Marketing Segementation

One of the critical aspects of marketing management is identifying the target market and creating market segments with common specific wants and preferences where a business bases its marketing strategies and orientations.A group of individuals or organizations having similar characteristics causing them to also take on a similar product or service need is called a market segment. This term applies to consumers who are classified into groups according to the use of a similar product or servic.
Why a Business Needs Market Segmentation
When the market is treated as a homogeneous group of individuals where the same marketing mix is offered to customers market-wide, it is called mass marketing. It employs mass production, distribution, and product dissemination.
However, since every individual has personal preferences, it is quite impossible to satisfy all customers by giving them equal treatment and offering the same products and services. A business has to be sensitive to the needs of the customers. If not, a competitor might take advantage and address the need of your customers that was not fulfilled.
On the contrary, when a company understands and recognizes the differences of the customers’ needs and does not offer the same product or service to everyone, this is called target marketing. So, the diverse market is then classified based on various factors and considerations.
The process of dividing the market into classified groups is called market segmentation. A company is able to better satisfy the needs of its customers when they are properly segmented depending on the need and commonalities of the customers.
Criteria for Segmenting a Market
A true market segment meets the criteria that are required of a company. Effective market segmentation is a product of proper categorization of different customers. Accessibility is one of the criteria which means that the target market should be closely available to the company. This includes the ease of communication and distribution channels.
Another factor that should be considered is that a market segment should be identifiable. This means that the different characteristics and similarities of the segments are determined so that one market segment can be distinguished from another.
A market segment must also be substantial. A high volume or production must satisfy market segments that are sufficiently large enough in order to properly distribute the product to them. The availability of the products must considerably compensate a large market segment for an increased profitability.
Apart from substantiality, durability must be considered in a market segment. Since people have changing preferences, it is better to cater to a market segment that does not alter too quickly in their tastes. The segments must keep a sense of stability in order to minimize frequent changes.
Lastly, market segments must be evaluated on their unique needs. They must have differences in their responses to the marketing mixes in order to justify the various products that are offered. To illustrate, let us use bath soaps as an example. Some people prefer those with whitening components while others would go for the moisturizing effect. Even others have unique needs on the kind of soap they use.
Bases for Consumer Market Segmentation
A large, diverse market is classified into different factors but these factors are consistent in a particular segment. For a consumer market, there are four main categories in segmenting the market. One of which is geographic segmentation where regional variables are considered.
Examples of these variables are region, population size, population density, and climate. Some companies take advantage of selling suntan lotions in tropical regions such as Hawaii while other businesses promote fur coats in colder places like Alaska.
Demographic segmentation relies on variables like age, gender, ethnicity, religion, education, occupation, income, social status and family status and size. The customers are grouped basing on the particular need and tastes.
Psychographic segmentation classifies customers based primarily on lifestyle. So, the variables for this kind of segmentation are social activities and interests, opinions, values, and attitudes.
Lastly, behavioral segmentation groups customers according to their behavior on a certain product or service. The factors considered are the customer’s readiness to buy, sensitivity to price, brand loyalty, usage rate, benefits required, and sometimes when occasions take place. More often than not, behavioral segmentation serves as a good initial basis for segmenting the market.

Marketing Management Introduction

Marketing management is a broad scope of the study of marketing focusing on the practical application of the techniques and marketing activities of a certain company or business. This business discipline encompasses marketing planning and strategy, orientations, and processes needed in attaining company goals by providing value to clients. Since it has a wide coverage involving all factors required to satisfy customers, marketing management must be all-pervasive and part of every employee’s scope of work, from the subordinates to those in the higher management.
Marketing Research and Analysis
A business firm must be able to conduct a marketing research and create an analysis of the market as these processes help in the understanding of business goals and the way the market operates. Structurally, marketing analysis is conducted with focus on the customers or potential market, the organization or the company, and the competitor.
In customer analysis, a very important aspect is developing market segmentation where various customers are categorized into different classifications. Marketing managers must be able to profile each market segment and classify them according to variables such as demographics, behavior, needs, and other factors to be considered in grouping customers. When the customers and potential market are properly segmented, it is easy to fulfill and satisfy their needs based on the factors considered for each classification.
The second aspect is to make an internal marketing analysis within an organizational structure. A business or company should be able to understand its core competencies and its capacity to compete with other businesses. This means putting into great consideration company resources and manpower, cost position in comparison to other organizations, and profitability of the company. Company analysis is figuring out how the business can thrive in a competitive market and the industry it functions.
Apart from developing detailed profiles on different market segments, competitors should also be studied in terms of strengths and weaknesses. A business that knows the moves and understands the trend of its competitor is able to get into the main competition and is not left behind. So, marketing managers must know how to analyze other businesses in the industry they operate in, considering factors such as source of profit, resources, cost structure, and product comparison among others.
In marketing management, research is very crucial in the process of creating market analysis. With marketing research, a company is able to gather the data necessary for accurate market analysis. There are two primary methods in conducting a marketing research. The first technique is called qualitative marketing research and an example for this is focused-group study. The other one is called quantitative marketing research which may be conducted through statistical surveys.
Marketing Strategy
In the field of marketing, once a business is finally able to adequately profile its customers and competitors, along with its competitiveness in a particular industry, marketing managers can design marketing strategies that are important in capitalizing on company profits and resources. Important strategic decisions in marketing are grounded on specific objectives such as that of maximizing revenue, market share, and level of profitability.
In attaining the marketing objectives, a company must determine the specific market segments targeted for the particular business. With a specific selection of target customer segments, company resources are maximized instead of being put to waste and revenue increases subsequently. Additionally, companies are also able brand their business with a key benefit that distinguishes the company from the rest of its competitors.
Organizational Management
A company that aims to excel in business must allocate time in developing and maintaining good marketing orientation. A business with market orientation puts utmost importance and focus to the customers. Marketing managers perform this in a structural process with the help of different departments within the organization. The marketing department can work hand in hand and coordinate with research and development team, engineering, operations, manufacturing, sales, and other departmental areas to materialize marketing schemes. Simply put, intra-departmental efforts and interaction help the entire company push its marketing plans.

