ipl-logo

Understand Target Consumer

1685 Words7 Pages

UNDERSTAND YOUR CUSTOMER : Develop a clear picture of your target customer using market research and analysis. Understand their pain points and the benefits of your solution
ANALYZE THE MARKET : Some basic market research should allow you to find market data such as total available market, market growth (historical numbers and projections), market trends, etc.
ANALYZE THE COMPETITION : Ask yourself what other choices your target customers have to solve their pain point. Research and assess the strengths and weaknesses of each. Take a look at this article for more info on competitive marketing strategy
RESEARCH DISTRIBUTION CHANNELS : What is the best way to deliver your product or service to your target customers? This will impact your sales …show more content…

company can produce different results from company marketing efforts by altering company strategy for each of these ingredients in the mix.
It is kind of like baking a chocolate : the chocolate mix is primarily flour, sugar, eggs and milk. The final will taste differently depending on how alter the amounts of mix elements, and which types of ingredients you choose (e.g., do you use regular flour or whole wheat, white sugar or brown, etc).
Just like the chocolate, company can vary the end result by altering the amounts and types of mix ingredients. By using variations of the four components, company have the ability to reach different segments within beryl's target market.
This video by Professor Chris Birch from Staffordshire University talks about the mix of marketing.

PRICE
Optimizing Beryl's Marketing Pricing Strategy:
How to Price company Product or Service
Marketing pricing strategy can be one of the biggest challenges for businesses launching a new product or service. Pricing is one of the critical four P’s of the marketing mix – the others being Product, Place (Distribution) and Promotion. Get these four components right, on company way to having a marketing strategy that will support and grow company

Show More
Related
1069 Words | 5 Pages

Organizations are establishing themselves in a new market to provide a needed service, increase customers and expand brand awareness. An organization’s growth strategy plays a vital role in the long-term sustainability of its healthcare system. Market penetration comes with the benefit of reaching additional customers in a business’s primary market and the potential to increase revenue. A marketing plan enables an organization to apply its values, mission, and capabilities to increase its sales, reach its objectives and sustain a competitive advantage with the purpose of improving its market shares (Cellucci, Wiggins & Farnsworth,2013). A company’s strategic plan will support and maintain its long-term growth objectives by building a solid

Read More
1012 Words | 5 Pages

The product mix is the collection of products and services that a company chooses to offer its market. Pricing strategies range from being the cost leader to being a high-value, luxury option for consumers. (Hearet Newspapers, 2017) A number of different strategies can be used to determine the price of a product Cost-Plus pricing is a retail markup used by many companies to ensure a profit is made (How Business Works, 2015 p. 186). The recommended pricing mix for all three basketballs would be pricing mix 2.

Read More
1185 Words | 5 Pages

The purpose of market research is to understand customer behaviour this can be done by getting a specialist team to conduct a series of investigations this leads to fulfilling the needs of the customer. Businesses will choose to undertake market research, will have to look for the specific reasons for the use of the products For example Ferrari will go out and do a series of investigations to see what type of people buy their

Read More
1034 Words | 5 Pages

The product that I am marketing is a member of the home automation industry. Home automation is when electrical devices connect with the internet and each other to provide improved convenience, comfort, and security at home. Home automation devices can be a refrigerators, lights, and in this case an alarm clock. The home automation industry continues to grow because of the rapid adoption of smartphones globally. This explosion has driven down the prices on a host of small components that make most home automation products feasible, and the smartphone acts as a universal remote for an individual to control these connected devices.

Read More
1808 Words | 8 Pages

The pricing strategy or pricing policy is one of the most important managers make for a product as it affects the profitable outcome and competitiveness that a product may make. (Toni, 2017). A business can use a variety of pricing strategies when selling a product or service. The price can be set to maximize profitability for each unit sold or from the market overall. It can also be used to defend an existing market from new entrants, to increase market share within a market or to enter a new market by dropping the price or offering more benefits with the device such as packages.

