P1: Describe customers in four different contexts: A Market: A market is a place where demand and supply operate. Buyers and sellers interact to trade their good and services. (What is a market? , n.d.) When developing a new product or service to sell to the public, it is good for a business to consider whether there is a market. If there is, it could determine if the product or service will be successful. It is likely that businesses will have competitors within the same market competing to sell their goods to customers as well. Market Share: Market share is the percentage of what the business has in the overall market. The competitors make up the rest of the market. Market share is used to measure how well they are doing compared to …show more content…
These are explained below. B2B’s and B2C’s are both communications directed to people. Whether this be towards a business or to a customer, they are trying to market their products and services to their desired target audience. Another similarity is B2B’s and B2C’S both need to build a brand. If a brand has a good reputation, customers and businesses, are more likely to purchase that brand. Examples include logos and packaging. (B2B and B2C Similarities and Differences , n.d.) These need to capture the attention of their customers because businesses have competition and therefore need to stand out. Marketing strategies may differ between B2B’s and B2C’s. B2C transactions are likely to use marketing such as advertising, direct and Internet selling to market their products and services. They may also use discounts and loyalty programs to attract prospect customers as well as retaining repeating customers. B2B’s have a different marketing strategy. As stated above, B2B’s have a longer buying process compared to B2C’s. Because of this, B2B marketers need to focus on building a relationship with its business prospects and taking into account the buyer's specific …show more content…
An example of demographic segmentation is being used in the automobile market. This is done on the basis of income from a household. Suzuki has a low-price bracket for their cars whereas BMW have a high price bracket so it targets high end buyers who are willing to spend more money. BMW have segmented a market by differentiating their products. Comparing it to Suzuki, BMW allow customers to design their car such as the seat material, colour, wheels and engine. Due to the personalisation, BMW can charge a higher price for their cars which means customers with a high level of income can purchase these cars. Geographic segmentation is when a business divides its market based on their geographical location. Examples include towns and countries. Multinational clothing companies such as ‘Next’ would use geographical segmentation to market their products to its customers. Clothes that Next would sell in the UK are not necessarily the same clothes that they sell in Asia and the Middle East. This could be due to the climate or the culture. Next have used geographic segmentation so that they are able to sell their products in more countries and can make more
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In this assignment I am going to discuss the stakeholders of two contrasting businesses. Stakeholders of Cancer Research- Owners- For a charity the owners of the business will eventually want the firm to expand and grow over a certain amount of years, this will lead to the firm becoming more recognised and they can offer their service not just nationally but internationally.
In C Unit, we offer OT to the most qualified staff and set OT expectations upfront. We utilize Peer Group Average, OT monthly workbook Tracking/cumulative (which tracks spending totals, hours and volume).Through OT, we perform workload analysis to ensure OT goal are being met. By paying close attention to OT objectives, we increase productivity and reduce backlogs. Additionally, we provide continues feedback to our staff on performance effectiveness.
Unit 12 Pass 2 When working as a support technician you will need to adhere to certain policies and procedures that the company operates on. Regardless of your particular terms of employment, it is a requirement to follow these policies, as failing to do so may cost you your position within the company. Organisational Guidelines When you join an organisation, you will be presented with a set of guidelines which explain the rules on different important aspects such as reporting faults, security and internet use.
Unit 1 In this assignment I will describe the purpose, a description, the sector they operate in and the ownership of two contrasting businesses. My two chosen businesses are ASDA (private sector business) and Oxfam (voluntary sector business). I decided to choose these two businesses because they both vary a lot from each other. ASDA ASDA is a British supermarket chain that retails food, Clothing by George, toys and others. They have also branched out a lot and now own a mobile network called ASDA mobile.
Unit 2 – P3 and D1 Intro: Throughout this assignment, I will be discussing about how to manage and maintain an operating system for e.g. removing files that may contain viruses and cleaning files that are unnecessary in the operating system. I will also be talking about the benefits and drawbacks of each software utilities and I will be explaining and defining what each of the definitions actually mean. There are four essential categories that I will be focusing on and this will be explained later on. Security
The segmentation process allows Company X to understand the changing needs of each demographic. Emerging opportunities can be easily identified in potential markets. To address retail customers within different industries accordingly Company X must develop an effective demographic segmentation strategy. The customer segments of Company X will be a diversified group. The groups are broken down into two main categories which are individuals and businesses.