Understanding customer needs

The essence of a business is all about their customers. A company exists because it aims to gain profit and the only source of such profit are the customers. All the sales activities, production, and marketing plans have a common objective and that is to attract customers to purchase their products or services in order to bring in money to the company.Surprisingly, not all companies know and understand their customers fully well. Some companies fail to take time to get to know their customers and relate to them.
The old adage that the customers are the lifeline of the business is indeed true. They define the business and the company highly depends upon their needs for most of the sales and marketing activities. The secret to a solid and successful business is to place your customers in the heart of the business and make them feel that they are the most important ingredient of your company. An effective way to do this is to find out what they want and understand their needs.
Customer Relations
The ability to reach out and relate to customers being the most important element in the business is the concept of customer relations. In this approach, the fundamental and powerful tool to use is communication. The goals of customer relations are to make the customer feel valued, identify possible issues and problems, and to find out emerging needs that may serve useful in future product developments.
When dealing with customers, you need to initiate the talk and encourage interaction. Ask them questions to learn if they are satisfied with the product or if there are any problems that they experience. They might also offer suggestions to make the business better.
Customers who complain about the product or service only mean that they are concerned about the way you conduct your business and they want you to correct it. Always take this as a challenge for your company to grow and improve.
Customer remarks should be heeded and paid attention to. Bringing up negative concerns is an indication that there are aspects about the way you deal with them that did not tailor to their needs. Follow things up with your customers regularly.
Customer Research
Understanding the needs of your customers will help a company define and create new market opportunities that greatly contributes to revenue growth in the organization. With the rapidly changing economy and dynamic technology, customers also observe a rapid change in personal tastes and preferences.
Customer predictability is not as conventional as it used to be. So, a company must conduct regular market research to be fully updated with the latest trends. With research, your business will be able to generate new and broader marketing strategies needed in the various marketing programs. New product creations can even be designed as an answer to changing customer needs.
Basically, the two types of customer research are qualitative and quantitative. Qualitative research is conducted through in-depth individual or group discussion with customers. Quantitative research is based on the use of standard questions or survey questionnaires where results are generated right away and easily studied or analyzed. Customer research is not just aimed at existing customers but also embraces potential target markets.
Doing Business with Custome
Customers who find it easy to do business with your company will come to understand that your business knows what your customers need and expect from you as their product and service provider. As a reliable service provider, your company and staff should be knowledgeable about your products and services offered. Customers expect to interact with business people who know what they are doing and the product or service they are promoting. Make sure your company representatives are well-equipped with the required product knowledge so they can quickly respond to customer inquiries.
Customers appreciate a company that offers them options and alternatives, especially when the company representatives make them feel like they would like their customers to have the best interests. This technique makes customers feel important and that they are provided special treatment.

Developing customer Relationship

Since customers are the ‘meat of the business,’ companies should put value in building good customer relationships. Once you are able to establish connections, you keep loyal customers who continue doing business with you and bring more people into the business.Good customer relationships drive the business to success. Just make people believe in your ability to satisfy their needs and fulfill their expectations as well as in your products and services. In the process of finding people who would believe in you, consider making a relationship with them and your company will not have to spend huge amounts of money just to attract more customers.
Relationships are developed over time and are not built overnight. It is not a one-time experience with your customers. That is why effective marketing plans include strategic activities that entail building good customer relationship apart from developing the product or adding a new product line to the market. In what ways can your business develop strong connections? Below are some helpful techniques for companies in building customer relationships.
Build Your Networks
Every business probably has a desire to grow and expand its operations. One way to achieve it is to build the network of customers. The company should not just focus on promotional activities and advertising programs but must take efforts to expand the network. A company’s network may consist of business associates, acquaintances, existing and potential customers, business partners or clients, suppliers, and contractors. Even family members and friends are part of that large network of the business.
The market is so huge a company is not able to reach out to everyone who can benefit from their product or service. There are a lot of prospective customers out there waiting whose needs your business can address. This is possible through the process of networking.
Expand your connections by conducting business seminars, attending company events and responding to business invitations, and getting exposed to the programs of the society. Since networking is a long-term investment, make sure to place value in a relationship once it is formed.
Keep in Touch with Customers Regularly
When we build good relationships with people, permanence is never a guarantee. Customers may come and go for some reasons, even with the most loyal of your customers. That is why once you have built a relationship with them, do not end from there. The process is continuous; a business has to constantly communicate with their customers. Communication should be done early and regularly.
After attending networking events and meeting new acquaintances, make it a point to initiate the next encounter and always make a follow-up. For existing customers, provide them with the latest updates of new products and any of your marketing programs. It is also a way of educating them with the latest market trends and keeping them up-to-date with industry technology.
Reward Loyal Customers
The first paragraph of this article mentions keeping loyal customers and in turn, they bring more people in the business which in fact, is a reality. A company should never disregard the value and potential of loyal customers. These people contribute a lot in your network expansion.
If you reward your loyal, repeat customers, they will pay you back by bringing in more customers to your business from their network of connections. If you think about it, the process becomes effortless marketing on your part. Your loyal customers become your best salespeople and marketing agents. Monetary rewards are old school but some companies still practice it. These may come in the form of credits, rebates, discounts, and other similar privileges. Recognizing their loyalty by acknowledging them during company events and occasions is also a way of rewarding them. A company that is able to sustain devoted and dedicated customers in the business has already developed a solid reputation in the industry it is in. Then again, the secret is to always constantly communicate with them and keep new ones coming.
Develop relationships with people who do not just use your product but are interested about what you can do for them. Keep the connection alive and always regard them with value, and they will be more than excited to tell others about their positive experiences and would want these people to also experience what they just did. It is but a domino effect.

