Target market strategy of apple inc,how to make a video game when your a kid,video editing studio pune - Easy Way

When you consider the functional areas of businessa€”accounting, finance, management, marketing, and operationsa€”marketing is the one you probably know the most about. If everyone is responsible for marketing, can the average organization do without an official marketing department? At the same time, you need to achieve organizational goals, such as profitability and growth. The marketing concept puts the customer first: as your most important goal, satisfying the customer must be the goal of everyone in the organization. Declaring that you intend to develop products that satisfy customers and that everyone in your organization will focus on customers is easy. Wea€™ll use FigureA 9.3, a€?Marketing Strategya€? as a blueprint for our discussion of target-market selection, and wea€™ll analyze the concept of the marketing mix in more detail in the next major section of the chapter. The next step in identifying a target market is to divide the entire market into smaller portions, or market segmentsmarket segmentGroup of potential customers with common characteristics that influence their buying decisions.a€”groups of potential customers with common characteristics that influence their buying decisions. Maybelline and Cover Girl use segmentation strategies to target their predominant consumers: women. Demographic segmentationdemographic segmentationProcess of dividing the market into groups based on such variables as age and income. Geographic segmentationgeographic segmentationProcess of dividing a market according to such variables as climate, region, and population density.a€”dividing a market according to such variables as climate, region, and population density (urban, suburban, small-town, or rural)a€”is also quite common. Dividing consumers by such variables as attitude toward the product, user status, or usage rate is called behavioral segmentationbehavioral segmentationProcess of dividing consumers by behavioral variables, such as attitude toward the product, user status, or usage rate.. Some companies segment consumers according to user status, distinguishing among nonusers, potential users, first-time users, and regular users of a product. Psychographic segmentationpsychographic segmentationProcess of classifying consumers on the basis of individual lifestyles as reflected in peoplea€™s interests, activities, attitudes, and values.
Typically, marketers determine target markets by combining, or a€?clustering,a€? segmenting criteria. Marketing is a set of processes for creating, communicating, and delivering value to customers and for improving customer relationships. The philosophy of satisfying customersa€™ needs while meeting organizational profit goals is called the marketing concept and guides all of an organizationa€™s marketing activities.
To apply this approach, marketers need a marketing strategya€”a plan for doing two things: selecting a target market and then implementing strategies for creating, pricing, promoting, and distributing products that satisfy customersa€™ needs. A target market is a specific group of consumers who are particularly interested in a product, would have access to it, and are able to buy it. To identify this group, marketers first identify the overall market for the product (from the consumer market, the industrial market, or both). Then, they divide the market into market segmentsa€”groups of customers with common characteristics that influence their buying decisions. If you were developing a marketing campaign for the Volkswagen Beetle, what group of consumers would you target?
Discovering the correct target market for your product is necessary for developing a marketing strategy, especially when it comes to small businesses.
Finding your target market helps because you’ll be able to design a marketing strategy around those potential buyers.
Thinking about why you offer your product or services will greatly help you find your target market.
Fortunately, good producers can be good marketers because smart marketing begins with an idea of the cost of production.
Those who market with an understanding of their cost of production can make decisions about what is an acceptable price, what price will cover certain critical costs, and what are the risks of not taking a price when it is offered. The marketing plan described here is intended, first, to cover as many of the costs of production as possible and, second, to maximize the price received for commodities produced.
Good producers can be good marketers because smart marketing is aided by a thorough understanding of the production process.
The best source of cost information is an internal review of your own production activities and costs of production.
A good cost-of-production worksheet should contain sections detailing the operating and ownership costs incurred in production.
The marketing plan, no matter how good, may not be able to lock in prices that cover all costs of production. In the absence of your own cost estimates, you can use published costs of production, such as Missouri Farm Financial Outlook or Farm Management Newsletter, available from MU Extension . The primary objective of a marketing plan is to cover as many costs of production as possible.
Consider several marketing opportunities from cash sales to forward contracts to futures and options. The result of considering all marketing alternatives is to arrive at expected prices for all marketing alternatives.
Anytime a manager is waiting for a higher price, the possibility of getting a lower price exists. The target consists of a trigger price and quantity to sell for both an offensive and a defensive position. The quantity you decide to sell under each plandetermines how much of the expected production you will market at different times. Once the target table is completed, the markets must be watched to determine when either trigger price has been reached. Because the trade will be initiated at an unknown time in the future, it is necessary to make arrangements that facilitate quick trading. Because marketing is an emotional activity, it is important to have someone to keep you accountable to conduct trades at the predetermined triggers. Accountability can be obtained by having another person know and understand the marketing plan. Marketers need to keep track of what percentage of expected production is forward priced so that they do not oversell as they repeat the marketing plan. If you have a lot of information to show, or a concept to get across then one example may be a target segment chart. It is a bit like a pie chart, but has a number of segmented rings around it.  It could be used for something such as a go-to-market, or a sales strategy chart, or to show the way that a customer base is segmented. We have produced it in versions of 3 to 6 segments.  These have been designed so that you can change the colours, scale in size, or add pictures to the charts.


