Basmah Hussain - Target Market + Push V. Pull Strategies Presentation Flashcards
Target Market
A group of consumers that marketers want to attract
Aggregate Market:
When marketers target everybody
Ex. Coca Cola, iPhone
Differentiated Market
When markets are categorized in a specific way
Ex. Consumers income, gender, lifestyle, age, ethnic background, geographic location, personal values, education
Push Strategies
suppliers convinces retailers where and how to sell G&S.
Product placement in stores
Shelf space / floor space
Discounts for retailers
Special displays
Prizes / commission
Shelf allowance: money paid by suppliers to a retailer to provide shelf space for a new product
Pull Strategies
Attempts to pull customer into the retailer by using:
Creative advertising (ads, brochures, Internet)
Samples
Coupons
Publicity
Contests
Marketing Concept
The idea that marketers must always consider their potential
CUSTOMERS and COMPETITORS
in every business decision
Steps of the Marketing Concept
The marketing concept requires a business to take three major steps:
Identify an opportunity in a specific consumer market.
Ensure the opportunity does NOT exist in the competitive market.
Use appropriate marketing strategies to organize marketing plans and sell its products or service successfully.
Industrial vs. Consumer Goods and Services
CONSUMER G&S are sold for
INDUSTRIAL G&S are sold for
personal use by individuals
business use by companies
The Law of Demand states that:
he quantity demanded of a good varies
inversely with a good’s price.
So as the price of a product increases, we tend to buy less of it.
When the price of a product falls, we tend to buy more of it
Supply: quantities of a product or service that producers are
willing AND able to sell at various prices in a particular period of time.
The Law of Supply states that:
the quantity supplied of a good varies
directly with a good’s price.
