To increase a company’s revenue, tapping into various consumer markets is the best solution as they will reach a wider range of consumers. Describe the FIVE (5) different consumer markets that a company can pursue.
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To increase a company’s revenue, tapping into various consumer markets is the best solution as
they will reach a wider range of consumers. Describe the FIVE (5) different consumer markets
that a company can pursue.
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Solved in 2 steps
- How can a company effectively identify and target the most profitable customer segments within a chosen market? What strategies can be used to maximize profitability within these segments?Market share is “an indicator of how well a firm is doing against its competitors.Competition is a situation in the business environment where several businesses with more or less the same products / services compete for the support of the same consumers or customer segments. The development of competition is one of the main reasons that has resulted in the development and evolvement of the field of marketing. As the world grows smaller, more businesses are established and consequently spread themselves to all parts of the world, creating an even greater challenge for the art and science of marketing and its stakeholders.Using the above statement as your basis, and a company of your choice as an example, critically discuss why it is important that marketers study the business environment within which they operate, including their competitors.How will a company will market their product online when customers have so many other options and the competition is tougher than ever?
- The marketing mix refers to the set of tactical tools or elements that a company uses to promote its products or services to its target market. Explain FOUR (4) components of the marketing mix.How do marketplace business models create value for both buyers and sellers, and what are the key success factors in building and growing such platforms?What do you think are the best strategies in marketing the company's products and/or services? Explain why.
- Choose a fast-food restaurant chain that does business in your area. Describe the company's target market and explain how its marketing mix is designed to appeal to this target market. Explain how they segment the market to match their product/serviceDesigning strategies that can create profitable relationships with targeted customers is what marketing management seeks to do as one of the functional areas of an organization. What philosophy, however, should direct these marketing strategies is typically regarded as essential to the everyday chores of marketing managers. With this regard, there are five alternative philosophies under which organizations design and carry out their marketing strategies. List all five alternative marketing management philosophies that can be utilized by marketing managers to direct the marketing operations with reference to the context, and then examine each one, highlighting its application with the help of real Ethiopian based marketing experience.Marketing is defined by the American Marketing Association as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large1.” If you read the definition closely, you see that there are four activities, or components, of marketing: 1. Creating. The process of collaborating with suppliers and customers to create offerings that have value. 2. Communicating. Broadly, describing those offerings, as well as learning from customers. 3. Delivering. Getting those offerings to the consumer in a way that optimizes value. 4. Exchanging. Trading value for those offerings. When a company uses exchanging and communicating as their marketing activities. What are they trying to do? What do you think are their objectives? Who are the activities or messages targeted to?
- The business market consists of four major categories of customers: producers, resellers, governments, and institutions. Explain with examples?There are many definitions for marketing. In your own words, explain your understanding of marketing? Using appropriate examples, explain “in your own word” how does a company go about "marketing" its products or services?In his book Crossing the Chasm, Geoffrey Moore discusses some of the issues involved in marketing technologically new products as markets develop through different stages. What customer groups does Moore identify as critical to the movement into mass market, and what must companies do if they are to successfully cross the chasm?