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You can browse all of our PowerPoint templates or select them by category or colour or by tag. Related: tractor market segmentation, ipad market segmentation, tourism market segmentation, market kitchen st.
After all, as a consumer and target of all sorts of advertising messages, youa€™ve been on the receiving end of marketing initiatives for most of your life. Not necessarily: most organizations have marketing departments in which individuals are actively involved in some marketing-related activitya€”product design and development, pricing, promotion, sales, and distribution. This basic philosophya€”satisfying customer needs while meeting organizational goalsa€”is called the marketing conceptmarketing conceptBasic philosophy of satisfying customer needs while meeting organizational goals., and when ita€™s effectively applied, it guides all of an organizationa€™s marketing activities. But this doesna€™t mean that you ignore the bottom line; if you want to survive and grow, you need to make some profit.
It would be nice if everybody in the marketplace was interested in your product, but if you tried to sell it to everybody, youa€™d spread your resources too thin. First, they usually identify the overall market for their producta€”the individuals or organizations that need a product and are able to buy it. A farmer, for example, might sell blueberries to individuals on the consumer market and, on the industrial market, to bakeries that will use them to make muffins and pies.
Climate is crucial for many products: try selling snow shovels in Hawaii or above-ground pools in Alaska. As exhilarating as urban life can be, for example, ita€™s a hassle to parallel park on crowded city streets. Companies selling technology-based products might segment the market according to different levels of receptiveness to technology.
If you want to avoid wasting your efforts and making poor decisions about pricing, identifying what specific audiences you should be focusing your attention on can be the key.
You’ll be able to discover who those people are, where they’re located, what they need from you, and how you can reach them. For example— if your product is baby diapers, you’re going to want to focus on who is most likely to buy your diapers (new parents, for example). The question mentioned above, who has already purchased from me?, will help you figure out your best marketing options. You’ll be able to find people who are truly interested in your brand and those customers will be more likely to know other people who need what you provide. Managers who market without an idea of their cost of production can only concentrate on enhancing the price they get for their product. Using the analogy of the car, it provides front, side and rear windows so that the decision maker can make both offensive and defensive decisions. Many farmers try to maximize price before they have implemented strategies to cover all costs. A record keeping program that tracks all of the costs of production provides a historical perspective on costs. Key target prices that compensate for critical costs are important to have in years where opportunities to cover all costs are limited. However, these sources provide only rough estimates of fixed and variable costs of production and do not have the detail necessary for personal business analysis and marketing.
The price worksheet organizes the appropriate information so that the alternatives are easily analyzed. From this perspective, a marketer needs to have both a defensive and an offensive strategy.
The trigger price is the price for each marketing alternative that will create a response from the marketer. If prices are moving up, the tendency will be to postpone pulling the trigger because a higher price surely is ahead.
Because you market only a portion at each target, the price expectations experienced at each trigger can be built into future targets.
Spouses are often in a good position to implement a marketing plan because they may not feel as attached to the production as the person producing the commodity.
Select both offensive and defensive trigger prices, along with quantities to be marketed (repeat steps 1-3 above).
Portions of the marketing plan worksheet assist producers in tracking what percentage of expected production is already forward priced. What you probably dona€™t appreciate, however, is the extent to which marketing focuses on providing value to the customer. Ita€™s easy to see how the person who decides what movies to show is involved in marketing: he or she selects the product to be sold. As specialists in identifying and satisfying customer needs, members of the marketing department managea€”plan, organize, direct, and controla€”the organizationa€™s overall marketing efforts. What youa€™re looking for is the proper balance between the commitments to customer satisfaction and company survival. You need to identify a specific group of consumers who should be particularly interested in your product, who would have access to it, and who have the means to buy it. Age, for example, will be of interest to marketers who develop products for children, retailers who cater to teenagers, colleges that recruit students, and assisted-living facilities that promote services among the elderly. Thus, Toyota engineers have developed a product especially for city dwellers (at least in Japan). Credit-card companies use this approach when they offer promotional gifts to college students in order to induce them to get their first card. The time spent figuring out your target market will be well worth it because it will help your business remain cost-effective and your marketing efforts will become more relevant to your audience. Trying to develop a marketing plan that appeals to everyone, without pinpointing a specific audience, will most likely not yield the results you’re expecting— because you’ll be spending too much time and energy on people who simply aren’t interested. Attempting to sell diapers to everyone will be waste of your time and money because not everyone needs diapers! Researching and monitoring who has been most interested in your products in the past will reveal your target market over time and then you can adjust your marketing plan accordingly. While most farmers describe themselves primarily as producers, they also have to finance and market what they produce. While marketing in this manner is the prerogative of the farmer, it is not the approach recommended in this guide.


