Marketing research and market segmentation essay

For 35 years, those ads have helped position Maytag as a reliable brand for major appliances. Gordon Jump, an actor who really was a former Maytag repairman, played the lonely repairman role in ads for 14 years. Inanother veteran character actor, Hardy Rawls, took on that job. Although Maytag's basic positioning has been consistent over many years, marketing managers at Maytag are constantly developing new marketing strategies.

Marketing research and market segmentation essay

Definition[ edit ] Marketing is defined by the American Marketing Association as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. From a sales process engineering perspective, marketing is "a set of processes that are interconnected and interdependent with other functions" of a business aimed at achieving customer interest and satisfaction.

The Chartered Institute of Marketing defines marketing as "the management process responsible for identifying, anticipating and satisfying customer requirements profitably. However, because the academic study of marketing makes extensive use of social sciencespsychologysociologymathematicseconomicsanthropology and neurosciencethe profession is now widely recognized as a science, [8] [ not in citation given ]allowing numerous universities to offer Master-of-Science MSc programs.

Concept[ edit ] The 'marketing concept' proposes that in order to satisfy the organizational objectives, an organization should anticipate the needs and wants of potential consumers and Marketing research and market segmentation essay them more effectively than its competitors.

Given the centrality of customer needs and wants in marketing, a rich understanding of these concepts is essential: Something necessary for people to live a healthy, stable and safe life.

When needs remain unfulfilled, there is a clear adverse outcome: Needs can be objective and physical, such as the need for food, water, and shelter; or subjective and psychological, such as the need to belong to a family or social group and the need for self-esteem.

Essay on Market Segmentation - Blog | Ultius

Something that is desired, wished for or aspired to. Wants are not essential for basic survival and are often shaped by culture or peer-groups. When needs and wants are backed by the ability to paythey have the potential to become economic demands.

Marketing research, conducted for the purpose of new product development or product improvement, is often concerned with identifying the consumer's unmet needs. A product orientation is based on the assumption that, all things being equal, consumers will purchase products of a superior quality.

The approach is most effective when the firm has deep insights into customers and their needs and desires derived from research and or intuition and understands consumers' quality expectations and price they are willing to pay.

For example, Sony Walkman and Apple iPod were innovative product designs that addressed consumers' unmet needs. Although the product orientation has largely been supplanted by the marketing orientation, firms practising a product orientation can still be found in haute couture and in arts marketing.

Consequently, this entails simply selling existing products, using promotion and direct sales techniques to attain the highest sales possible. A meta analyses [28] has found that the factors with the greatest impact on sales performance are a salesperson's sales related knowledge knowledge of market segments, sales presentation skills, conflict resolution, and productsdegree of adaptiveness changing behaviour based on the aforementioned knowledgerole clarity salesperson's role is to expressly to sellcognitive aptitude intelligence and work engagement motivation and interest in a sales role.

A production orientation may be deployed when a high demand for a product or service exists, coupled with certainty that consumer tastes and preferences remain relatively constant similar to the sales orientation.

The so-called production era is thought to have dominated marketing practice from the s to the s, but other theorists argue that evidence of the production orientation can still be found in some companies or industries.

Specifically Kotler and Armstrong note that the production philosophy is "one of the oldest philosophies that guides sellers Market orientation The marketing orientation is perhaps the most common orientation used in contemporary marketing.

It is a customer-centric approach that involves a firm basing its marketing program around products that suit new consumer tastes. A firm in the market economy can survive by producing goods that persons are willing and able to buy.

Consequently, ascertaining consumer demand is vital for a firm 's future viability and even existence as a going concern. In this sense, a firm's marketing department is often seen as of prime importance within the functional level of an organization.

Marketing research and market segmentation essay

Information from an organization's marketing department would be used to guide the actions of other department's within the firm. As an example, a marketing department could ascertain via marketing research that consumers desired a new type of product, or a new usage for an existing product.

The production department would then start to manufacture the product, while the marketing department would focus on the promotion, distribution, pricing, etc.

Additionally, a firm's finance department would be consulted, with respect to securing appropriate funding for the development, production and promotion of the product. Inter-departmental conflicts may occur, should a firm adhere to the marketing orientation.

Production may oppose the installation, support and servicing of new capital stock, which may be needed to manufacture a new product. Finance may oppose the required capital expenditure, since it could undermine a healthy cash flow for the organization. As no-one has to buy goods from any one supplier in the market economy, firms must entice consumers to buy goods with contemporary marketing ideals.

Societal marketing A number of scholars and practitioners have argued that marketers have a greater social responsibility than simply satisfying customers and providing them with superior value.

Instead, marketing activities should strive to benefit society's overall well-being.Marketing Myopia is used in marketing as well as the title of a marketing paper written by Theodore Levitt. This paper was first published in in the Harvard Business Review, a journal of which he was an editor.

Maytag's Marketing Strategy Plan - Research Paper

Marketing Myopia suggests that businesses will do better in the end if they concentrate on meeting customers’ needs rather than on selling products. Marketing Plan For A University Hospital - “University must develop a marketing plan. A marketing plan is a strategic document that is designed to facilitate the achievement of specific business goals and objectives over a specific time period.

Essay about Marketing Research and Market Segmentation MARKETING RESEARCH AND MARKET segmentation The value of marketing information system 1 MARKETING RESEARCH AND MARKET SEGMENTATION • Marketing research is defined as the investigation of factors related to the marketing activities of a company.

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Venture through the pages of How Consumers Pick a Hotel to learn the steps of selecting a target and using consumer behavior applications to segment the market to reach your target.

Much as a consumer goes through the process of. The Journal of Management and Marketing Research (JMMR) publishes original, unpublished manuscripts related to contemporary issues in management and marketing. Any topic related to management or marketing is appropriate for publication consideration in the journal.

Market Segmentation, Targeting and Positioning essay The basis for the segmentation is the social background of customers since the product, snackfood, is oriented on the lower- and middle-class customers, who lead an active lifestyle and have little, if any, time to cook food or to dine in conventional restaurants.

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