University:
Eastern Kentucky University
Course:
MKT 300 | Principles of Marketing
Academic year:

2022
Views:

230

Pages:

2
Author:

Nyasia Cardenas

MARKET SEGMENTATION IDENTIFICATION Market segmentation is a marketing phrase that refers to grouping prospective consumers into groups or segments with comparable demands and responses to marketing actions. Market segmentation allows businesses to target different types of consumers who see the full value of different products and services differently. ELEMENTS OF MARKETING MIX: 1. PRODUCT: Products are commodities and services that solve issues and meet customer wants. A product might be either material, like a car or apparel, or intangible, like a trip or home cleaning service. A successful product either fills a vacuum in the market or provides a one-of-akind experience that increases demand. 2. PRICE: The price of a product is the amount paid by the consumer. During product marketing, it is critical to determine a pricing that represents current market trends, is affordable for customers, and profitable for the firm. Prices might change depending on availability and demand as well as the product's sales cycle. While some firms may cut their prices to compete with the market, others may raise them, particularly if they are advertising a premium brand. 3. PROMOTION: Promotion is the act of reaching out to a specific audience with the correct message at the right time. It disseminates information and is an efficient technique to execute a sales campaign and communicate with customers. A promotional strategy seeks to show customers why they need a certain product and why they should buy it over other items. Product promotions, at the heart of marketing communications, disseminate specific and meaningful advertising via popular channels such as word-of-mouth seeding, social networking, Instagram campaigns, print marketing, television commercials, email marketing campaigns, social media marketing, and more. 4. DISTRIBUTION: The action of selling and distributing items and services from producer to client is known as distribution. This is also known as product distribution. As businesses become more global, it becomes increasingly necessary to optimise distribution to keep consumers and other members of the distribution channel satisfied. Many persons may be engaged in distribution depending on the length of the distribution chain.