Identifying target market Flashcards
Segmentation
Division of hte market place into distinct subgroups, each characterized by particular tastes and requires a specific marketing strategy. Creates your target market
Geographic variables
Demographic
Psychographic
Behavioral
Psychographic variables`
Belief, Value, Goals
Lifestyle (do they eat out often, drink at dinner?)
Personality (do they like to show off their wealth or knowledge)
Values and beliefs (vegetarian, vegan, organic, environ friendly)
Interests (particular varietal, region)
Behavioral variables
What benefit do they want from wine? (Quality, value, prestige?)
When do they buy wine? (Regularly, special occassion only)
Where do they buy wine? (Supermarket, specialist wine retailers?)
What is their level of brand loyalty?
What is their level of interest in wine? (Enthusiast, moderate interest, indifferent?)
Are they early adopters? (Trendsetters?)
Define market research
The gathering and analysis of data about a particulr market segment in order to understand what htat segment wants or needs
Confirm that your hypothesis that a certain segment is appropriate for a product is correct before starting an expensive marketing campaign
Aims of market research
Wat is information is needed - price? Location?
From whom will the researchers gather data? Small group of consumers from the segment? Or a cross section of hte public?
How will the resarch be carried out? Survey, focus group (expensive), interviews, observign consumer behavior, secondary research
4 key areas objectives should cover
- Type of marketing strategy - mass (multiple segments, 1 brand), niche (1 segment, 1 brand), multiple (multiple segments, multiple brands)
- Aims of the marketing strategy? Launch product, increase sales, increase market share, improve brand awareness, attract new customers, etc
- How will success of the strategy be measured? (Profits, value of sales, market share)
- Within what time period should hte objective be achieved
Set marketing budget!