Creating Effective Advertisement campaign

Marketing can be one of the most critical and tedious aspects of the business. A company spends money on marketing activities in order to gain public recognition as a way of increasing profitThe ground work of promoting and advertising your products and services is no easy task. A company should not just recklessly spend on advertising without studying their market and the industry.
In fact, a good research should be conducted in order to determine how to properly address customers’ needs. Advertising work is a lot of work. And a business must learn techniques to develop effective advertising campaigns.
Elements of a Successful Advertisement Campaign
The purpose of advertising is to promote the products and services to the buying public or the consumers and educate the potential market about the existence of your business commensurate to their specific needs.
Your advertisement should be addressed to the typical customers. The captions should be targeted to a typical buyer. The thought should answer more of their needs and not what you as the product or service provider wants for them.
Create a sense of urgency in your product advertisement for your consumers. Upon seeing your advertising campaign, there must be a feeling of urgent need to take advantage of the product or service right away. So, avoid telling them to buy tomorrow; they must buy it today. A powerful advertising is one that magnets their customers and prospects immediately after checking out the advertisement campaign.
Customers get more convinced if you present the list of product values and benefits on your advertisement. The essence of advertising lies on how well you highlight the advantages the customers can get from your service. No matter how attractive your ad is, if the competitive advantages are not known to the buying public, they will simply end up appreciating how artistically done the advertisement was.
A leading technique is helpful for a successful ad campaign. This means you will help the customers narrow down their options and minimize uncertain decisions of buying the product or not by emphasizing in your ads what the customers can do. They must be educated on what to do after reading your ad campaign. Do not leave them hanging as to where to get your product and how to contact you. Never assume that they will email, call, or visit your store once they see your advertisement.
Cost-Effective Advertising Campaign
There are various types of marketing or advertising campaigns a company can choose from. Usually small businesses refrain from taking the risk in advertising because it might not work and can be a waste of money. If marketing budget is to be considered, online advertisement is a good option. The period of time it reaches the buying public is pretty fast and output is generated quickly what with the many online users who spend more time on the internet these days.
Some print ad campaigns such as brochures, flyers, and pamphlets are effective, too, even if these are obsolete forms of advertising. Do not underestimate the power of these small marketing campaigns. They can still be as powerful as the huge forms of advertisements.
Tips to Effective Advertising Campaign
How can your business effectively reach a large audience or attract a wide range of customers through your advertising campaigns? An effective advertising can bring about success in the business if done correctly. The following are some tips a business can use in their product promotion.
If you are targeting a niche market, your ad must be created for that specific market alone. If you do not intend to promote your product or service to the general audience, refrain from creating generic ads that do not benefit a large market.
Advertise your campaign in proper, strategic places. You can learn where and how they can best be reached through market research. Monitor which ad campaign best attracts more customers. If radio does not seem as effective as television ad, then do not waste money on that particular campaign.Make sure that your business does not spend too much on advertising alone. Some wise businesses advertise according to seasonal advertising needs in order for the campaign to be effective. During off-peak seasons and down times, it is best not to push too much on advertising campaigns.

E-commerce Marketing

Most ecommerce retailers continue to rely on email spam and online pay per click advertising as the primary mechanisms to generate site traffic even though the cost continues to rise and the effectiveness is declining. A recent Forrester survey shows that in 2003, 31% of consumers deleted email advertising without reading it. In 2006 that number had reached 72%.
A more cost-effective and consumer-valued approach has been proven in other industries and retailers that adopt it first will achieve a competitive advantage. The approach is quite simple: Search + Blogs = Traffic
Search
Most people start with a search when looking for a product
Natural search findings achieve 75%+ of the resulting clicks
Blogs
The best way to be on the first or second search results page is to provide fresh content that is optimized to be found by the chosen search terms
Blogs provide an easy mechanism to publish content to your site and can be setup to create a SEO page for each blog post
Traffic
Cost-effective traffic enhancer (no CPC or email fees)
Greater customer engagement with your brand
Sizable increases possible in a matter of weeks

Offline Marketing Strategy

All the talk these days seems to focus around ways to promote your Internet business. Most of them center around online methods such as Ezine advertising and banner ads. But there are some excellent, offline methods you can use to promote your business, too.
And they're FREE!
Radio Talk Shows
There is practically an unlimited number of radio stations that bring experts in various fields into their studios. I'm sure you have heard some of these shows on your local radio stations.
The guest expert answers calls from listeners who phone into the radio station. You can be that expert!
During the show, you have ample opportunities to announce your Web address so listeners can visit your site.
You don't pay anything to be a guest. It's a win-win situation.
The radio station needs qualified guests to fill its airtime and you need the exposure. Everyone benefits.
Local Television Segments
Pay particular attention to the content offered on your local television stations. Do you notice shows, or segments of shows, where guests speak about various topics? If so, contact that station and offer to be a guest on their segment.
Chamber of Commerce Guest Speaker
Almost every city in the United States has a Chamber of Commerce. Although I don't have first-hand knowledge of such in other countries, I'll bet most have a similar organization.
Chambers of Commerce look for guest speakers. Most of them host weekly or monthly breakfasts or lunches to allow the business people who are members to network with one another.
During this time, they book guest speakers to offer a presentation to the Chamber members.
You have a captive audience that you can speak to, network with and direct to your
Local Business Magazines
Many towns have locally published business-oriented magazines. These deal with local interests as well as more broad topics relative to all businesses.
Contact your local magazine and offer to write a monthly or weekly guest column for them. Your credits will be provided with your article including your domain name.
Newspapers
The same idea used above for local magazines can be used to approach your local newspaper.
While papers do have staff writers, they are also looking for experts who can provide excellent insight into specific areas. You might consider contacting the Business Editor to get more information. Of course, include your Web address with your bio.
Association Newsletters
Most local chapters of associations offer printed newsletters that are mailed to their membership. Open your telephone book and look through the listings to find associations that fit with your target audience.
Approach these publications about contributing an article on a regular basis, provided your credits (with domain name) are included.
Create A Promotion
If your business has a product or service that can benefit the listeners or viewers of a TV or radio station, create an idea for a promotion and bring it to the Promotion Director's attention.
You might tie it in with a holiday or event. Perhaps during National Small Business Week, you can offer to give away products or services in a drawing.
The exposure you receive will far outweigh the cost of your freebie.
These are just a few ways you can promote your online business offline for free. If you look around your community, you're sure to find many others. Keep your eyes open and watch for other outlets that can bring promotional opportunities to your company and more visitors to your Web site.
Karon is Owner and President of KT & Associates who offers targeted copywriting, copy editing & ezine article services. Subscribe to KT & Associates' Ezine "Business Essentials" or visit her site at www.ktamarketing.com

