Tuesday, February 26, 2019
Factors to Consider When Deciding on Which Market Segment to Venture
suspense1(a) Factors to understand when deciding on the pieces to serve as a market * Population The density of the people in a given place is a really important aspect to consider when segmenting a market . A densely populated area is usually preferred as a destiny to market the yield. * Consumer behaviour How a consumer perceives when purchase or deciding to procure a increase is very vital. * Social classDifferent consumers have different classes . in this case a trafficker should consider the class of the various consumers before deciding on which segment to choose or segmenting the consumers into certain tar propose group * Attitude towards the crossroad Different consumers have different perspective about the harvest in different regions ,consumers attitudes about the result in place should be factored in when deciding on the market segment * ReligionDifferent consumers have different religions and in this case some whitethorn non consume a certain product bas ed on their religion, a good marketer evaluates the demographic and cultural factors before venturing and selecting the appropriate market segment. Question 1(b) pass on execution style to earmark the target markets attention and interest promotion style How the goods appear to the consumer influences his/her corrupting decision ,thus how the labels, container appears determines a great deal on how the consumer creates interest in that productBrand name Most consumers have exit lot in in purchasing or consuming certain products and they leave alone always look for these products with the brand name they are use to. extend descriptions How the product description in terms of how it is used ,its ingredients, determines a lot how that product leave alone capture the attention of the consumers. Shapes and sizes Consumers be huge to different classes and how the products are broken down into different sizes and shape determines how that product entrust capture the attention of the buyer PriceMost consumers prefer a quality product with a reasonable cost ,in this case the seller should consider competitors before screen background his/hers impairment inorder to avoid customer loss by higher prices. Question 2(a) Components of the change teaching systems I. Internal reporting system This involves the records of income ,expenditure, creditor or debtors and consumers II. merchandising intelligence This involves getting information from another different person to get to know whether you are performing in the market or not III.Marketing research This involves identification of a problem and finding a declaration to that problem IV. Marketing models This involves the use of time series ,linear programming ,analysis of division ,progression analysis, sensitivity analysis, in trying how the market operates Uses and functions of open relations to brass section a) Used to inform consumers about the spick-and-span product in the market, finished public relation consumers get to know about the newborn product in the market b) Used to t all(prenominal) the consumers on how to use the new product in the market .It is through public relation that the consumers are taught how to use the new product in the market. c) Enables consumers to know where and how to get the organisational goods d) Used in link ling the consumer with the organization thus public relation facilities then bringing of the gap between consumers and the organization brilliance of public relation to the organization i) Creates good image of an organization. An organizations image is prolong through public relation. i) Public relations enhances the product awareness that is marketing of organizational product is enhanced iii) Public relations enables the establishment of long and lasting relationship with the consumers iv) Creation of trust about the organizational products by the consumers, due to a close relation by the consumers the organization product allow b e trusted by the consumers Question 3(. a) Product organic evolution process a) Idea generationThe product to be developed is formal at this very vital put ,idea generation can be through archives ,business journals or successful entrepreneurs . b) Idea screening The idea piece is measured and its vi dexterity weighed before further developments sentiment development and exam c) Concept development and screening How to create the product and addition of more features to show the product and testing. d) Business analysis The market is analysed whether the product pull up stakes blend in in the market or not? ) Product development The product itself is then developed that is all the features encompassed to the product and forming the final the product. f) Market testing Product is taken to the market may be taken in samples or the product is fully released to the market g) Communication and adoption after testing the market and finding that it is performing ,large volumes of products are then produced for commercialisation 3(b) Methods available to a true to set their advertising budget be analysisA firm considers the various media and avenues to be used and the costs to be associated with each the media to be used should not be too costly to the terminus of eating on the profits Market analysis A firm measures the available market and conducts a swot analysis thus a firm will play their advertising budget depending on the competitors ability and the general market competitiveness. Target macrocosm A firm will set their advertising budget basing on the geographical area of the targeted population Product natureThe nature of the product will have to be ascribe into consideration when planning for the advertising budget, If the product is highly involved or it is a new product then it requires allocation of more funds. 4(a)Role contend by the middlemen in distribution of goods Breaking of bulk Some middlemen may modify the shapes and size of the pr oduct into flexible and portable items for ease of rapture or storage. Location Middlemen enable consumers to obtain goods easily by availing themselves in strategic places convenient to the consumer. Repackaging of goodsMiddle men pack products into desired packages such as containers Disseminating information Middlemen get first hand information about products from the consumers and aim the data to manufacturing firms for marketing research ,and also giving vital information to the consumers about the product(manufacturer) 4(b)New product pricing strategies a) Cost based strategy A marketer will price the product based on the inputs used when manufacturing the product. b) Competitor based strategy A marketer will price his/her goods based on the price of the competitor goods. c) consumer based strategyA consumer is the king/ fagot of the market and the marketer will price his goods basing on the willingness and ability of the consumer to buy that product in that price. d)produc t based strategy a marketer will price his goods based on the nature of the product Question 5a. major influencers on consumers purchase behaviour 1. Culture the cultural belief and norms of the consumer will influence his /her purchasing behaviour. 2. Social factors such as the family ,age, occupation will influence a lot on how the consumer will purchase the product. . individualised factors such as the attitude and economic status of the individual will influence his/her decision to purchase a product. 4. Phys logical factors like own(prenominal) attributes will affect a consumers purchasing behaviour 5b stages in a buyers decision making process for a major purchase a) sentience a consumer should get to know all about the product he/she wants to purchase b) Interest a consumer then develops the interest for the product. ) Evaluation a consumer will then evaluate the product in questions based on various alternatives d) Trial after a consumer has chosen the right product he/s he will then put it on trial e) sufferance if the consumers likes the product he/she will then make a purchase question 6. (a)elements of the promotion mix dvertising Refers to any paid form of non ain presentation and promotion of ideas,goods and services of an identified sponsor personal selling refers to face to face persuasion of a prospective buyer to buy a product publicity refers to a non paid promotion of ideas ,presentation of products and doesnt necessarily need an identified sponsor sales promotion refers to activities that stimulates consumer purchasing 6b. trategies that can be used in the stages of the product lifecycle a) Introduction stage it is the initial stage of product development and its characterised by low sales ,low profit or nil profit the marketing strategy to be employed at this stage is the promotional strategy. b) Growth stage thither is a steady rise in profits ,increased sales and established market share at this stage the marketer can qualify the product to increase its outlook and market stability. ) Maturity stage at this stage the profits begin to decline as there new entrances in the market strategy to be employed here is variegation or turn around. d) Decline stage here the sales become completely low or none ,profits diminish and cost of doing super cedes the revenue the best strategy to approach as a marketer or marketing manager is withdrawal from the market or diversification.