These are coupled with estimates of input use and prices for the coming production year to develop a projected cost of production for the coming year. Cash costs are those expenses, such as seed and fertilizer, that require cash to be paid to the supplier. Basis information for your local market is necessary to analyze the futures and options marketing alternatives. Whether the current expected prices exceed or are less than the total cost of production, the decision becomes one of marketing a certain percentage of expected production now or taking a risk that a higher price can be obtained at a future date. When the expected price reaches the trigger price for either the offensive or defensive plan, a sale is initiated. Futures prices can be tracked by having continuous market information delivered to your office, using daily or weekly closing prices, or giving your broker or elevator manager authority to conduct the trade.
When prices are moving down, optimism says they will bounce back and you should wait for the rebound. The process of setting a target, pulling the trigger at key points and aiming at another target repeats until all of the production is sold.
Having to sell to meet financial obligations is not part of the marketing plan and is not usually the best time to sell. According to the American Marketing Association, marketingmarketingSet of processes for creating, communicating, and delivering value to customers and for improving customer relationships. Ita€™s even easier to see how the person who puts ads in the newspaper works in marketing: he or she is in charge of advertisinga€”making people aware of the product and getting them to buy it. Consider the case of Medtronic, a manufacturer of medical devices, such as pacemakers and defibrillators.
This group is your target markettarget marketSpecific group of customers who should be interested in your product, have access to it, and have the means to buy it., and youa€™ll aim your marketing efforts at its members.
The wedding industry, which markets goods and services to singles who will probably get married in the near future, is interested in trends in marital status. The Japanese version of the Prius, Toyotaa€™s hybrid gas-electric car, can automatically parallel park itself. For each of these products, identify at least five segmentation characteristics that youa€™d use in developing a profile of your customers. Ultimately, knowing who you want to target will allow you to focus on how you want to develop your marketing strategy. It will help your marketing efforts greatly if you avoid overwhelming people with advertising for products they don’t need or want.
Once you hone in on who has a need for your product, you’ll be able to pinpoint your target market. The marketing plan discussed here focuses on relatively simple and available strategies that can be used to increase income and reduce risk. By listing the activities, you can estimate prices to cover each activity and eventually the whole production process. The defensive position is the price at which you will sell some of your production in an attempt to lock in income you might otherwise lose. But what about the ticket seller and the person behind the counter who gets the popcorn and soda? The company boasts more than 50 percent of the market in cardiac devices and is considered the industry standard setter. Gender and ethnic background are important to TV networks in targeting different audiences. Because the Hummer can go off-road and performs well on rugged terrain, geography could also be a factor.
Explain the segmentation category into which each characteristic fallsa€”demographic, geographic, behavioral, or psychographic.
This all has to do with relevancy, which is not only about engaging potential customers who are most likely to care about and respond to what you’re offering, but designing your marketing material so it speaks to your intended audience.
Table 1, a worksheet for computing the cost of producing corn, provides a framework for estimating costs. An understanding of the nature of the costs (operating and ownership, cash and noncash) helps establish target prices. Giving authority to grain traders to initiate a trade at certain targets can also be a way of keeping to the plan. Everyone in the organization understands that defects are intolerable in products that are designed to keep people alive. Incomea€”a socioeconomic factora€”is clearly important: Hummers are expensive to buy, maintain, and run. Where ita€™s appropriate, be sure to include at least one characteristic from each category. Thus, committing employees to the goal of zero defects is vital to both Medtronica€™s customer base and its bottom line. If youa€™re selling yachts, youa€™ll want to find people with lots of money; so income is an important variable. If you prefer to sit on your couch and watch TV, you might show up on the radar screen of a TiVo provider.
As for psychographics, potential Hummer owners could be people who value prestige and the material rewards of success.
Absolutely: the purpose of every job in the theater is satisfying customer needs, and as wea€™ve seen, identifying and satisfying customer needs is what marketing is all about.
If youa€™re the publisher of Nurses magazine, you want to reach people in the nursing profession. If youa€™re compulsive or a risk taker, you might catch the attention of a gambling casino. If youa€™re thrifty and uncomfortable with debt, Citibank might want to issue you a debit card.



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