The first performance change I am going to talk about is the improvement and impact of upgrading from windows XP to windows 7. There are huge improvement windows seven could compare to XP. Windows XP was released in 2001 it was designed to running on 300MHz Pentium II CPUs with a mere 128MB of RAM which is not enough for the modern computer. Windows 7 could reduce the boot times, faster files transfer, more secure and DirectX 11 support. These features will benefit the user or an organisation by allowing them using a faster and efficient system.
Answer: (a): Market segmentation is the first step in defining and selecting a target market to pursue and penetrate. Basically, market segmentation is the process of splitting up an overall market into two or more groups/classes of consumers. Each group of consumers is called as a market segment. Each group (or market segment) should be similar in terms of certain characteristics or product/ service needs. In business world, market segmentation is considered to be a most important tool in enabling marketers to better meet customer needs and requirements.
BMW Company continues to launch innovative products as part of its battle with other German automobile manufacturers such as Audi, Porsche and Mercedes Benz to be the world’s largest car manufacturer. BMW the German based organization is one of the world’s most regarded automakers, prestigious for creating luxury cars and SUVs that offer superior levels of driving pleasure. Market segmentation Market segmentation divides the market segments into four segments which is Geographic, Demographic, Psychographic and Behavioural. Market segmentation is a marketing strategy that divides the market segments into smaller segments with regular needs, attributes, or behaviour that might require separate marketing strategies or mixes. This is because buyers differ in their wants, resources, location, buying attitudes, interest and so on.
According to the ‘’Four types of market segmentation’’, which are presented by the British Library, when companies want to sell their products to their B2C customers, they always follow the behavioral, psychographic and profile segmentation. As for the behavioral segmentation, companies are really interested in understanding the factors and motives why people purchase products. For instance, one of the most common forms of behavioral segmentation is when consumers buy on different occasions (Christmas, Easter, birthdays, etc.). Moreover, as stated in the article, the «Psychographic market segmentation is another form of demographic breakdown that enables businesses to understand a potential customer’s habits, hobbies, spending habits and core values». Last but not least, companies always segment their customers according to their profile (location, sex, age, religion, etc.).
Market are segmented in order to make it easier for businesses to target these segments according to the features and habits they exhibit. These segments must be definable, specific, profitable, and is has room to grow. The following outlines the segmentation for the market of Mercedes Benz broken down into demographic, behavioral and psychographic segmentation. Demographic Segmentation: Markets can be segmented by geography where the business would market its offering towards individuals living in a certain area.
According to TrackMaven, market segmentation is the process of dividing the market of potential customers into groups, or segments, based on different features. The created segment consists of consumers who will respond to the same marketing strategy and who share the nature of the same interests, needs, or locations. McDonald uses demographic segmentation as their main types of market segmentation. According to Sakshi Natani (2016), McDonald in Malaysia used mainly demographic segmentation, which divided in age, income, family-life cycle and social class.
It’s unreasonable to think that every company that has a marketing department will gain fantastic benefits and return. There are many prerequisites for the success of a marketing strategy and it often requires intensive resource investment and development of specific competences inside the organization. Furthermore, companies needs to carefully examine a set of different external and internal factors, find a reliable way to understand its current and potential customers needs and desires and be persistent in following their long-term strategic
• Geographic Segmentation Geographic segmentation is differentiation of markets by region of the country, city, country size, market density and climate. The company can use this segmentation to create a more accurate profile. Dutch Lady had made the geographic segmentation in the Urban and Suburban in Malaysia. People live in the city have more income than the people live in the countryside.
Task One Audit 1.1 Gflock’s three largest customer groups and their relative importance to the organization “Segmentation is the process of grouping customers in markets with some heterogeneity into smaller, more similar or homogeneous segment to target with a distinct Marketing Mix”. (Smith, 1956). The table below demonstrates the company’s five main customer groups out of which the Misses, Ladies and Mistresses were chosen as the key customer groups respectively according to the percentage of the market and their monthly income. (Table 1.1) Teens Misses Ladies Mistresses Madams Demographic Age 14-17 years 18-21 years 22-28 years