Sunday, September 29, 2019

Marketing Definition Essay

Definition The process of defining and subdividing a large homogenous market into clearly identifiable segments having similar needs, wants, or demand characteristics. Its objective is to design a marketing mix that precisely matches the expectations of customers in the targeted segment. Few companies are big enough to supply the needs of an entire market; most must breakdown the total demand into segments and choose those that the company is best equipped to handle. Four basic factors that affect market segmentation are (1) clear identification of the segment, (2) measurability of its effective size, (3) its accessibility through promotional efforts, and (4) its appropriateness to the policies and resources of the company. The four basic market segmentation-strategies are based on (a) behavioral (b) demographic, (c) psychographic, and (d) geographical differences. Read more: Do you think that it was a good segmentation for M&M’s to develop a new version targeting adults? In observing how M&M’s have changed over time from the addition of peanut butter and almonds to the changing of colors and sizes I think that was a great segmentation strategy to develop a new version targeting adults. The new line of M&M’s is 55 percent larger in size and they come in colors that are appealing to adults in its design (Schiffman & Kanuk, 2007). According to spokeswoman Joan Buyce of Masterfoods USA this creation is designed with adults in mind and â€Å"It broadens our portfolio so there’s something for everyone† (M&M’s get mega-sized, 2012, p.1). Buyce also states that the new M&M’s are available in milk chocolate as well as peanut varieties and come with an adult-oriented color scheme which includes teal, beige, gold, maroon, brown and blue-gray (M&M’s get mega-sized, 2012). Due to the new line of M&M’s including aspects that target adults I think that it is a great segmentation strategy because appealing aspects are included in the development of the new version. Discuss three basic types of research of design (exploratory, descriptive and casual). The three basic types of designs are exploratory, descriptive and casual research. In the explorative research there is systematic and flexible and allows the researcher to investigate desires (Marketing Research Design, 2012). Explorative research is also most commonly unstructured, informal research that is undertaken to gain background information about the general nature of the research problem (Marketing Research Design, 2012). While descriptive research describes and measure marketing phenomena at a point in time (Marketing Research Design, 2012). This type of research is classified as a cross sectional study, because it is a one-time measurement, which is established in market research, outnumbering longitudinal studies and casual studies (Marketing Research Design, 2012). Casual research is†¦ [continues]

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