9/9/14 Takaways

9/9/14 Takaways

  • Market Segmentation
    • http://www.netmba.com/marketing/market/segmentation/
      • Market segmentation identifies parts of a market so that it is easier to satisfy the needs of the customers in those segments. For example the shoe market might be separated into segments for dress shoes, running shoes or seasonal shoes and marketing to each one of those segments would be different to satisfy the needs of the consumer in those segments. Consumer markets and industrial markets have different bases for segmentation. Consumer markets can be segmented by geographic, demographic, psychographic, demographic or behaviorist characteristics. An industrial market can be segmented by some of the same characteristics as consumer markets but also by location, company type and behavioral characteristics.
  • Target Market
    • http://www.entrepreneur.com/encyclopedia/target-market
      • A target market is a specific group of consumers from a market segment. Finding out as much as possible about the consumer of your product or service is important. It you try to market to everyone, someone else that can serve the needs of a certain group will take those customers.
  • Cohort Marketing
    • http://smallbusiness.chron.com/cohorts-marketing-58265.html
      • Cohorts are factors that are shared by a group of consumers and are used to identify and target segments of the market. They separate specific groups of people within their demographic groups. They cannot be used as a general marketing tool and work best for targeting a very specific group of consumers.
  • Psychographics
    • http://tutor2u.net/business/marketing/segmentation-psychographic.html
      • Sometimes referred to as behavioral segmentation, it divides the market into groups of consumers based on their lifestyles. Because there is an increase in demand for food that has certain characteristics, companies change their packaging or marketing to get the customers looking for those characteristics. For example, some cereal boxes now say they are gluten free even though they always were, but by saying that, they can get the customers that want a gluten free diet.
  • Customer Mix
    • http://www.m4bmarketing.com/small-business-marketing-sales-analysis/
      • The customer mix is the consumers using a product or service. Understanding the types of customers that use your product or service can help with increasing sales or marketing to them. If a printing company has a sign department, it would make sense to market that product to their customers that have a fleet of vehicles that need lettering but it would be wasteful to try to sell that to their customers that have no need for vinyl graphics.
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9/5/14 Takeaways

9/5/14 Takeaways

  • Guerilla Marketing
    • http://www.creativeguerrillamarketing.com/what-is-guerrilla-marketing/
      • Guerilla Marketing is the use of unconventional marketing tactics with a small budget. Jay Levinson came up with the term in 1984 in a book he wrote about marketing. Mostly useful for small businesses, large companies have also used the strategies in some of their marketing campaigns. Individuals can also use guerilla marketing in their job search. I thought that this was a good article because it had examples of big company failures and successes. One of the examples was how the makers of the Blair Witch Project used Guerilla Marketing tactics and before the movie was even done, they established a fan base. There is an Official Site of Guerilla Marketing, but some of the articles that I read on there seemed a little dated.
  • Price Point
    • http://www.wisegeek.com/what-is-a-price-point.htm
    • http://entrepreneurs.about.com/od/salesmarketing/a/pricingstrategy_2.htm
      • A price point is the retail price when a consumer becomes more willing to buy a product. This is a pricing strategy used to make consumers feel they paid a fair price for a product. Research has shown that consumers like prices that end in odd numbers, like .99 or $1.95. Keeping the price under $20 is also a popular price point because it’s the bill that most people carry, according to one of the articles. Setting price points creates value for the consumer and makes them feel like they are getting a deal for the price that they pay.
  • Web Presence
    • http://mashable.com/2011/03/11/mobile-app-advertising/
      • This might be CRAP, but I thought the article was interesting and fit in the web presence category. The article talked about “appvertising” and gave 5 tips for advertisers and developers to use when creating appvertisements. If done right, the appvertisement can be something that the consumer wants to interact with and tell all their friends about. It is important to put the user in control and also use other apps on the device that the user is using. This can let the user be in control and still not make them do more work. The example they had was GPS, why have the user type in their location if you can use the devices GPS. Even though this is a newer way to advertise to consumers some of the tips are the same as if you were developing anything for the web like being smart about load times and testing the ads.
  • Servicescape
    • http://www.scribd.com/doc/30991993/Service-Scape
      • Servicescape is the physical surroundings of a service company and emphasizing its impact on the consumer and employees. The concept was seveloped by Bernard Booms and Mary Jo Bitner. A servicescape gives the consumer information about what they should expect from the place of service. For example, Wal-Mart and many grocery stores now have a self-checkout implying to the customer that the service of ringing up and bagging items are up to them. If a place wants to imply trust and confidentiality, a small comfortable atmosphere would be used like at a lawyer or accountant office. By changing the paint, decorations and the employee uniforms many hospitals now look more like hotels rather than medical facilities.
  • Prestige Pricing
    • http://www.psychologicalpricing.net/prestige-pricing/
      • I went with prestige pricing because most consumers are aware of odd-cent pricing. It’s used everywhere from selling a car to a fountain soda on a value menu. Prestige pricing is the opposite of odd-cent pricing and is used to sell a product that should be perceived as high end or luxurious. So you would round up to the next whole number. This works because $1,000 implies a product is expensive and not “cheap”, (not to be confused with inexpensive.) $999 sounds cheap or discounted and that could drive the intended consumer away from the sale.
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