Identify segmentation criteria that can impact a target selection.
Describe the organizational buyers and consumers and the factors that influence their purchasing decisions.
Define the competitive landscape for a product and service
Can you please be specific with examples for each questions and speak on your own opinion please?© BrainMass Inc. brainmass.com October 16, 2018, 5:19 pm ad1c9bdddf
Please see response attached for best formatting (also presented below). I provided a lot of information, so please keep what fits. I hope this helps and take care.
1. Identify segmentation criteria that can impact a target selection.
Unfortunately, the real truth is that many businesses do not do enough research and never really know who their customers are. Because many small business owners have not thoroughly identified or segmented their market, they make the mistake of trying to reach the whole market at once, often with little success. These are often the businesses that also find themselves in difficulty because they don't have a suitable marketing strategy to pull them through.
Market segmentation is a key strategy for business survival. No business can attempt to be all things to all people. The segmentation criteria that reflect the outcome of the market research impact a target selection in many ways, as the segmentation criteria determined the target market. For example, a business must select a particular target market that is measurable, accessible, large enough to be economically viable, and reasonably alike on some set of characteristics. In this way the resources of the business are focused on a specific set of needs, and the business will better use the resources that it has available. Information on the population and its characteristics (demographic data) and incomes and spending patterns (socio-economic data) indicates differences within the marketplace, differences which provide the opportunity to be selective (i.e., target selection based on segmentation criteria that came out of the research process) about choosing the particular market (i.e., target selection) that is the most opportune. This process is identified as market segmentation (http://au.smallbusiness.yahoo.com/040202/7/e3n.html).
For businesses, everyone in the whole world could be "the market". Think of segmentation as dividing one large market into smaller components, which are the same in at least one respect. For example, the male population is one market. The male population in the 15-24 year age group is a smaller component of that market that is the same in at least one respect (all in the same age group). This segment can be broken down even further, e.g. male population in the 15-24 year age group residing in regional Victoria. What you must do is identify clearly your target market based on market segmentation process and the segmentation criteria.
2. Describe the organizational buyers and consumers and the factors that influence their purchasing decisions.
A consumer, making a purchase decision will be affected by the following three factors: personal, psychological and social. (1) Personal influences are unique to a particular person (i.e., demographic Factors. Sex, Race, Age etc.) Who in the family is responsible for the decision-making? Young people purchase things for different reasons than older people.). (2) Psychological factors include motives, perceptions, ability and knowledge, attitudes and personality, and (3) social factors - Consumer wants, learning, motives etc. are influenced by opinion leaders, person's family, reference groups, social class and culture. The last two are explained more fully explained below:
Psychological factors include motives, perceptions, ability and knowledge, attitudes and personality. The following is an excerpt from an excellent article, so go through and keep what fits for each section:
A motive is an internal energizing force that orients a person's activities toward satisfying a need or achieving a goal. Actions are effected by a set of motives, not just one. If marketers can identify motives then they can better develop a marketing mix.
MASLOW hierarchy of needs!!
o Love and Belonging
o Self Actualization
Need to determine what level of the hierarchy the consumers are at to determine what motivates their purchases.
What do you see?? Perception is the process of selecting, organizing and interpreting information inputs to produce meaning. IE we chose what info we pay attention to, organize it and interpret it.
Information inputs are the sensations received through sight, taste, hearing, smell and touch.
Selective Exposure-select inputs to be exposed to our awareness. More likely if it is linked to an event, satisfies current needs, intensity of input changes (sharp price drop).
Selective Distortion-Changing/twisting current received information, inconsistent with beliefs.
Advertisers that use comparative advertisements (pitching one product against another), have to be very careful that consumers do not distort the facts and perceive that the advertisement was for the competitor. A current example...MCI and AT&T...do you ever get confused?
Selective Retention-Remember inputs that support beliefs, forgets those that don't.
Average supermarket shopper is exposed to 17,000 products in a shopping visit lasting 30 minutes-60% of purchases are unplanned. Exposed to 1,500 advertisement per day. Can't be expected to be aware of all these inputs, and certainly will not retain many.
Interpreting information is based on what is already familiar, on knowledge that is stored in the memory.
South Africa wine....
Problems marketing wine from South Africa. Consumers have strong perceptions of the country, and hence its products.
· Ability and Knowledge--
Need to understand individual's capacity to learn. Learning, changes in a person's behavior caused by information and experience. Therefore to change consumers' behavior about your product, need to give them new information re: product...free sample etc.
South Africa...open bottle of wine and pour it!! Also educate American consumers about changes in SA. ...
This solution identifies segmentation criteria that can impact a target selection, describes the organizational buyers and consumers and the factors that influence their purchasing decisions and defines the competitive landscape for a product and service. Examples are also provided.
Detailed Explanation to Market segmentation
2) What are some of the most common bases used for market segmentation?
5) Suppose you are the marketing manager for a new Ford sports car. How would you use intermarket segmentation to develop marketing strategies for Ford?
7) Suppose you are the owner of and operator of a small specialty store selling breads and pastries. How would you build a loyalty program to maximize customer loyalty and retention?View Full Posting Details