painting some of the product pink or purple comes off clueless and sexiest. Fourth is segmentation by interests, the company considers customers’ interests and finally segmentation by geographical location, where the company divides up potential customers by where they live. New target market for new customers Due to increased number of customers to the company we have embarked in developing new market strategies. Ethnicity- Ethnic groups of different races and nationalities may respond to different marketing tactics. For example, using a representative of their own ethnicity and even have differences in taste of food. Segmentation by family- families comes in all shapes and sizes there are those with single dads, childless straight couples, gay couples, couples with one child or several kids have different preferences. Lifestyle-Customers differs in way of living; some live luxury live while others are having normal lifestyle thus the company will consider them differently. Education-Literate customers have specific taste and preference comparing to illiterate customer who don’t have much preferences. Religion-customers believes and worship creates difference because of the rules and regulation of their religions. Christians, Hindu, Pagans and Muslims customers have to be considered differently for more customer satisfaction. Occupation- Jobs requirements tends to differ, for the case of hoteliers and lawyers have different dressing code so the company will have eye on that. Amendments in demographic strategy Raymond limited has to change the income segment, it is mostly concerned with customers who earns more income forget that its core mandate it’s to make profit. Should start selling suits of low class earners hence improving productivity. Changes to be done on marketing mix
5 The world is changing every day; new companies are emerging leading to increased competition globally. It has been said many times in business that if you don’t know your target market well enough and figured out what they exactly want, you will commit entrepreneurial suicide and the business will inevitably fail. The marketing strategies are vital for Raymond limited development hence changes have to be done on the marketing strategy. For example, price should be friendly to all consumers, promotion methods have to be improved rather than majoring on broadcast advertising method the company will assimilate to digital advertising. For the case of place Raymond limited will open more branches around the world to capture high number of customers. As discussed above the low earners people will be considered to enable the flow of business. Resources needed to adjust into the market mix resources description Budget cost(dollars) printing A5 full colour flyers 500 wages Labour by the staff 350 transport Transportation of materials from supplies to the company 200 advertisement Fund to be paid to Televisions and radio 350 Software’s and hardware’s Installation of software’s and hardware’s 250 Building a new room More rooms are needed to create move space for development 150 Total 1800
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- Spring '16
- Mr. Kemoni
- Marketing, representative, Raymond Limited