Discuss antecedents of target marketing in a case scenario. GEL-1.2: Demonstrate

Question

Discuss antecedents of target marketing in a case scenario.

GEL-1.2: Demonstrate college-level communication through the composition of original materials in Standard English.

GEL-6.2: Apply a professionally recognized method of formatting and documentation.

In this Assessment you will discuss antecedents of target marketing (i.e. what steps come before target marketing).

Using the information on target market antecedents you learned from reading Chapters 6 and 8 in your text, original research on the Internet, and the various Learning Activities provided, read the scenario and respond to the checklist items in a business memo format.

Scenario: The product is a portable rolled computer made by the start-up company UclidTouch. The screen and accompanying keyboard roll up for travelers or those who want to easily transport their computer. The unrolled computer measures 8 inches by 16 inches. When rolled up, the computer is 1 3/4 inches in diameter and weighs 1 pound. It fits in a lightweight aluminum canister that has an optional mini-combination lock. It is available in 7 different colors and can be hung around the customer’s neck on a lanyard which also is available in 7 colors. The price is comparable to the pricing for popular tablets already on the market.

Business Memo: You are a marketing assistant at UclidTouch tasked with providing a business memo (i.e., an internal company document) to the U.S. A. executive management team of UclidTouch concerning the checklist items provided below.

Write a minimum 500-word original business memo. In a concise manner, describe to executive management the data you will analyze to determine a potential market for this product. State your purpose in the opening paragraph and provide sufficient information to explain the required items. Finally, provide a concluding paragraph to summarize your suggestions.

Address the following items in your Assessment submission.

1. Identify a market or product category for review.

2. Describe bases for segmenting the market.

3. Identify segmentation descriptors.

4. Explain potential segments based on your reading in Chapter 8 “Steps in Segmenting a Market.”

Size of segment

Expected growth

Purchase frequency

Brand loyalty

Sales potential

Profit potential

Chapter Reading Includes:

Chapter 6: “Consumer Decision Making”

Chapter 6 explains why consumer behavior is essential to the marketer who endeavors to satisfy the needs and wants of customers and wants to communicate effectively with them. When buying products, particularly new or expensive items, consumers generally follow the five step consumer decision-making process shown in Exhibit 6.1 in the Lamb et al. (2014) textbook:

Needs recognition

Information search

Evaluation of alternatives

Purchase

Post-purchase behavior

Each of these steps in the consumer decision process is discussed thoroughly.

What is a brand and brand loyalty?

A brand can be a company name, symbol, or design that distinguishes one company’s services or products from all other competitors in that category by creating a unique identity. Customers become loyal to a brand when it consistently meets their needs and wants over time.

Chapter 7: “Business Marketing”

As explained by Lamb et al. (2014), business marketing is "the marketing of goods and services to individuals and organizations for purposes other than personal consumption” (p. 103). A business product is anything a company uses to create a product, any product used to improve another product, or a product that is combined to become a part of another product. A business product can be distinguished from a consumer product based on its intended use, not always based on physical or intrinsic attributes.

According to Lamb et al. (2014), relationship marketing is a strategy that involves the establishment of new and enduring partnerships with customers. As customers have become more demanding and competition has become more intense, relationship marketing is now an important business marketing strategy. Building loyal relationships with customers can be more profitable than focusing on price sensitive consumers.

Source:

Lamb, C. W., Hair, J. F., & McDaniel, C. (2014). MKTG7. Mason, OH: Cengage.

The 4 P’s in the marketing mix are product, place, promotion and price.

Product includes the product or service attributes, such as color and size, as well as packaging and the benefits and value provided to the customer.

Distribution = Place. Distribution is all about making sure the product arrives in the right place. To remember this, think of place in terms of the product. How are you going to get the product to the right place?

Promotion involves advertising, public relations (through social media especially), sales promotion (such as sweepstakes and contests), and personal selling (like using sales representatives and retail counter service personnel).

Price: What will the buyer be relinquishing in order to obtain your product? The latter is the price, which can be the easiest of the 4 P’s to change in response to competition or economic changes in the marketplace.

Read Chapter 8: “Segmenting and Targeting Markets”

There are a great variety of markets, including the real estate market, the food market, and the stock market. All markets share common attributes:

Consumer markets are comprised of people and business markets are made up of organizations.

All markets are based on consumer or business needs, wants, or desires, and can be satisfied by any kind of product. Consumers or businesses have the funds and power to make buying decisions. Consumers or businesses are willing to exchange value or resources for products.

The definition of a target market per Lamb et al. (2014) is "a group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges" (p. 131). Target marketing strategies are covered thoroughly in Chapter 8.

Please provide this ASAP with references from where you got information,

Thanks

Explanation / Answer

Before bringing the product in the market the product and market survey has to be done in detail for efficient target marketing. Target marketing is an essential marketing tool in introducing a product to the customers. But if done in a wrong strategy it can cost money and loss to the organisation even before the product is launched. Hence reviewing the product category and market segmentation are few studies we will focus on.

1.Product category of the product to be launched will be digital electronics or even categorised to name as gadgets. It is a rolled up computer and hence computers fall in the category of gadgets. The gadgets present in the market of with all or some features same as this product will have to be identified and reviewed for better understanding the marketing strategy.

2. The basis for segmenting the market could be as follows:

- demographic segmentation- in this category the product will be segmented as pe age,gender,income, family size, occupation of the customer.

- geographic segmentation- this defines the location where the product can be marketed best with maximum returns.

- Psychographic segmentation- this studies the personality traits and lifestyle of a particular segment of people to analyze the marketing of the product.

- behavioural segmentation- this describes the behaviours effecting the customers need of buying the product. How much knowledge he has of the product, how familiar is he with the use of the product are some studies made for this segment.

3. Segmentation descriptors are the further classification of segmentation. Once the customers are segmented, they are further decribed in detail. This is an essential step because sometimes the product will need to be marketed only to a particular type of customers of a segment and not to all. Hence descriptors help in describing the customers of the various segments.

4. Like the segmentation of customers is done based on the factors mentioned above, in the same way the market has also to be segmented based on the product. Whether it is a consumer product or business product, it needs to be marketed in the right direction. The market which it will fall into, the competitive products present in the market, the price allocation of the product according to the market, the frequency at which the product will be demaded and sold and what will be its sales and profitability potential will be reviewed before launching the product or to identify its target market.

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