Online Marketing strategies

Marketing strategies and tactics are very important to any business any field. In this series of articles we will take a close look on the different marketing strategies and tactics, how to use them and how to choose between them.
But first we need to talk about the difference between marketing strategies and marketing tactics. strategies are long term plans, over all campaigns to achieve a certain strategic goal. Tactics on the other hand are all about the short term, they are tools you use to achieve short term goals. They are part of your overall marketing strategy.
Having a strategy and using tactics is essential. More essential however is having the right ones. Not every plan is a strategy, and not every strategy is right for you. But when you do have the right one, it will help you immensely in your marketing. It will help you make your mind faster, because every marketing decision you choose will be chosen based on one question: will this help my overall strategy?
Tactics are also important. Good tactics can save a poor strategy, at least for a while, but bad tactics will ruin even the best laid marketing strategies. You should look at your marketing tactics as the steps you need to take to accomplish your marketing strategy.
Another important point is that you shouldn't use the marketing strategies and tactics used by your competitors because it is yielding good results for them. What works for them may not work for you. The strategies you adopt should stem from your needs and goals.
In the next articles we will look at the different marketing strategies you can use, then we will talk about marketing tactics and finally we will advise you on how to choose the best strategies and tactics for your business. Stay tuned and for updates
Marketing strategy consulting
Marketing Strategy Consulting:
Vision &
As one of our marketing strategy consulting services, Copernicus helps companies develop a marketing vision and mission.A marketing vision is a statement so big, so bold, that expressing it, never mind executing it, has a transformational effect. Companies become what they want to be. While inspirational, the marketing mission is more operationally oriented and focused—it's a blueprint for directing management and employees in their everyday work towards the achievement of the vision.The vision and mission become the rallying cry for not just the marketing department, but for anyone with a vested interest in the performance of the company
Marketing Strategy Consulting:
Market SegmentationThere are many ways to segment any market and hundreds of variables that might form the basis for a segmentation. This marketing strategy consulting service applies technologies that cut through a constellation of possibilities to choose the approach that yields the most profitable solution. Our pioneering, proprietary method of market segmentation suggests the best way to segment the market and rank orders alternative market targets using return-on-investment criteria.Take a look at our five-step approach to market segmentation.
Marketing Strategy Consulting:
Positioning align
Helping companies develop a compelling positioning—the succinct, lasting message you want to fix in people's heads about your product or service—is a key benefit of our marketing strategy consulting services. Most brands do not have a clear positioning. Copernicus can identify the strongest positioning opportunity by uncovering what is really important to your targets, not what they say is most important.See an illustration of several steps in evaluating product/service attributes and benefits for finding an optimal positioning.Marketing Strategy Consulting: New Product/Service Development &
Pricing Everyday, marketers face critical decisions about the features, benefits, and pricing of new and established products and services. This marketing strategy consulting service employs Copernican Concept Engineering™ to test one hundred thousand (or more) alternative product/service configurations to determine which are the most profitable.We can give you a hypothetical example of how a Copernicus concept engineering study works
Marketing Strategy Consulting:
Advertising StrategyOur marketing strategy consulting services includes advertising pre- and post-testing. This proprietary marketing strategy consulting service captures multiple indicators of advertising performance in a single measure of campaign effectiveness, also known as advertising
Marketing Strategy Consulting:
Media Optimization
As part of our marketing strategy consulting service, Copernicus offers a powerful, proprietary approach to media selection: The Copernican Media Optimizer™. Our media optimization model creates a financially optimal media plan to reach target audiences most effectively and efficiently.Take a look at sample media planning outputs from our Copernican Media Optimizer model
Marketing Strategy Consulting: Customer Service Development
This marketing strategy consulting service creates "highly profitable" customer service programs, designed to balance service requirements and costs in order to retain high-value customers at an attractive price
Marketing Strategy Consulting: Sales &
Channel
marketing strategy consulting service uses information about the target market's purchase process, usage of different channels (i.e., the web for research, phone for purchase, store for repair/customer support), and needs/problems/pains to formulate an optimal sales and channel strategy.

Internet Marketing

Internet marketing can attract more people to your website, increase customers for your business, and enhance branding of your company and products. If you are just beginning your online marketing strategy the top 10 list below will get you started on a plan that has worked for many.

1. Start with a web promotion plan and an effective web design and development strategy.
2. Get ranked at the top in major search engines, and practice good Search Optimization Techniques.
3. Learn to use Email Marketing Effectively.
4. Dominate your marketing niche with affiliate, reseller, and associate programs.
5. Request an analysis from an Internet marketing coach or Internet marketing consultant.
6. Build a responsive opt-in email list.
7. Publish articles or get listed in news stories.
8. Write and publish online press releases.
9. Facilitate and run contests and giveaways via your web site.
10. Blog and interact with your visitors.

By following the above tips you'll be on your way to creating a concrete internet marketing strategy that could boost your business substantially.

Marketing Research

A successful business organization takes competition seriously by being aggressive in their marketing campaigns. But a careful company studies the market trend first and understands the movement in the business world before investing on marketing programs which can be costly and risky.
One of the ways in studying the market is through a marketing research. This process has to be given high consideration since the outputs and results will help the company figure out the suitable marketing campaigns for the targeted customers.
Marketing Research Explained
Market research, also referred to as marketing research, is a vital aspect in the concept of marketing management. It refers to the gathering or collection of data that will serve to be useful to a company or business. The data gathered may be about customer profiles or the industry competitors. Market research is commonly confused with marketing research. The former focuses on the markets while marketing research pertains to the marketing processes. But in the long run, both terms have been widely and generally accepted with a common perception.
Marketing research is performed by the availability of both primary and secondary data. Primary research is conducted by the company itself so data is collected by the company. An example for this is a survey. On the other hand, secondary research utilizes data that is already gathered and collected like that of the book of statistics. This method of data gathering is less costly but the primary research is more advantageous as it caters directly to the needs of the company.
There are two major methods in data collection
qualitative and quantitative research. Qualitative research is targeted at determining the reasons people buy a product or use the service and it is also geared at assessing product value. It elicits more of people’s ideas about a product or service. Focus groups or group discussions are primary means of conducting qualitative research. Quantitative research aims more at collecting numerical data and a very common way of doing this is through surveys.
Characteristics of Marketing Research
Every company that conducts marketing research must know the features of a good marketing research. First, it should have a systematic approach. Any research or study done randomly will not yield productive results. A methodological process must be observed when performing procedures. Apart from that, advance planning and proper documentation are important.
Next, a marketing research must be objective and ideal. The results generated must be accurate as much as possible and the process of doing the research must be impartial. A research output must be conducted on neutral grounds and free from any bias and personal considerations. This also stresses the importance of ethics in marketing.
Thirdly, marketing research, as the term alone implies, entails identification, data collection, data analysis, and distribution or awareness. Every phase is equally important as the other during the entire marketing process. When a business is able to identify a market opportunity or probably a marketing concern, information is needed to study it and conduct thorough investigation. Once findings are inferred, these should be presented to the marketing management for further action.
Importance of Marketing Research
For anything that is not known and is yet to be understood, research is an effective means of finding things out through the information gathered. In marketing, research is a very crucial component in marketing management decisions.
For example, when the company finds out that the target market segments have new or additional preference after conducting marketing research, this realization paves way for creation of new product lines. This way, the management decision on marketing plans is more effective and less risky.
Marketing research is in fact the basis of all marketing activities and functions. All important marketing decisions are grounded on good and reliable research in order to achieve and maintain a competitive position in the industry. Because relevant and accurate information are presented about the customers and other variables from a research, uncertainties and improbabilities are removed in inferring marketing decisions.
From a good and accurate marketing research, the management can move on to designing an effective marketing plan for the business. Research must be ongoing in order to update the business with changes and modifications in the market trend and customer preferences, including changes in competitor’s marketing activities.

