Everything else in the business depends upon marketing. Mark Cuban, owner of the Dallas Mavericks and several media and entertainment companies, puts it as succinctly as possible: Advertising is the most obvious marketing activity, but so is consumer research, which better matches your product to consumer wants and needs. The one thing that marketing is not, in the opinion of some marketing professionals, is the sales act itself, which is the result of marketing.
Artificial heart valves 60 Source: Microtargeting The process of gathering multiple sources of data available on people, everything from their tax and phone records to the catalogs they receive, so as to market to them. It was originally used to segment voters during elections, including the U.
Microtargeting involves gathering all kinds of data available on people—everything from their tax and phone records to the catalogs they receive. One company that compiles information such as this is Acxiom.
For a fee, Acxiom can provide you with a list of Hispanic consumers who own two pets, have caller ID, drive a sedan, buy certain personal care products, subscribe to certain television cable channels, read specified magazines, and have income and education levels within a given range.
Upper Saddle River, NJ: Prentice Hall, Clearly, microtargeting has ethical implications. Data privacy issues will be discussed more in Chapter 14 "Customer Satisfaction, Loyalty, and Empowerment".
Targeting Global Markets Firms that compete in the global marketplace can use any combination of the segmenting strategies we discussed or none at all.
A microcosm of the targeting strategies used in global markets is shown in Figure 5. The broker would worry about communicating with customers around the world and devising different marketing campaigns for each of them.
For example, Mattel sells Barbie dolls all around the world—but not the same Barbie. Mattel has created thousands of different Barbie offerings designed to appeal to all kinds of people in different countries.
Pizza Hut has franchises around the world, but its products, packaging, and advertising are tailored to different markets. Squid is a popular topping in Asia, for instance. Companies tailor products not only for different countries but also for different customers in different countries.
Sellers are increasingly targeting consumers in China, Russia, India, and Brazil because of their fast-growing middle classes. Take the cosmetics maker Avon. Brazilians are extremely looks-conscious and increasingly able to afford cosmetic products as well as plastic surgery.
So attractive are these countries that firms are changing how they develop goods and services, too. Now, says Govindarahan, companies are creating low-cost products to capture large markets in developing countries and then selling them in developed countries.The three strategies for selecting target markets are pursuing entire markets with one marketing mix, concentrating on one segment, or pursuing multiple market segments with multiple marketing mixes.
Inside the Tornado: Strategies for Developing, Leveraging, and Surviving Hypergrowth Markets (Collins Business Essentials) [Geoffrey A. Moore] on schwenkreis.com *FREE* shipping on qualifying offers.
In this, the second of Geoff Moore's classic three-part marketing series, Moore provides highly useful guidelines for moving products beyond early adopters and into the lucrative mainstream market.
Aug 28, · If there is a target generation you are desiring to reach, get out there and connect with them personally through focus groups or surveys with incentives. Feb 06, · You have put in the long hours and finally finished making that killer product or service, but your work is not yet done – now you need to introduce people to this offering.
Define your marketing methods. Will you advertise using internet marketing, direct marketing, or public relations?Depending on your target audience, you will need to pick the best marketing methods to explain, teach, and promote how your product or service stands out above other competitors.
Target-Market Strategies: Choosing the Number of Markets to Target. Henry Ford proved that mass marketing can work—at least for a while. Mass marketing is also efficient because you don’t have to tailor any part of the offering for different groups of consumers, which is more work and costs more money.