensive radio or television ads.
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For the magazine, see Marketing (magazine).
Key concepts |
* Product marketing * Pricing * Distribution * Service * Retail * Brand management * Brand licensing * Account-based marketing * Ethics * Effectiveness * Research * Segmentation * Strategy * Activation * Management * Dominance * Marketing operations * Social marketing * Identity * Digital marketing |
Promotional contents |
* Advertising * Branding * Underwriting spot * Direct marketing * Personal sales * Product placement * Propaganda * Publicity * Sales promotion * Sex in advertising * Loyalty marketing * Mobile marketing * Premiums * Prizes * Corporate anniversary * On-hold messaging |
Promotional media |
* Printing * Publication * Broadcasting * Out-of-home advertising * Internet * Point of sale * Merchandise * In-game advertising * Product demonstration * Word-of-mouth * Brand ambassador * Drip...