The Purpose of Market Segmentation and Targeting LEARNING OBJECTIVES Explain the purpose of segmentation and targeting in marketing What Is Market Segmentation All About? Segmentation helps marketers answer the following set of fundamental questions: To whom should I be marketing? Why them? How can I reach them most effectively? Because marketers have finite resources, they have to make decisions about how and where to focus their efforts. Market segmentation provides useful information… Read More »What Is Market Segmentation All About?

Introduction to Common Segmentation Approaches What you’ll learn to do: describe common segmentation approaches The next section of this module walks through several common approaches to market segmentation. Some approaches will probably seem familiar, or even obvious—like segmenting by gender or income level—but others, like “psychographic” segmentation, may not. These methods are common because they provide useful guidance to marketers about how to identify and reach prospective buyers. It’s important to remember that… Read More »Introduction to Common Segmentation Approaches

Why Customers Matter LEARNING OBJECTIVE Explain why the customer is the cornerstone of marketing Who Are Customers, and Why Do They Matter? Marketing exists to help organizations understand, reach, and deliver value to their customers. For this reason, the customer is considered the cornerstone of marketing. With this in mind, what is likely to happen when an organization doesn’t understand or pay attention to what its customers want? What if an organization doesn’t… Read More »Why Customers Matter

Introduction to the Purpose of Segmentation and Targeting What you’ll learn to do: explain the purpose of segmentation and targeting in marketing Segmentation and targeting are essential building blocks of marketing because they help marketers answer a basic question: Who am I trying to reach? If you can’t answer this question with a reasonable amount of certainty and detail, your marketing efforts will probably not have much impact. You’ll spend a lot of time… Read More »purpose of segmentation and targeting in marketing

Why It Matters: Segmentation and Targeting Why learn about segmentation and targeting? Suppose you have just accepted a product marketing job with a technology company called Chumber. You’re excited about the company and the team you’ll be working with. Chumber’s main product is an automated, fully online system for checking the references of job candidates and getting feedback from coworkers about their professional skills. After a morning orientation session and a product demonstration on… Read More »Why It Matters: Segmentation and Targeting

Putting It Together: Marketing Function The Four Ps of Marketing Yourself Now that you have a deeper understanding of the marketing function, let’s return to where we began in this module: marketing yourself as a new college graduate in the job market. How can the concepts of the four Ps and the marketing mix help you market yourself to prospective employers? Product Product is the set of goods and services you offer. As a job candidate, you… Read More »Putting It Together: Marketing Function

Simulation: Ice Cream Magnate Try It Now that you’ve learned about the marketing mix and how it works, it’s time to give it a try yourself. The simulation below gives you a chance to take a “great business idea”—in this case, ice cream—and play around with the four Ps of marketing. Try the simulation a few times to see how different choices lead to different outcomes. In a simulation it’s good try… Read More »Simulation: Ice Cream Magnate

The Role of the Marketing Plan LEARNING OBJECTIVES Explain the role of a marketing plan as a guiding document for marketing activities The Marketing Plan Effective marketing requires a plan—specifically, a marketing plan. Although customers should be at the center of any marketing plan, marketing activities do not operate in a vacuum. Instead, marketing is one function within a larger organization, and it operates within a competitive market environment. To ensure the effectiveness… Read More »The Role of the Marketing Plan

Introduction to the Role of the Marketing Plan What you’ll learn to do: explain the role of a marketing plan as a guiding document for marketing activities How do organizations use the marketing mix to achieve results? This requires a clear understanding of the results that the organization hopes to achieve and a plan that brings the activities together. The following reading gives an overview of the marketing planning process. In a… Read More »role of a marketing plan as a guiding document for marketing activities

Case Study: Chobani LEARNING OBJECTIVES Explain how organizations use the marketing mix to market to their target customers In 2005, Turkish immigrant Hamdi Ulukaya bought a yogurt plant from Kraft Foods in Johnston, New York. Ulukaya had a vision of a better product: the thick, rich yogurt he had enjoyed in Turkey but couldn’t find in the United States. The Target Customer Chobani started out making private-label regular yogurts for… Read More »Case Study: Chobani – use the marketing mix to market to their target customers