Read More
430 Words | 2 Pages

To understand the market they need to do extensive research on economic trends, competition, technology, cost per customer acquisition, and customer

Read More
1596 Words | 7 Pages

1. In order to understand the success of Inditex’s best brand, Zara one has to understand their strategic choices, and at its core this revolves on having a good understanding of who Zara targets, and what makes this brand attractive. Zara’s most important target market can be understood by the use of demographics, they target young (18-40 year old) women, who are price-conscious with a mid-range income, and very sensitive to fashion trends.

Read More
1009 Words | 5 Pages

4.4 Pricing Strategy For a number of reasons, price is one of the most important aspects of an effective marketing strategy (Gerstein & Friedman, 2015). First, price is the only marketing variable that generates revenue. Second, buyers see price as an attribute of value (Tanner & Raymond, n.d.). Consequently, an organization must carefully assess its internal and external environment to choose the most effective pricing objective, which—in turn—will drive a product’s initial pricing strategy.

Read More
1625 Words | 7 Pages

Segmentation, Targeting and positioning, also known as STP are an essential part in marketing today. This model is important for generating marketing communication strategies and it aids the marketers to prioritize schemes and deliver personalized and pertinent messages to diverse audiences. This approach is audience oriented rather than product focused in terms of communication, which results in conveying appropriate messages to the members who are more commercially appealing. Segmentation benefits the managers in finding out the area on which they have to concentrate on in terms of geography, demographics, social factors or behaviors.

Read More
2648 Words | 11 Pages

Table of Contents 1.0) Executive Summary 3 1.1) Objectives 3 1.2) Mission 3 1.3) Keys to success 3 2.0) Product and Services 4 2.1) Sourcing 5 2.2) Technology 5 3.0) Market Analysis Summary 5 3.1) Market Segmentation 6 3.2) Target Market Segment Strategy 7 3.2.1) Market Trends 7 3.2.2) Market Needs 8 3.2.4) Market growth 8 4.0)

Read More
1415 Words | 6 Pages

6.0 Marketing Strategies There are different marketing strategies which can be applied for each component depending on organizational objectives or goals. Skillshare need to accomplish the precise equilibrium of the marketing mix to achieve its goals. Figure 1: The 4 Ps of Marketing Mix Marketing mix is an arrangement of four choices which should be taken before propelling any new product or service on the market. These variables are otherwise called the 4 P's of marketing. These four variables help the firm in settling on vital choices essential for the smooth running of any product / organization.

Read More
840 Words | 4 Pages

The different strategies are; Penetration pricing, Skimming pricing, Competition pricing, Product Line pricing, Package pricing, Psychological pricing, Premium pricing, Optional pricing, Cost Based pricing and Cost Plus pricing. Each strategy has their advantages but also disadvantages. For a company to choose the right strategy they have to take into account their corporate objectives. A company might use more than one pricing strategy for its products it all depends on the objectives. According to Steve Job's vision for Apple was to always create a premier product and charge a premium price.

Read More
1607 Words | 7 Pages

One of their key strategies in meeting this goal is a focus on customer service in order to create an experience for its consumers. Another one of their strategies is to ignite their emotional attachment with consumers. They also have

Read More
1497 Words | 6 Pages

6.1 Marketing Mix Marketing mix is a set of controllable marketing tactics used by business to promote their product and achieve its marketing objectives. (L. Lake, 15 June 2017) Marketing mix is also called the 4Ps which consist of Promotion, Place, Product and Price. (M. J. Baker, 2001, p.54) 6.1.1 Product

Read More
1141 Words | 5 Pages

This is done through creating profitable and maintainable relationships with customers. The course has taught me that companies have a responsibility in understanding the marketplace and customer needs. If companies are unsuccessful at doing this, there is a great probability that they will fail at making profits. Marketing helps companies maintain their competiveness. What I learnt from reading the literature I really enjoyed learning about consumer behavior as it managed to change the lens through which I viewed the world.

Read More

More about Understand Target Consumer

Related Topics

Open Document