Marketing Analytics

Marketing analytics is the science or study of analyzing the customer data covering marketing research, marketing strategy, and marketing plans. The objective of a marketing analysis is to identify the general interest of the buying public and understand the growing changes and possible threats of the company as they relate to the strong and weak points of the business in the industry.
The Need for Market Analysis
In the study of evaluating and investigating the market and how the market moves, a market analysis must be conducted by the company. The analysis helps an organization make planning decisions especially in the inventory, purchasing decisions, work force, promotional programs, branch expansion, and other aspects of the business.
Performing a marketing analysis is the initial step in identifying if the company should entertain new product ideas or if there is a specific market segment for a product. Whether your business is just starting out or introducing a new product, analyzing the market is an essential aspect in the preparation of marketing plans. If you understand the needs of your market and how they want to be catered, your company is bound to create effective strategies for marketing.
Basically, the essence of conducting a marketing analysis is to aid a company in getting ready to enter a new market, launch or promote a new product or service, and help get a business started. So the reasons for making an actual assessment of the market is to find out if there is a particular market that can take advantage of the products or services, to create the need of making a marketing plan, and to make sure that there is adequate market information that will contribute to sales and profit generation.
Dimensions of Market Analysis
The science of marketing analysis is classified into various elements: market size, market growth rate, market profitability, industry cost structure, distribution channels, market trends, and key success factors.
In assessing the market size, both the present or current sales and future or potential sales are to be considered. In identifying the market size, the company can derive data from sources like government, trade associations, customer surveys, and financial data from the industry’s key players.
Evaluating market growth rate may be conducted by basing it on demographic information and growth of sales in similar products. As for market profitability, certain factors are useful for the analysis and these are the consumer’s buying power, supplier power, threat of replacement products, competition among businesses, and hindrances in penetrating the market.
The market trend must be closely analyzed since the business world is dynamic. A company must be able to adjust to the changes going on in the market. Other factors needed in the market analysis that contribute to the success of business goals could be technological advancements, being able to take on the economies of scale, and availability of unique resources.
Complete Market Analysis Process
A marketing analysis is properly conducted when marketers follow a certain process. Just as in every study, marketing analysis starts out by defining the problem or issues that need to be scrutinized. Once these problems are determined, an analysis of the situation is the next step especially when the marketers are not familiar with the said situation. This can be done through informal gathering of information such as casual talks with people who are aware of the problem who, in turn, communicate with customers for data gathering.
Next, a formal and primary marketing research is conducted in order to gather primary data. Qualitative or quantitative form of research may be used. After a thorough research, the collected data is prepared for analysis and interpretation. Once research results are generated, the findings are used to determine the marketing strategies that will serve to be useful. Managers play important roles in this part because their decisions are highly considered.
The last step in the marketing analysis process is the creation of a marketing plan that is suitable to the customer’s needs as well as to a specific product or service. In the marketing plan, advertising and marketing campaigns are the primary points of discussion. Marketers talk about ways of marketing or promoting the product or service to the market.

Email Marketing Tactics

Marketing and advertising can be costly on the business, some companies resort to cost-effective marketing campaigns and activities. One of which is the email marketing campaign. If you wish to gain public awareness for your business online, this form of advertisement is one of the best ways to utilize. Each day, more and more email users resort to this medium of communication because it is so convenient to use, and so more businesses utilize email marketing as one of the primary advertising campaigns. Email marketing is budget-friendly, convenient, and guaranteed effective in giving public awareness.
Permission-Based Email Marketing
Marketers must know the proper email etiquette when embarking in email advertisement as a marketing campaign. An effective email marketing strategy is to seek permission from the readers before sending them promotional email messages. A company may use opt-in, double opt-in or confirmed-in email marketing. Permission-based emails provide a good return on a company’s ROI or Return of Investment. Comparing it to unsolicited emails which are usually sent in bulk, permission-based emails generate a good number of response rates from recipients.
Another form of email marketing that employs personalization and segmentation is the clickstream-based email. It is based on a reader’s clickstream data wherein a highly personalized email message is delivered to a customer who is searching for that product or service offer. Recipients can filter clickstream-based emails and can have the option to opt-out based on their usage of the website. This form of email marketing is more advantageous since it is based on the current activity of the user instead of previous purchases. Clickstream-based email may be quite costly but it yields higher conversion rates and click-through rates.
Email Marketing Campaign Strategies
A well-planned email marketing campaign is needed in order to gain more customers. People are pretty cautious opening unidentified emails and junk mails. Your business must know the difference between spam and appropriate email marketing. Spam is unethical approach in promoting your business since you are sending messages to people who do not even solicit that. Email has filter feature that blocks any spam mail to get into the inbox. Instead of sending unsolicited emails to your customers, use opt-in email for your business since it is permission-based and generates high response rates.
The content of your email advertisement is very essential. Email messages have to be effective if they are to promote your business to prospective customers. The email subject or headline is as important as the content. The headline must be catchy and it must arouse a reader’s interest in order for the email to be opened and read. When addressing recipients, deliver the email only to the intended prospects and send the message individually instead of doing it collectively.
An option to unsubscribe from the list must be available in your email campaign. Some readers might suspect your email message as spam if you keep on sending information they cannot really take advantage of and cannot even remove
Factors of Effective Email Marketing
The nice thing about email marketing is that it can be a customized form of communication with your customers. For this online advertising campaign to be effective and successful, there are several factors to be considered. Relevance of the email content to the specific number of recipients is very important to avoid the email getting unnoticed. Subscriptions also make a good technique to capture your recipients other than providing product awareness. An example of this is the inclusion of sign-up forms in your email. Automation in your emails guarantee follow-up from previous customer contact, resulting to increased marketing efforts and increases effectiveness from sales.
Since a lot of customers prefer to receive product information and updates through email, it is practical to integrate other means of marketing channels in order to receive more responses in the offer. Market segmentation is also helpful in your email campaign in order to target the right audience with the right message.
Testing your email campaigns saves your business from any glitches and possible failure. In the creation of email content, include graphics and links leading to video commercials, complimentary downloads, and other online means of advertisement.Email response rates can be monitored. So, in your email marketing program, reporting and analysis are important factors to be considered to check the effectiveness of such campaign.

