Module5 - Reaching the Right People in the Right Way...

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Reaching the Right People in the Right Way Introduction Have you ever received an email or postcard advertisement that seemed so personalized and specific to you that you wondered how the advertisers were able to sneak inside your head and read your mind? Ever have a flyer left on your car windshield that seemed more appropriate for your grandparents (or even their grandparents) than for you? For a lot of us, the answer to those questions would probably be yes. While businesses would love for everyone on the planet to be interested in buying their products, most realize that that is just not a realistic expectation. So, do they give up? No, usually they don't. Some marketers, like the latter example above, just cast a broad net of marketing in hopes of catching some interested customers. But there's a much better way. To make sure their time, energy, and money are being applied in the most effective ways, most businesses work to identify the customers who are the best, most profitable fit for what those companies have to offer. Then, once they've identified those target groups, they work to understand the wants, needs, and buying behaviors of those segments and determine how to most effectively market to them. This is what segmentation and targeting are all about. When performed well, these processes can be extremely helpful for companies and their customers. When they're done poorly or not at all, companies often reach the wrong people and waste a lot of resources and opportunity. This module will focus on the processes involved in market segmentation and targeting. We'll look closely at how companies identify and group different consumers, how they select which groups to pursue, and how they position themselves and their products to attract those target consumer segments. Student Outcomes  Identify and describe the key steps in developing customer-driven marketing strategies.  Understand the basic considerations involved in segmenting and selecting target markets.  Understand how segmentation and target marketing help organizations effectively reach customers and optimize their marketing resources.  Understand the important role that competitive advantage plays in differentiation and market positioning. Assignments  Read:  Assignment 5.1: Company Basics and Target Markets Market Segmentation In previous modules, we've discussed the important role of customers in strategic marketing. There are four main steps in developing a customer-driven marketing strategy. The first of these steps is market segmentation. Market segmentation involves dividing a large and diverse market into smaller groups of buyers who have distinct needs, characteristics, or behaviors. This segmentation process helps companies organize the collective mass of potential
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Module5 - Reaching the Right People in the Right Way...

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