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Marketing mixes for two different segments in consumer markets?
Wiki User
∙ 12y ago
Marketing mix is an essential tool that can be used to market our products.
Sony Audio and visual system is one of the new innovations in the market and is in demand. But that is not enough as we need to be the market leader. It is important to place the product in the minds of our customers. Therefore we need to make it unique from the other products in the market. It is best that we concentrate on mainly on the youth and the house holds as market research has shown us that the most number of this product are bought by them.
At present our prices compared to the competitors are higher. Our Sales are coming down, as similar products are available at cheaper price. Hence I would like to revise the prices or go for a promotion to increase the sales. The youth buy more iPods to listen to music and watch visual videos hence we can increase the sales buy having a sales promotion at our outlets. The households are interested in the hifi audio and visual systems with the large screen and more sounds affects. The sale of this particular product is constant but needs to be kept an eye on the price as to what LG, sharp and Panasonic is doing.
It has come to my attention that the large audio and visual system is not available at some of our outlets. Hence it is important to place them in each and every outlet and shopping malls. As customers ask for the product and is not available with the outlets they will go for another brand which has also been an issue to reduce in sales. As per sales income it has come to my attention that the LULU hyper outlet is having the most sales out of all. Special cutouts and displays can be put up at the outlet where the product is available for better eye catch which will attract them to the product.
The promotions on the news papers and the television is not much of an affect as only 35000 copies of gulf time is distributed per day and its less effective television advertising is not effective at all as many use cable TV. Therefore is it better to arrange an area to watch and experience the specialty of the product and leaver the customers to buy the product. for the iPods a listening area can be made with the latest kinds of music which will give them the experience. Once a customer purchases a product we can get there telephone number and email address and enter them to a special drawn. By doing so we also get customers to buy products and also we create a data base of the potential customers which we can use to market over other products.
It has come to my attention that the sales force needs to be more equipped with product knowledge which will improve the sales and attract more customers to buy the product. It is better to use mix of both females and males at the showrooms as there is always attraction towards the opposite sex.
Process - is the means of achieving the outcome. It shows how products or services go inorder to reach the particular person or destination. Process can be for ie how a person buys a iPod- he will go to the particular website, enter the specifications, and purchase it and enter the delivery details and it will be delivered. One person may go to the mall n purchase a Home Theater system - go to the showroom, check on the specifications, choose a colour, pay for it and leave. While creating a process it is important to make it short and sweet as possible and is also as per the requirements to keep the customer satisfied. If the target market is not taken into consideration the process will be of no use.
Physical evidence - is the total product itself. To identify a product there should be physical evidence for ie. Packaging, structure of the organization etc. it helps to identify the products better from the other similar products in the market. So it is very important to differentiate the product from the competitors. For ie there are different types of iPods available in the market Sony, Sharp, Panasonic etc so its important to differentiate the product form the competitors. And even the home theaters.
Roslyn Walter
Wiki User
∙ 12y agoMarketing mix is an essential tool that can be used to market our products.
Sony Audio and visual system is one of the new innovations in the market and is in demand. But that is not enough as we need to be the market leader. It is important to place the product in the minds of our customers. Therefore we need to make it unique from the other products in the market. It is best that we concentrate on mainly on the youth and the house holds as market research has shown us that the most number of this product are bought by them.
At present our prices compared to the competitors are higher. Our Sales are coming down, as similar products are available at cheaper price. Hence I would like to revise the prices or go for a promotion to increase the sales. The youth buy more iPods to listen to music and watch visual videos hence we can increase the sales buy having a sales promotion at our outlets. The households are interested in the hifi audio and visual systems with the large screen and more sounds affects. The sale of this particular product is constant but needs to be kept an eye on the price as to what LG, sharp and Panasonic is doing.
It has come to my attention that the large audio and visual system is not available at some of our outlets. Hence it is important to place them in each and every outlet and shopping malls. As customers ask for the product and is not available with the outlets they will go for another brand which has also been an issue to reduce in sales. As per sales income it has come to my attention that the LULU hyper outlet is having the most sales out of all. Special cutouts and displays can be put up at the outlet where the product is available for better eye catch which will attract them to the product.
The promotions on the news papers and the television is not much of an affect as only 35000 copies of gulf time is distributed per day and its less effective television advertising is not effective at all as many use cable TV. Therefore is it better to arrange an area to watch and experience the specialty of the product and leaver the customers to buy the product. for the iPods a listening area can be made with the latest kinds of music which will give them the experience. Once a customer purchases a product we can get there telephone number and email address and enter them to a special drawn. By doing so we also get customers to buy products and also we create a data base of the potential customers which we can use to market over other products.
It has come to my attention that the sales force needs to be more equipped with product knowledge which will improve the sales and attract more customers to buy the product. It is better to use mix of both females and males at the showrooms as there is always attraction towards the opposite sex.
