Strategic marketing for engineers.docx - STRATEGIC MARKETING FOR ENGINEERS Companies including those manage by engineer managers must serves markets

Strategic marketing for engineers.docx - STRATEGIC...

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STRATEGIC MARKETING FOR ENGINEERS Companies including those manage by engineer managers, must serves markets that are best fitted to their capabilities. To achieve this end, a very important activity called strategic marketing is undertaken. Under this set up, the following step are made: 1.) Selecting a target market. 2.) Developing a marketing mix. SELECTING A TARGET MARKET A market consist of organization or individual, or both with the desire and ability to buy a specific product or service. To maximize sales and profit, a company has the option of serving entirely or just portion of its chosen market. Within market are segments with common needs and which will respond similarly to a marketing action. This is the example of the various segments of a given market.: An analysis of the various segment of the chosen market will help the company make decision on whether to serve all or some of the segment. The segment or segments chosen becomes the target
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Unformatted text preview: market. In selecting a target market the following steps are necessary. 1.) Divide the total market into group of people who have relatively similar product or service need. 2.) Determine the profit potentials of each segments. 3.) Make a decision on which segment or segments will be served by the company Factors use in selecting a target market. A target market must have the ability to satisfy the profits objectives of the company. In selecting a target market the following factors must be taken into consideration. 1.) The size of the market 2.) The number of competitor serving the market. The total demand for the product or service in a given area must be determined first if the company wants to serve the particular market. If there are existing businesses serving the market the net demand must be considered....
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  • Spring '16
  • Engr. Manuntag

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