E-Marketing

Is your business maximising the potential of the Internet? Online Marketing leads the way, and the marketing dollars don't lie! The internet, as a marketing medium, now ranks ahead of TV, Radio and Print as the preferred marketing method for businesses, brands and organisations. Online Marketing has proven to be a targeted approach to reaching both new and existing customers. As the competition takes advantage of a burgeoning market, isn't it time you did the same? Exa can help take your business to the next level. Boasting a staff of more than 150 Online Marketing experts, a portfolio of over 1000 satisfied clients and state-of-the-art proprietary technology, Exa has the experience, credibility and marketing nous to satisfy all your requirements. By investing hundreds of thousands of dollars in R&D each year, Exa maintains its status as an Online Marketing company ahead of the game. Exa's Online Marketing services offer a range of benefits for your business including
blockquote Being found first in search results
Gaining an advantage over your competitors
Attaining the highest rate of traffic to your website
Taking your position as your industry's leader
Attracting more quality sales leads
Increasing business revenuEnhancing business profitability
Improving business sustainability
How Exa Bridges the Gap between Business and Consumer
Exa offers a range of digital services and can design a customised solution to suit any business.
Website Design
Web Development
Search Engine Optimisation
Google AdWords
Online Video
Web Copywriting
Email Marketing
eCommerce
Social Network Marketing
Web 2.0
Mobile Media Applications

e-Marketing/online Marketing

Businesses invest in marketing and product advertisements to gain public awareness and increase the target market. Traditionally, marketing and promotional activities utilize offline marketing such as the print media, television, and radio. But marketers have gone beyond the conventional in their strategies.Businesses invest in marketing and product advertisements to gain public awareness and increase the target market. Traditionally, marketing and promotional activities utilize offline marketing such as the print media, television, and radio. But marketers have gone beyond the conventional in their strategies.
The advent of internet technology has paved the way for a more dynamic and extensive marketing approach. Almost every business engages in online marketing which elicits more interaction from the customers and even prospects, globally.
Developing Brand Name Recognition in the Website
A company that ventures into online marketing must maintain a website as their powerful marketing tool. Even without incorporating other online marketing techniques in the website, a company can create brand name recognition for customers to easily identify and recall the products and services.
The company logo is one of the ways to make customers remember brand names easily. Make the logo attractive on your website so that the first time the users see it online, they can tell it is your company because they associate it with the business.
Your website must be intellectually and aesthetically designed and user friendly. Use graphics and layouts that are not too overly designed. Articles must be easily understandable to address general readership, unless you are eyeing on a selected market segment. If you wish to attract readers, create a caption for your company, one that is striking to the interest of the customers.
Essential Online Marketing Techniques
Search Engine Optimization is one of the contributing factors to the essence of online marketing. Internet is mostly driven by a lot of search engines. When we want to find out something through the internet, we make use of these search engines to generate search results for us.
Make sure your company website is on top of the list in the results so that users will have the chance to check out your link. According to studies, websites or links that are higher up on the list in the search results are more likely to be clicked and noticed by the users. For a company website to be clicked most often, a strategy for this is to increase the number of keywords in the website.
Another technique that companies can use for their website is the use of pay-per-click advertisements. This strategy attracts online users and helps generate an increasing number of consumers who click or browse the website. For every click, the host of the ad is paid with a small amount, thus the name pay-per-click. These small advertisements require minimal maintenance while generating traffic to your website plus the number of clicks can be monitored.
Blogging is a very common online marketing technique. People now use the internet for leisure and an outlet for expressing ideas. Blogging is a good technique to capitalize on users who consume a good number of hours on the internet. You can encourage existing customers to create a blog that will serve as testimonies about the benefits of the product.
Advantages of Online Marketing
Marketing in the virtual world is one of the tactics that businesses now engage in. Especially for small-scale businesses, online marketing offers them advantageous effects. For one, it is not as expensive as the traditional or offline marketing types. A small business now has the chance to compete on somehow the same level of marketing with large-scale businesses on the internet. They can afford to pay for their business website just as big companies do. A pay-per-click ad fee is not that expensive compared to a whole page newspaper advertisement. Blogging is soliciting ideas, more like a word-of-mouth advertisement, and it barely entails huge expenses.
Another advantage is that it can reach a wider potential market globally. Some companies make it big in the business world because they gradually become recognized in a larger market. This advantage is enjoyed by large companies with international business affiliations. In order to make the most out of this benefit of reaching a wider market, the website must have features that not just attract customers but also get them into the business. A sample feature is online shopping where customers need not call your office or go to your store to purchase but simply do on the internet using their credit cards.