Process - is the means of achieving the outcome. It shows how products or services go inorder to reach the particular person or destination. Process can be for ie how a person buys a iPod- he will go to the particular website, enter the specifications, and purchase it and enter the delivery details and it will be delivered. One person may go to the mall n purchase a Home Theater system - go to the showroom, check on the specifications, choose a colour, pay for it and leave. While creating a process it is important to make it short and sweet as possible and is also as per the requirements to keep the customer satisfied. If the target market is not taken into consideration the process will be of no use.
Physical evidence - is the total product itself. To identify a product there should be physical evidence for ie. Packaging, structure of the organization etc. it helps to identify the products better from the other similar products in the market. So it is very important to differentiate the product from the competitors. For ie there are different types of iPods available in the market Sony, Sharp, Panasonic etc so its important to differentiate the product form the competitors. And even the home theaters.
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What is B2C marketing?
B2C is an abbreviated term for business to consumer marketing. Business to consumer marketing is when a business markets products to a consumer market. A consumer is a buyer of products that are not business related. B2C products include goods and services such as food, clothes, cars, houses, phone services, credit repair services, etc.
Can targeted marketing work as well in business markets as it does in consumer markets?
Sometimes. It depends on the market and competition in it. The rule of thumb is that it generally works very similiarly
What is the importance of marketing research in customer satisfaction with superior value?
When we say marketing research this is the research where we can elaborate more about the satisfaction of customer. Marketing research ultimately is satisfying the needs and wants of the people in a certain community. The research is finding viable markets suitable for your company's products to be distributed and in finding these markets where there is demand, you satisfy a consumer need.
What are Consumer characteristics?
Consumer characteristics are used to segment markets into workable groups
What is a marketing strategy?
A marketing strategy is the planning and deployment methods used to obtain customers for an organization. The marketing strategy involves segmenting and targeting which markets will be most beneficial to an organization and then marketing to those markets. The marketing strategy involves the planning of company positioning as well.
Recommend marketing mixes for two different segments in consumer markets?
Some recommended marketing mixes for two different segments in both urban and rural markets include pricing and product. Another is the marketing mix of product distribution with promotion.
What is consumer markets?
Consumer marketing is when a consumer markets something. Hope this helps, Stella here! You know where you to find me :)
What is B2C marketing?
B2C is an abbreviated term for business to consumer marketing. Business to consumer marketing is when a business markets products to a consumer market. A consumer is a buyer of products that are not business related. B2C products include goods and services such as food, clothes, cars, houses, phone services, credit repair services, etc.
Can targeted marketing work as well in business markets as it does in consumer markets?
Sometimes. It depends on the market and competition in it. The rule of thumb is that it generally works very similiarly
What is marketing strategy?
Differentiated market strategy also referred to as the differentiated targeting strategy, is when an organization directs its marketing efforts at two or more segments by developing a marketing mix for each. An example is a hair salon targeting one segment originally; women, and then extending out to other target segments such as men and children.
What is physiographic segmentation?
Physiographic segmentation is a marketing strategy that divides a market into segments based on physical or geographical characteristics such as climate, terrain, or natural resources. This allows companies to tailor their products or services to meet the specific needs and preferences of different geographic areas or regions.
What international markets did Daniel A. Carp lead Kodak into?
led Kodak in a marketing and manufacturing push designed to make the company dominant in the enormous emerging consumer markets of Asia, especially China,
What has the author Natasha E Stroeker written?
Natasha E. Stroeker has written: 'Second-hand markets for consumer durables' -- subject(s): Consumer Durable goods, Durable goods, Consumer, Marketing, Secondhand trade
Which markets do consumer cooperatives operate?
Consumer cooperatives operate in the markets called Ben you tramp!
What is the importance of marketing research in customer satisfaction with superior value?
When we say marketing research this is the research where we can elaborate more about the satisfaction of customer. Marketing research ultimately is satisfying the needs and wants of the people in a certain community. The research is finding viable markets suitable for your company's products to be distributed and in finding these markets where there is demand, you satisfy a consumer need.
What does micro-environment mean in regards to marketing?
Micro-environments in marketing are community entities like the divisions inside a company, its suppliers or resellers, its competitors, consumer markets, and the public which impact a company to serve is customers better.
How do you segment industrial markets?
How to Segment Industrial Markets: A good marketing programme seeks to identify consumer needs and wants in order to satisfy them. but this satisfaction is not always possible because consumers differ greatly in many aspects. an attempt to identify these differences and to divide them into groups is known as market segmentation.it is the process by which a total, heterogeneous market for a product is divided into several sub-markets or segments, each of which tends to be homogeneous in all significant aspects. (Ngezelonye Raphael & Onwuka Prince. RSUST)
