With the aid of market segmentation—a marketing strategy that divides a target market into more specialized, smaller sectors—a company can conduct in-depth consumer research. Researchers can learn more about the consumer experience, cutting-edge production methods, strategies for fostering customer loyalty, and other topics by taking part in market segmentation.
Concept and Analysis
The selection of segmentation characteristics is one of the most crucial strategic decisions that must be taken when segmenting a market. Given how important this choice is, extensive research has been done on the different segmentation variables. Among the demographic characteristics taken into consideration are age, gender, height, weight, race, and socioeconomic status. Business segmentation typically uses firmographics, or corporate characteristics including size, industry, and employee count. Suggestions for other variables include decision-making techniques, situational considerations, personality traits, profitability, desired incentives, and even star sign. Almost all consumer factors have been considered when segmenting a market.
Conclusion
In every aspect of the business, from product development to marketing, segmentation produces more effective firm strategies. When done correctly, it enables you to create a more customer-focused experience and understand your customers better.
Q2.
Introduction
The decision to add an item to your cart is the first step in the consumer purchasing process in retail and online commerce, but that is only the beginning. Many things are happening in the background. This decision is typically made after careful thought to convince them to buy.
Concept and Analysis
Step 1: Identification is needed
In this early stage, the consumer is aware of his unmet needs and is driven to act by a need or want. Customers become aware they can satisfy unmet demands by purchasing or using goods and services when uncomfortable. Over time, the desire to fulfil this need becomes so strong that it can impact a person’s purchase decision. Recognising this innate need might happen at any time. When you are seated in traffic, using a computer, watching television, relaxing on a grey couch, etc. Alternatively, the urge could be repressed within it until it is roused by an external trigger,
Conclusion
The consumer must choose a buy after researching and weighing his possibilities. The decision to buy or not buy the option that is deemed to be the most desirable is the first result. At this point in the process, the client can decide immediately or up to a month from now.
Q3.
3a.
Introduction
“advertising media” refers to several conventional or contemporary media platforms where companies can advertise their goods, services, or brands. Knowing which ad media channels benefit your business might be vital to staying ahead of the competition because every customer can only be aware of some brand’s offerings.
Concept and Analysis
As mass marketing expanded in the following decades, so did television advertising. Because of linked TV advertising, which leverages viewer data for more precise segmentation, TV has become one of the most popular media platforms for marketers today. Online videos and YouTube commercials are two examples of how video advertising has increased outside of the conventional cable box. Media planners can now distribute their adverts on various websites to reach consumers online.
Conclusion
The origins of advertising, an ancient form of marketing, can be traced back to ancient times. Because of new technology and media, clients can bypass traditional advertising venues. Hence advertising strategies have changed significantly.
3b.
Introduction
By offering distributors, salespeople, or customers incentives or higher value for a limited time, sales promotions are a type of marketing communication used to boost sales. Special offers, displays, product demos, and other one-time sales activities are examples of past deals that aren’t a regular component of business operations.
Concept and Analysis
Any form of sponsored marketing for a product, service, or idea is called advertising. Nonprofits, government entities, museums, and corporations commonly use advertising. Each organisation, however, has its own rules on how to handle advertisements.
Conclusion
Businesses employ a variety of media to advertise sales occasions, including conventional ones like billboards, posters, coupons, and direct mail as well as modern ones like text messages, emails, websites, and social media. The goal of a compelling sales campaign is to pique the target market’s interest in the good or service, encourage them to test it out, and then persuade them to purchase and use it.
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