Posts published in “MARKETING PLANNING”

1st do market segmentation, 2nd come up with targeting strategies. Targeting refers to each distinctive market segment having its own specific Marketing Mix.

This article is about psychographic market segmentation. Psychographic factors include lifestyle, hobbies and interests, values and attitudes, social status, culture and personality.

This article is about behavioral market segmentation. Behavioral factors include outlet type, occasions, usage loyalty and benefits sought.

Demographic market segmentation includes age, gender, race and ethnicity, marital status, family size, occupation, income, language and religion.

Geographic market segmentation divides the market into different geographical units. Geographic factors include location, climate and population density.

There is no one correct method to segment a market into smaller pieces. The key task is to find the variable that splits the market into actionable segments.

The whole market consists customers with different preferences. Market segmentation helps to discover people with similar characteristics.

Marketing strategies evolve over time to go along with market changes, changes in customer preferences and changes inside the business organization. 

Any marketing strategy of a business organization needs to be cohesive and integrated. Having a cohesive marketing strategy is important.

Marketing managers must be able to use their business acumen to establish different marketing strategies depending on various business situations.

Is the term marketing ethics contradictory? Noted marketer Philip Kotler examines the ethical challenges in today’s marketplace.

While the author of this article is unknown to me, I have found it quite interesting when discussing ethics in marketing.

Ethical marketing norms and values for marketers according to The American Marketing Association (AMA) which promotes the highest standards of marketing.

In a crowded marketplace of ideas, it is important for non-profit social organizations to establish a well-defined niche.

The marketing objectives of non-profit organizations are not primarily sales and profit related, but to support good causes that will benefit the society.