Marketing strategies

A company that aims to reach a wide scope of target market and increase public awareness develops important strategic marketing decisions out of the results of marketing research for the purpose of targeting more potential customers and increasing company profit and revenue.Various marketing strategies are developed according to the needs of the customers and the positioning of competitors based on the results of marketing research. Marketing strategies are designed to target an increase in the business profit and revenue growth by addressing customers’ needs and increasing the level of competitiveness against other companies.
Developing marketing strategies is an important part of the entire marketing plan process. These tactical programs are aimed at specific target market segments in which the company can directly benefit from. A certain company may aim at specific objectives and these goals can be achieved with effective marketing strategies.
Types of Marketing Strategies
The concept of marketing strategy has two basic types: general marketing strategies and decision area strategies.
General marketing strategies are broad and are aimed at various specific business objectives. Some of these goals could be targeted on the market share, long-term profitability, market growth, positioning, and other goals.
One of the general strategies focuses on the status quo where the company aims at maintaining the current position in the business and in the market. Another kind of general strategy that looks to increase overall sales is market expansion. There are two ways to expand the current market. One approach is to grow the sales with existing products. Alternatively, marketers can also grow the sales with the introduction of new products in the market.
A marketing strategy designed for the niche market aims at achieving a certain position on a particular segment of the entire market. The niche market is relatively smaller in the number of customers and sales volume compared to the overall market. This tactic is to let that specific market view the product differently from other companies targeting the bigger market.
Strategies on market share growth are designed to augment overall market share percentage by attempting to lessen the sales from competitors. This type of marketing strategy is a more aggressive approach. Lastly, a general market strategy on market exit focuses on taking away the product from the current product lines by either selling the product to another company or removing it from the product offerings.
Decision area strategies are used to accomplish the general marketing strategies through effective marketing decisions. For instance, if the company is planning to launch a new product in the market, specific tactical programs may be targeted on the market segment, pricing, product distribution, and promotion.
Marketing Plan
As cited earlier, designing marketing strategies is a crucial concept in the whole marketing plan. Marketers depend on plans as one of the factors for business success. An effective marketing plan should consist of important things needed to help a company succeed.
First, the business must know and understand not just the product but the industry as well. Next, it is important to identify the target market for your product. Knowing your competitors is an important step, too. Then, the company must define product pricing, distribution, and positioning in the market. A single marketing concept must be coined to identify a position in the overall market.
In designing a marketing plan, mission and vision statements must be identified as these are the bases of the entire marketing process. A company should highlight the objectives it wants to achieve. A market analysis or research is needed to come up with effective marketing tactics. Action plans must be developed for each marketing strategy.
Imporance of Marketing Strategies
A business organization that uses effective marketing strategies is able to survive in the ever competitive nature of the business world and is far from getting dissolved. Stability is a key factor for a company to succeed and these marketing tactics are just what a successful business makes it.

Types of Marketing

The concept of marketing encompasses a wide coverage and may even be associated with sales. In fact, sales and marketing are two different concepts although both are closely coordinated. Marketing is the presentation of the products and services and making them available to the customers with the goal of generating profits.Sales, on the other hand, is the output of marketing implementations. A business produces good product sales out of effective marketing programs while poorly planned marketing plans end up in low sales generation.
Focusing more on the concept of marketing, a business organization must invest in intensive marketing activities, what with the stiff competition that exists in almost every kind of industry. Marketing introduces your products and services to your potential customers and target market. It is an important factor in the success of a business.
Marketing is otherwise known as advertisement of the products and services that your company can offer to the market. So, the old maxim that no advertising is the worst kind of advertising remains to be true especially at this time when modern marketing methods have been introduced.
Marketing can be conducted in various types and techniques. A company can invest in any marketing technique that works best and is effective to the customers. But in this article, let us mention three proven types of marketing that most companies have been using in their product and services campaigns.
Offline Marketing
The advent of modern marketing has been very helpful for most business, but traditional marketing is still as effective and powerful as it used to be. Not to be overlooked in this age of computers and internet technology, offline marketing is still widely used by many businesses.
Tri-media or advertising through print ads, television, and radio have proven to be effective means of advertising and increasing product awareness even until now. Newspapers continue to be used actively and widely circulated by many print media organizations where businesses occupy portions and spaces in the Classified Ads to introduce their products and services.
However, companies reap more benefits if online and offline marketing methods are combined. A good example is the use of direct mail in order to lead customers to the company website. In fact, a company can save a lot with proper combination of marketing methods since offline marketing can be costly.
Online Marketing
Online marketing is equally powerful and effective as offline marketing. In fact, companies save a lot on their marketing campaigns which are done through the internet. Small-scale businesses can benefit greatly from online advertising if marketing budget is an issue.
Apart from the savings a company can get, it can also advertise its products alongside large-scale companies. Affiliate marketing is a common type of online marketing where a company ties up with an affiliate or an online advertiser that will take care of advertising the company’s products and services to thousands of online users. Another example is online video campaign with a production cost that is a lot lesser than television advertising.
One particular advantage of online marketing over traditional forms of advertising is that it can easily reach a huge number of individuals in a short span of time. Plus, the advertisement lasts longer and is unlimited.
Word of Mouth Advertisement
Word-of-mouth marketing is probably the best form of advertisement a company can ever invest in. Not a single penny is spent by the company with this kind of advertising; only excellent customer satisfaction is needed to make this campaign effective. Always keep a proactive approach in dealing with customers and go the extra mile. Building good relationships with customers keeps them in the business. The good news is they will tell their friends and people they know about your company and the kind of customer service you have. With an effortless process, your customers gradually increase in number which in turn increases company profit.
In business, companies must understand that everything is a risk. Even the cost of investing in marketing campaigns is a risk since it is not a guarantee that the company will succeed. But a company that will not make the move to be known to the public will also run the risk of losing the business eventually because of lack of public awareness on the products and services. Any type of marketing can be effective as long as a proper marketing strategy is designed.

