Marketing Mix Analysis for Entry of a Microwave Maker
February 12, 2025
Introduction The internet is considered as a channel partner. Hence online marketing is to be considered as a channel marketing strategy. An Organization needs to define specific objective from internet marketing and building communications as well as scheme around it. Internet marketing is one form customer touch point where companies directly interact with existing as […]
Consultative selling has been one of the most recent selling concepts that have evolved in the marketing field today. As Organizations have become customer oriented and service oriented, they have begun to realize that trying to sell their products or services to the Customers is not enough anymore. The salesmen are no longer just agents […]
Neil Borden in the year 1953 introduced the term Marketing mix, an extension of the work done by one of his associates James Culliton in 1948. Marketing Mix – A mixture of several ideas and plans followed by a marketing representative to promote a particular product or brand is called marketing mix. Several concepts and […]
The Fourth Estate Mass media perform a vital and a crucial role in society. They are called the Fourth Estate, as they are one of the pillars of democracy along with the executive, legislature, and the other socioeconomic forces that bind a society together. In this context, it is important to note that they are […]
Social Media Marketing is the latest game in marketing. Whether you have a product or a service to market, you have no option but to be present in various social media channels for this is where your existing and prospective customers are. More importantly your customers are talking and sharing their ideas, experiences and information […]
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.
Your email address will not be published. Required fields are marked *