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Marketing Segmentation, Targeting & Contexts

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Introduction

BTEC Higher National Certificate in Business Marketing Assignment Two: Marketing Segmentation, Targeting & Contexts Nichola Williams Tutor: Marion Fieldstead Due Date: 15 March 2010 Contents Page Task Description Page Number 1.0 Introduction 3 2.0 Segmentation Criteria: 2.1 Geographic 2.2 Demographic 2.3 Psychological 2.4 Behavioural 4-5 3.0 Concentration vs. Multi-segment Market Strategy 6-7 4.0 Buyer Behaviour 4.1 Consumer buyer behaviour decision making model, Purchase Class and Buyer Roles 4.2 Organisational buyer behaviour decision making model, Purchase Class and Buyer Roles 8-14 5.0 Marketing Mix for Two different segments in consumer markets 15 6.0 Service Marketing: 6.1 Discuss Unique Service Features 6.2 Detriments of perceived service quality 6.3 The 7 P's 16-20 7.0 International Marketing 21-22 8.0 Conclusions 23 9.0 Bibliography and webliography 24 10.0 References 25 11.0. Self evaluation and Timescales 26-27 12.0 Appendices Appendix one: Lynch's proposed 5 brand categories of European organisation 28 1.0 Introduction This assignment aims to propose the segmentation criteria to be used for two products in different markets and outline the factors which influence the choice of targeting strategy using a variety of different products and services to illustrate these. It also plans to explain the effects on marketing from buyer's behaviour. The buyers could be consumers or organisations. This will include looking at the types of purchasers, who makes the decisions and what role they play in making the decisions. The assignment will then go on to recommend a marketing mix for two different segments in the consumer markets and identify the segmentation criteria. In doing so it will explain the different marketing approaches when marketing to an organisation as opposed to a consumer. Lastly the assignment will identify the differences in how and why international market is different from domestic marketing. 2.0 Segmentation Criteria A business should meet its customers needs better than its competitors do. To do this the business should have target marketing strategies in place. ...read more.

Middle

Ordering - When an organisation makes an order it will either pay by invoice, or open a credit account, with the supplier. In both cases a contract with terms and conditions will be discussed and agreed on. ? Performance evaluation - By recording and reviewing of previous suppliers an organisation will be able to draw on this information should they need to make similar purchases in future. In doing this it often motivates suppliers to provide continuous excellent service. As mentioned earlier the consumers will put different amounts of effort into the decision making process, so to will organisations. Organisational buyers use different categories to consumer buyers, these include: Straight re-buy - This is when an organisation buys a product routinely and regularly. Once the decision process is complete, it is then just automatically re-bought there after. By making purchases this way, it is harder for new suppliers to break in and offer their products/service. Modified Re-buy - New suppliers can break through straight re-buy, when an organisation has a problem and has to consider modifying the way they buy or when they are seeking a more efficient buying system or simply to gain more cost efficient products/services. New Task - When an organisation is buying for the first time they will have to go through all the steps of the decision making process, but depending on the product the amount of research carried out will differ. As with consumer buying roles, there will also be different buying roles within the organisation. These roles do differ from the consumers roles, and a lot more people are involved in the decision. The people involved in making the decision will vary depending on the product and their role. The roles are as follows: The Gate Keeper - this is the person that filters the information sent into an organisation, so as to stop the amount of unwanted information reaching the decision making unit. ...read more.

Conclusion

Appendix 1. Conclusions This assignment has shown that what the different segmentation criteria's are and how substantial they are and how relevant they are in purchasing behaviour. It has shown that segmentation is just as important in the organisation markets as it is in the consumer markets. The assignment went on to show the differences and benefits/drawbacks between concentration and multi-segment marketing strategies. It leads you to think that concentration is better for small businesses and new business until they have grown or expanded, but if they become specialists they might not be able to enter into the multi-segment market, due to its customers recognising them for their existing products. Consumer buying and organisation buying decisions and behaviours are very different to one another. Organisational buying is a more drawn out and complex decision than that of a consumer, therefore marketers need to adapt different strategies when targeting these different buyers. In task 5 it shows that by using the correct marketing mix it is possible to market one product to at least 2 different segments. Task 6 highlighted that there is a difference of marketing an intangible product and the different marketing mix that is used when marketing a service as opposed to a product. Finally the assignment identifies the differences in domestic and international marketing. It is not and easy decision to make to enter the international market and there is a lot of considerations to take into account when making that decision. Bibliography Books and Notes Brassington F and Pettitt S - Principles of Marketing 3rd Edition (FT/Prentice Hall, 2003) ISBN: 02773657917 BPP - Marketing, (BPP Publishing, 2007) ISBN 978 0 7517 4473 6 Chee H and Harris R, - Marketing A Global Perspective (Pitman Publishing, 1993) ISBN 0 273 03793 5 Dibb, Ferrell, Pride, Simkin - Marketing, Concepts and Strategies, 3rd European Edition (Houghton Mifflin, 1997) ISBN 0 395 790005 0 Fieldstead Marion- Marketing Handouts, Wirral Metropolitan College (2009/2010), England Websites Netmba.com/marketing/market/segmentation Tutor2u.net/business/marketing/segmentation_bases_geographic.asp Business teacher.org.uk markets/market-segmentation/ Decisionanalyst.com/publ_art/marketsegmentation.dai www.boots.com www.johnson.co.uk http://www.bized.co.uk http://www.google.com www.wikipedia.com www.ask.com http://www.ikon-direct.co.uk/lp-lease-photocopiers.htm?gclid=CKzghvf81p8CFdoB4wodsFzNbA http://www.photocopiersdirect.co.uk/lease-copier.php http://www.plus.approvedphotocopiers.co.uk/UK/questionnaire6/uk-companies. ...read more.

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