Factors to Consider When Deciding on Which Market Segment to Venture

Question1(a) Factors to consider when deciding on the segments to serve as a mart * Population The density of the people in a given place is a very important aspect to consider when segmenting a market . A densely populated field of battle is usu bothy preferred as a destiny to market the return. * Consumer behaviour How a consumer perceives when purchasing or deciding to grease ones palms a harvest is very vital. * Social classDifferent consumers have diametric classes . in this parapraxis a seller should consider the class of the various consumers before deciding on which segment to convey or segmenting the consumers into certain target group * Attitude towards the harvest Different consumers have different scene about(predicate) the harvest-feast in different regions ,consumers attitudes about the overlap in place should be factored in when deciding on the market segment * ReligionDifferent consumers have different religions and in this case about may not consume a ce rtain product establish on their religion, a darling marketer evaluates the demographic and cultural factors before venturing and selecting the appropriate market segment. Question 1(b) Message execution entitle to capture the target markets attention and interest Packaging style How the in effect(p)s appear to the consumer influences his/her buying decision ,thus how the labels, container appears determines a dole out on how the consumer creates interest in that productBrand heel Most consumers have become constituent in in purchasing or consuming certain products and they exit always look for these products with the brand name they are used to. Clear descriptions How the product description in terms of how it is used ,its ingredients, determines a down how that product allow capture the attention of the consumers. Shapes and sizes Consumers belong to different classes and how the products are broken down into different sizes and shape determines how that product will captu re the attention of the buyer PriceMost consumers prefer a quality product with a reasonable cost ,in this case the seller should consider competitors before setting his/hers price inorder to subdue customer loss through higher prices. Question 2(a) Components of the selling in buildation schemes I. Internal reporting system This involves the records of income ,expenditure, creditor or debtors and consumers II. grocery storeing intelligence This involves getting information from another different person to get to go through whether you are performing in the market or not III.Marketing explore This involves identification of a chore and finding a solution to that problem IV. Marketing models This involves the use of time series ,linear programming ,analysis of deviation ,progression analysis, sensitivity analysis, in trying how the market operates Uses and functions of public intercourses to nerve a) Used to inform consumers about the bare-assed product in the market, thr ough public relation consumers get to screw about the new product in the market b) Used to teach the consumers on how to use the new product in the market .It is through public relation that the consumers are taught how to use the new product in the market. c) Enables consumers to know where and how to get the organizational goods d) Used in link ling the consumer with the organization thus public relation facilities then bringing of the gap between consumers and the organization Importance of public relation to the organization i) Creates good image of an organization. An organizations image is sustained through public relation. i) Public relations enhances the product awareness that is marketing of organizational product is enhanced iii) Public relations enables the establishment of long and lasting relationship with the consumers iv) knowledgeableness of trust about the organizational products by the consumers, due to a close relation by the consumers the organization product w ill be trusted by the consumers Question 3(. a) Product increase process a) liking generationThe product to be developed is established at this very vital stage ,idea generation mess be through archives ,business journals or successful entrepreneurs . b) Idea screening The idea found is heedful and its viability weighed before further developments Concept development and testing c) Concept development and screening How to create the product and addition of more features to make the product and testing. d) Business analysis The market is analysed whether the product will travel in the market or not? ) Product development The product itself is then developed that is all the features encompassed to the product and forming the final the product. f) Market testing Product is interpreted to the market may be taken in samples or the product is fully released to the market g) Communication and adoption After testing the market and finding that it is performing ,large volumes of product s are then produced for commercialization 3(b) Methods available to a firm to set their advertise budget Cost analysisA firm considers the various media and avenues to be used and the costs to be associated with each the media to be used should not be too costly to the extent of eating on the acquire Market analysis A firm measures the available market and conducts a swot analysis thus a firm will play their advertising budget depending on the competitors ability and the general market competitiveness. betoken population A firm will set their advertising budget basing on the geographical force field of the targeted population Product temperamentThe nature of the product will have to be put into consideration when supplying for the advertising budget, If the product is highly involved or it is a new product then it requires allotment of more funds. 4(a)Role played by the middlemen in distribution of goods Breaking of bulk Some middlemen may exchange the shapes and size of the product into flexible and portable items for ease of transportation or storage. Location Middlemen enable consumers to set about goods easily by availing themselves in strategic places convenient to the consumer. Repackaging of goodsMiddle men pack products into desired packages such as containers Disseminating information Middlemen get first hand information about products from the consumers and submit the data to manufacturing firms for marketing research ,and also giving vital information to the consumers about the product(manufacturer) 4(b)New product pricing strategies a) Cost establish strategy A marketer will price the product based on the inputs used when manufacturing the product. b) Competitor based strategy A marketer will price his/her goods based on the price of the competitor goods. c) consumer based strategyA consumer is the king/queen of the market and the marketer will price his goods basing on the willingness and ability of the consumer to purchase that product in that price. d)product based strategy a marketer will price his goods based on the nature of the product Question 5a. major(ip) influencers on consumers purchase behaviour 1. Culture the cultural belief and norms of the consumer will influence his /her purchasing behaviour. 2. Social factors such as the family ,age, occupation will influence a lot on how the consumer will purchase the product. . Personal factors such as the attitude and economic status of the several(prenominal) will influence his/her decision to purchase a product. 4. Phys logical factors like personal attributes will act a consumers purchasing behaviour 5b stages in a buyers decision making process for a major purchase a) Awareness a consumer should get to know all about the product he/she wants to purchase b) Interest a consumer then develops the interest for the product. ) Evaluation a consumer will then evaluate the product in questions based on various alternatives d) Trial after a consumer has chosen the right product he/she will then put it on trial e) Adoption if the consumers likes the product he/she will then make a purchase question 6. (a)elements of the promotion mix dvertising Refers to any paying form of non personal presentation and promotion of ideas,goods and services of an identified sponsor personal selling refers to lay out to face persuasion of a prospective buyer to buy a product publicity refers to a non paid promotion of ideas ,presentation of products and doesnt necessarily need an identified sponsor sales promotion refers to activities that stimulates consumer purchasing 6b. trategies that skunk be used in the stages of the product lifecycle a) Introduction stage it is the initial stage of product development and its characte ascensiond by low sales ,low profit or nil profit the marketing strategy to be busy at this stage is the promotional strategy. b) Growth stage there is a steady rise in profits ,increased sales and established market share at this stage t he marketer butt end diversify the product to increase its outlook and market stability. ) Maturity stage at this stage the profits begin to decline as there new entrances in the market strategy to be employed here is diversification or turn around. d) Decline stage here the sales become entirely low or none ,profits diminish and cost of production super cedes the revenue the best strategy to approach as a marketer or marketing manager is withdrawal from the market or diversification.