Plan marketing mixes for two different segments in consumer markets. Adapting Marketing Mix in Consumer Segments (500 Words) 2022-10-26

Plan marketing mixes for two different segments in consumer markets Rating: 6,2/10 1929 reviews

Marketing mix refers to the set of marketing tools that a company uses to promote and sell its products or services. It consists of four main elements: product, price, place, and promotion. These elements can be adjusted to target specific segments in the consumer market.

For the purpose of this essay, let's consider two different segments in the consumer market: young adults and seniors.

Marketing Mix for Young Adults:

Product: Young adults are likely to be attracted to products that are trendy, innovative, and high-quality. They may also be interested in products that align with their values and lifestyle. For example, a company targeting young adults might offer organic, eco-friendly products or technology products with cutting-edge features.

Price: Young adults tend to have more disposable income than seniors, so they may be willing to pay a higher price for certain products. However, they may also be more price-sensitive than seniors and may compare prices across different retailers before making a purchase. Therefore, it is important to strike a balance between offering a competitive price and ensuring that the product is perceived as high-value.

Place: Young adults are likely to be more comfortable with online shopping and may prefer to purchase products through e-commerce platforms. Therefore, it is important for a company targeting young adults to have a strong online presence and to offer a seamless online shopping experience. In addition, young adults may also shop at physical stores, so it is important for a company to have a strong brick-and-mortar presence as well.

Promotion: Young adults are likely to be influenced by social media and may be more responsive to marketing campaigns that use influencers or that are interactive and engaging. Therefore, it may be effective for a company targeting young adults to use social media platforms and to create marketing campaigns that encourage participation and interaction.

Marketing Mix for Seniors:

Product: Seniors may have different needs and preferences than young adults, so it is important for a company targeting this segment to offer products that are tailored to their needs. For example, seniors may be more interested in products that are practical, easy-to-use, and safe. They may also be interested in products that support their overall health and wellness.

Price: Seniors may be more price-sensitive than young adults, as they may have fixed incomes or may be on a budget. Therefore, it is important for a company targeting seniors to offer competitive prices and to communicate the value of its products.

Place: Seniors may be more comfortable shopping at physical stores, so it is important for a company targeting this segment to have a strong brick-and-mortar presence. In addition, seniors may also be more comfortable shopping through traditional channels, such as catalogs or telemarketing. Therefore, it may be effective for a company to use these channels in addition to online platforms.

Promotion: Seniors may be more responsive to marketing campaigns that are informative and that provide clear, easy-to-understand information about products and services. Therefore, it may be effective for a company targeting seniors to use traditional channels, such as print ads or direct mail, and to focus on providing clear and concise information about its products and services.

In conclusion, the marketing mix for a company targeting young adults may be focused on trendiness, innovation, and interactivity, while the marketing mix for a company targeting seniors may be focused on practicality, value, and clear communication. By tailoring the marketing mix to the specific needs and preferences of different consumer segments, a company can effectively promote and sell its products and services.

childhealthpolicy.vumc.org

plan marketing mixes for two different segments in consumer markets

Each market is distinct and serves a particular specialty industry. How does each of these definitions apply to you? Nobilis, 2008 Pricing Rural Segment: Pricing strategies of a product should be decided according to the market segment where it will be sold. But if you are talking in terms of marketing theories, International Marketing was a stage in the evolution of Global Marketing. In order to remain money making, business must be aware of the situation in the particular market in which they operate. Words: 6526 - Pages: 27. Customers are likely to be loyal to organizations that serve them well — from the way in which a telephone query is handled, to direct face-to-face interactions.


Next

Various elements of the marketing process

plan marketing mixes for two different segments in consumer markets

The Marketing Mix can be adjusted on a frequent basis in order to meet and satisfy the changing needs of a specific consumer group as well as the other dynamics of marketing environment. Marketing Principles Contents Introduction. Marketing: Definition Topic Introduction Marketing: Definitions Page No 1. Words: 838 - Pages: 4 Premium Essay Marketing. 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.

Next

Adapting Marketing Mix in Consumer Segments (500 Words)

plan marketing mixes for two different segments in consumer markets

In this marketing mix there are seven process of marketing management. The strategies are market segmentation, market targeting, and positioning. Demand above supply Sales doubled in the past 5 years with earnings tripled. This text emphasizes the role of managers that keep an eye on a field sales force. Illustrate differences in marketing products and services to businesses rather than consumers. The unit looks at the main elements of both the original and the extended marketing mix. Moreover the market can also be divided on the basis of usage rates like, light, medium and heavy.

Next

Consumer Market Segmentation

plan marketing mixes for two different segments in consumer markets

According toAMA 1985 marketing involves the ideals of planning and execution of the concept, pricing strategies, promotional tactics, and the distribution of ideas, commodities and services and the creation of exchange and the satisfaction of objectives. Different customers have different needs and it is not possible to satisfy these needs by treating all customers in a similar way. The solution for a successful marketing effort is maintaining a level of customer liking while at the same time creating a profit for association. . . Promotion: awareness and image; effective communication; integrated communication process SOSTT + 4Ms ; promotional mix elements; push and pull strategies; advertising above and below the line including packaging; public relations and sponsorship; sales promotion; direct marketing and personal selling; branding, internet and online marketing? On one or two narrow market segments and tailoring your marketing mix to strategic marketing chapter objectives prelude case poor little rich.

