Marketing Mix Analysis for Entry of a Microwave Maker
February 12, 2025
Brand Equity is defined as value and strength of the Brand that decides its worth whereas Customer Equity is defined in terms of lifetime values of all customers. Brand Equity and Customer Equity have two things in common- Both stress on significance of customer loyalty to the brand. Both stress upon the face that value […]
We Humans are essentially social animals. Communication and interaction is vital for the Human society. People love to socialize and interact with one another. Internet technology has changed the way the people communicate. Gone are the days when one had to write a letter or book a telephone call to speak to a friend or […]
What are Offshore Tax Havens ? In recent years, there has been a lot of media interest in Offshore Tax Havens or countries where the global companies can base their offices as well as route their investments into emerging markets from offshore subsidiaries. To define offshore tax havens, they are countries where there is no […]
Concept testing is the process of testing new or hypothetical products or services before they are launched. The testing is intended to screen a number of concepts to identify the strongest ones for progression, to improve/refine the base product or service proposition, and/or to forecast their likely success. Purpose of the study Concept testing is […]
A market refers to a set up where two or more parties are involved in transaction of goods and services in exchange of money. The two parties here are known as sellers and buyers. It is the responsibility of the marketers to create awareness of their products amongst the consumers. It is essential for the […]
A set-up where two or more parties (also called buyers and sellers) are engaged in transaction of goods and services in exchange of money is called a market.
At the market place the sellers sell their goods to the consumers (buyers) in exchange of money.
Let us go through the following examples:
Nokia offers wide range of handsets for both males as well as females.
The handset for females would be sleeker and more colourful as compared to sturdy handsets for males. Males generally do not prefer stylish handsets.
The organizations can’t have similar products for all individuals.
Perfumes and deodorants for females have a sweet fragrance whereas perfumes for males have a strong fragrance.
A marketer can’t have similar strategies for all consumers.
The process of creating small segments comprising of like minded individuals within a broad market refers to market segmentation. Market segmentation helps in the division of market into small segments including individuals who show inclination towards identical brands and have similar interests, attitudes and perception.
Not all individuals have similar needs. A male and a female would have varied interests and liking towards different products. A kid would not require something which an adult needs. A school kid would have a different requirement than an office goer. Market Segmentation helps the marketers to bring together individuals with similar choices and interests on a common platform.
An individual with low income would obviously prefer a Nano or Alto instead of Mercedes or BMW.
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