Global Marketing

A company that takes on a wider scope in their business coverage conquers the global market especially if it has established a competitive advantage in the industry. However, not everything works the same way as how business successfully operates in the domestic field.Some companies fail in going global because of the false assumption that the approaches that work in their country goes true in the international aspect. So, these businesses embark on the same product, same marketing campaigns and even the brand names and packaging. Failure to consider the diversities and differences in culture and other factors may cause the breakdown of the business.
Having a standardized or uniform marketing strategy for both local or domestic and international market will only be effective if adequate market research is conducted. An international business must find out whether certain strategies for global marketing are also effective to the larger market.
Global marketing is not a breakthrough or something that is revolutionary; it is an evolutionary process. Not all companies can afford to become global but definitely all global or international companies started out as domestic-only businesses.Evolution of Global Marketing Global companies progress in their marketing plans in various phases. It starts out with domestic marketing. A business that promotes and advertises its products within national boundaries only competes with companies of similar marketing scope. The creation of products and services are intended for the home market and does not consider the possibility of making it available and beneficial to larger markets. Domestic marketers do not put emphasis on the market changes in the global setting. Instead, they are more focused on how they can create a competitive advantage against other companies in the home market.
From the domestic marketing approach, a company starts exporting to the foreign market. This phase is called export marketing. Once exporting process is becoming a success, certain factors would push the company to expand and put up offices outside the country in order to facilitate a more convenient business setting. However, marketing mix decisions are made according to the various target markets of each country.
Companies go up the ladder at a multi-national setting and would want to take advantage of the economies of scale. Marketing research, development, production, and marketing strategies are conducted on regional levels but not across regions.
A company that is considered a global marketer sees the world as a one large market. Marketing decisions are made to be uniform across foreign branches or offices.Global Marketing. As an organization advances from each level of marketing to become global in scope, there are four important marketing mixes that should be considered: product, price, placement, and promotion.
A global business is able to manufacture a single product or offer the same service to the global market with minimal adjustments of certain elements. Coca-Cola, for example, has uniform packaging in various countries. But a country can opt to use its native language on the bottle.
In the different markets, price is not constant and uniform. But the price changes are brought about by many factors such as cost of product development, cost of materials and delivery, and other factors that affect pricing.
Placement is the distribution of the product which greatly depends on the competition and the product’s position in the global market.
The aspect of marketing that entails adequate budget is promotion or product and service advertising. Companies take on integrated marketing to make cost-effective but effective advertising campaigns.
Advantages and Disadvantages of Global Marketing
Global marketing can be both beneficial and disadvantageous to the global companies. Beneficially, the expansion of the market worldwide is a huge plus. Because it is global, a business maintains consistency in brand image and name for global brand recognition. Moreover, marketing practices are uniform which contribute to a lower cost and expenses in marketing and advertising. Business relationships are also established in a more global aspect. Lastly, a company is able to benefit from the economies of scale in both production and distribution.
On the other hand, there are disadvantages with global marketing, too. But these are more of the differences of various aspects considering that the business is now global. Differences in the administrative procedures and product placement can occur. Customers have different and changeable preferences that lead to diversity in customer responses. However, these differences may be addressed by the many ways and techniques a company can in

Importance Of Marketing

This is the age of marketing. Marketing activities are part of everyday life .Marketing is a very important aspect in business since it contributes greatly to the success of the organization. Production and distribution depend largely on marketing. Many people think that sales and marketing are basically the same. These two concepts are different in many aspects. Marketing covers advertising, promotions, public relations, and sales. It is the process of introducing and promoting the product or service into the market and encourages sales from the buying public. Sales refer to the act of buying or the actual transaction of customers purchasing the product or service.
Since the goal of marketing is to make the product or service widely known and recognized to the market, marketers must be creative in their marketing activities. In this competitive nature of many businesses, getting the product noticed is not that easy.
Strategically, the business must be centered on the customers more than the products. Although good and quality products are also essential, the buying public still has their personal preferences. If you target more of their needs, they will come back again and again and even bring along recruits. If you push more on the product and disregard their wants and the benefits they can get, you will lose your customers in no time. The sad thing is that getting them back is the hardest part. The importance of marketing to Consumer,Organization and Socity Which are clear from the following poits.

Importance to consumers

Marketing is imprtanceto consumers in the following ways of marketing:

1. standard of living
2. value addition
3. information
4. product assortment

Importance to Organization:

All organizations need marketing .It is important to organizations in the following ways

1. Demand management
2. Coordinated use of resources
3. Objective achievement
4. Environmental adaptation

Importance to society

Marketing survives and grows in social contaxt.It is important to society in the following ways.

1. Social well-being
2. Employment generation
3. community needs
4. Economic gains

Marketing

Marketimg activities are part of everyday life. This is the age of marketing. All types of organization need marketing to achieve their goals. Marketing has gained a great deal of strategic importance in modern organizations. To the general public,marketing is selling products.However,selling represents only pert of marketing.Marketing consisits of creating,promoting and delivering products to satisfy customer needs.It creates value for customers.
Marketing is demand managemeant.It stimlaes demand for products.It helps organizations to find out what their customers need and wands.It also helps to decide what products should be offered to satisfy their needs and wands.marketing is concerned not only with attracting customer but also with retaining customer. It is carried on long after the customer has bought the prod ucts . ti aims to develop long terms relationships with the cu stomers.
Thus the marketing process encompasses all activities aimed at satisfying customer needs and wands through exchange relationships to achieve organizational abjectives in a dynamic environment. The following key points of marketing

• Marketing is a process
• Marketing consisits of activities like :
• product -related activities
• price-releted activities
• place-retated activities
• promotion-related activities
• Marketing satisfies customer needs
• Marketing facilitates exchange relationships
• Marketing helps achieve objectives like:profit, service,Growth,survival,leadership
• Marketing occurs in a dynamic environment.

Market

A public place where buyers and sellers make transactions, directly or via intermediaries.People make markets. A market is a grouping of customers.It consisits of all existing and potential customers. They should have needs and wands to satisfy.They should have money to spand. They should have willingness to spend through exchange relationships. A market is any one of a variety of different systems, institutions, procedures, social relations and infrastructures whereby persons trade, and goods and services are exchanged, forming part of the economy. It is an arrangement that allows buyers and sellers to exchange things. Markets vary in size, range, geographic scale, location, types and variety of human communities, as well as the types of goods and services traded. Some examples include local farmers’ markets held in town squares or parking lots, shopping centers and shopping malls, international currency and commodity markets, legally created markets such as for pollution permits, and illegal markets such as the market for illicit drugs.
In mainstream economics, the concept of a market is any structure that allows buyers and sellers to exchange any type of goods, services and information. The exchange of goods or services for money is a transaction. Market participants consist of all the buyers and sellers of a good who influence its price. This influence is a major study of economics and has given rise to several theories and models concerning the basic market forces of supply and demand. There are two roles in markets, buyers and sellers. The market facilitates trade and enables the distribution and allocation of resources in a society. Markets allow any tradable item to be evaluated and priced. A market emerges more or less spontaneously or is constructed deliberately by human interaction in order to enable the exchange of rights of services and goods.
Historically, markets originated in physical marketplaces which would often develop into — or from — small communities, towns and cities.