Next

P4.1

plan marketing mixes for two different segments in consumer markets

At present our prices compared to the competitors are higher. This will also help keep the competitor guessing on what else is to come as a replacement for of building a product. 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. While creating a process it is important to make it short and sweet as possible and is also as per the requirements to Marketing Report Of Tesco. .

Next

Marketing Mixes for Two Different Segments in Consumer Markets?

plan marketing mixes for two different segments in consumer markets

OLC EUROPE UNIT 4 MARKETING PRINCIPLES QCF LEVEL 5: BTEC HIGHER NATIONAL ASSIGNMENT Assessment title: Marketing Principles Lecturer: Issued date: Submission date: Task One Task Two Task Three Task Four Learning Outcomes LO1 Understand the concept and process of marketing LO2 Be able to use the concepts of segmentation, targeting and positioning LO3 Understand the individual elements of the extended marketing mix LO4 Be able to use the marketing mix in different contexts Introduction This is a broad-based unit which gives learners the opportunity to apply the key principles of marketing. Physical layout — in the days when manufacturing dominated the UK economy the physical layout of production units such as factories was not very important to the end consumer because they never went inside the factory. A large amount of this information should be presented if records are kept of the past transactions in which the business engage. The purpose of the present study is to explore the pricing methods that service companies adopt in order to set their prices, along with the service, organizational and environmental characteristics that influence these methods. This makes the product so it can be brought out into the market in stages instead of all at once. Experimental, such as sales, market share. Words: 3216 - Pages: 13 Premium Essay Principles of Marketing.

Next

Market Segmentation And Marketing Mix

plan marketing mixes for two different segments in consumer markets

Nobilis, 2008 Urban Segment: Urban consumers generally used to switch over the product of different companies and they think that the higher the price the costlier the product. Marketing tends to be seen a creative industry ,which include advertising distribution and selling. Words: 2472 - Pages: 10 Premium Essay Market Segmentation. Following are the areas where these both differ from each other: Zhiwen, 2004 Find Out How UKEssays. In the easyjet the marketing process it is one of the best successful low cost airlines in the Europe and with achievement of the low cost subsidiary of british airways in 2002 it has became a biggest low cost airline in Europe and it is go beyond rival ryanair to the top position. .

Next

Can You Recommend Marketing Mixes For Two Different Segments In Consumer Markets?

plan marketing mixes for two different segments in consumer markets

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. Apart from that, for different age group price will be different as the use of diamond and other elements. But that is not enough as we need to be the market leader. The more intransigent the market, The more crowded the marketplace, The more busier are the customers, The more we need a Purple Cow. Market segmentation is the process of classified key groups or segments within the common market that share specific characteristics and consumer way of life. O 1: Understanding the concept and process of marketing 3 A. Unit 4 Marketing Principles Assignment Brief Introduction This is a broad-based unit which gives learners the opportunity apply the key principles of marketing.


Next

4.1 plan marketing mixes for two different segments in consumer markets

plan marketing mixes for two different segments in consumer markets

Understand the concept and process of marketing Definitions:alternative definitions including those of the Chartered Institute of Marketing and the American Marketing Association; satisfying customer needs and wants; value and satisfaction; exchange relationships; the changing emphasis of marketing Marketing concept: evolution of marketing; marketing orientations; societal issues and emergent philosophies; customer and competitor orientation; efficiency and effectiveness; limitations of the marketing concept? Show how and why international marketing differs from domestic marketing. This paper shows different examples of products that were successes and failures in the global market. Costs and benefits: links between marketing orientation and building competitive advantage; benefits of building customer satisfaction; desired quality; service and customer care; relationship marketing; customer retention; customer profitability; costs of a too narrow marketing focus 2. . So the lowered down prices in the rural segment can be charged from the urban segment. Cash administration with the mindset of an aggressive start-up, easyJet has not paid a payment to date, prefer to retain profits to fund upcoming development. In this study it will be important to ascertain certain definitions which are fundamental to the study.

Next

Marketing mixes for two different segments in consumer markets?

plan marketing mixes for two different segments in consumer markets

Marketing report of tesco Marketing report of Tesco Executive Summary The main aim of marketing is to understand customer 's needs and to develop a right way that can cover all this essential matter. Different laws and regulations of each country create difficulties for the marketers to understand the laws of each of the countries where they are going to market their product. . 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. Marketing is the group to everyone is exposed to the marketing daily even when they do not know it and billboards enclosed the nation. Moreover, it is much easier to measure the demographic variables than any other segmentation variables. Products that are not the first by being the first to maintain a unique position in the mind the consumer, a firm in actual fact can cut through the noise level of other products.

Next