Chapter 3

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Department
Management (MGM)
Course
MGMA01H3
Professor
Ingrid L.Stefanovic
Semester
Winter

Description
INTRODUCTION Developing marketing plan is one step of the strategic marketing planning process o Involves two factors: customer needs and environmental analysis DEVELOPING A STRATEGIC MARKETING PLAN Two fundamental tasks o Marketers must identify, evaluate, and ultimately select a target market o Once the target market has been selected, marketers must develop and implement a marketing program that is designed to satisfy the chosen target group The choice of a target market is based on recognizing differences among consumers and organizations within a heterogeneous market What is a Market? A market is people People alone dont make a market Market consists of people with the willingness, purchasing power, and authority to buy First rule of a successful salesperson to determine who in the organization or household has the authority to make purchasing decisions Type of Markets Consumer goods are those products and services purchased by the ultimate consumer for personal use Industrial goods are those products purchased to be used, either directly or indirectly, in the production of other goods or for resale Sometimes the same product is destined for different uses The key to the proper classification of goods lies in the purchaser and in the reasons for buying the good MARKET SEGMENTATION The population is too large for all products to be directed at everyone All products are made for a specific target market Although everyone is different, we can group people according to their similarity in one or more dimensions related to a particular product category. o This aggregation process is called market segmentation Market segmentation is used for both profit and non-profit organizations Once a segmented market is chosen, the marketer can design the appropriate marketing approach to match its needs SEGMENTING CONSUMER MARKETS Characteristics that are used to determine market segments o Age o Gender www.notesolution.com
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