MARKET SEGMENTATION AND KEY FACTOR CONSIDERATION IN DEVELOPING A MARKETING PLAN
There are various considerations and basic determinants upon the development of marketing plan and mostly this plan are created and developed by new organization and company or if they are going to distribute new products to the market. Necessarily the strategic marketing plan plays a vital importance to re-assure that company upon development and business engagement will likely to be successful in their marketing implementation. The development of a strategic marketing plan is like a roadmap to the company, they spend their time and effort on this activity before jumping into the market and they have tapped on various research and methodology to make it work.
Company can apply the most successful marketing analysis that has been tested and universally used within the industry and one of this basics is the SWOT ANALYSIS developed by Albert Humphrey that he has considered basic factors that includes Strength, Weaknesses or limitation of the company and their product, the Opportunities and Threats are also projected using this marketing pre designed analysis. Company can also use the principles of PESTEL ANALYSIS that gives emphasis to Political, Economic, Social, Technological, Environment and Legal considerations to make their marketing strategy. The MASLOW’S HIERARCHY of needs and many other marketing and management principles can be considered to work best in their company.
Although most of the available marketing principles are basic and commonly used, they are proven effective by the most successful companies all over the world but basically the real consideration upon business and marketing plan still coincide in the needs of the people. What are the needs of the market? What resources can be use to create a product and services? How to utilize your knowledge and capital about business engagement? These are the questions that they have to face upon consideration of marketing plan a certain company may also conduct various research and survey about the residence in the location that the business will be established.
In this present time another consideration that constantly arises within the establishment of an effective marketing plan is the global standard practices that cannot be stressed out and it would take a variable consideration and analysis of various competition and international trading practices before it can be met. But business practitioners should be knowledgeable about this consideration for instance the consideration of online business is basically important, this will be a very advantageous resource to most business and this is also required by the customers.
Their clients can simply seek their products on the internet in just a click of a button and they can also buy and pay online if they have decided to get the product. This online business engagement has become a very convenient practice to most customers and most of all it can eliminate so much overhead expenses to the company including tangible stores, sales employees and even various forms of tax from the government. Business Process Outsourcing can also be considered to be a progressive marketing opportunities from most successful companies but considerably this may not be recommended for business start-ups since it requires a higher cost.
For a targeted market influence products and market segmentation has been used by most companies so that they can pinpoint their customers of who are going to use the products they believed that there should be various products for various types of customers and their preferences.
Geographic Segmentation – Companies creates a product depending on countries, regions and states for local consideration for example Meat products like sausages, hotdogs, canned meat etc. can be sold in most Asia Pacific and American countries and states but it may not be sold in most Middle East countries since they do not eat meat and it may also be denied in their affiliation. On the other hand lamb and fish meat can be sold in those countries.
Behavioral and Status Segmentation – There are various products that have been segmented for various targeted customers. Cars from Pagani, Lamborghini and Ferrari are designed basically for class-A customers while there are also cars from Nissan, Ford and Mitsubishi that are designed for common people you can easily guess that price is the difference. Such products are also developed as a status symbol.
Demographic Segmentation – Consider marketing a product due to different variables including age, gender, religion or nationality and races as an example there are vitamins for children and for adults. Coca-Cola and Pepsi created sugar-free soft-drinks for their customers who prefer soft-drinks without sugar. Procter and Gamble created deodorant that is especially designed for men, they also created various shampoo for women. All this products are just a simple example of how companies can basically target their products depending on the market preferences. These segmented products can influence the buying habit and preferences of their customers making their marketing plan as effective as the way they want it to be.
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