Recommendations for Marketing Strategies
Before we begin a discussion of viable marketing strategies we must first recall some things that have already been established. First it has been established that the household segment that has been chosen for this report will not buy family sized cars. Second, it has been established that it will buy single sized food packaging. Having said that let us move on to discuss marketing strategies. A discussion of practical marketing strategies will necessarily entail a discussion of consumer behavior. Furthermore it also includes a discussion of segmentation. Segmentation, targeting, and positioning are three stages of a single process. The first stage named segmentation is responsible for determining what type of consumers there are. The second stage known as targeting is responsible for choosing which ones we should serve. The question here is serving which segment of the population will benefit us the most. The third step is to implement our strategies on the segment that will provide us with the most benefit. Now segmentation involves research in to all the various types of consumer that exist. It involves figuring out what type of consumer is looking for what. It entails figuring out consumer requirements. If we are to take the automobile industry as an example we find that different types of consumers look for different things in a car.
For example one type of consumer is looking for speed and performance. Another is looking for safety and general spaciousness. These two types of consumers fit in perfectly with our model of Household stages. The consumer looking for speed is most likely a young single. The consumer looking for safety and spaciousness is most likely a person with a family. In the case of family sized cars, young singles do not have a need for vehicles that offer large amounts of passenger space, large engines and high safety ratings. For this reason, they perceive the value of family sized cars to be lower than, say, sports cars. This is why segmentation is necessary. It is essential in figuring out what type of consumer to market to. Segmentation is necessary if we are to market effectively. For family cars, it doesn’t matter much depth or breath the product line has because the basic concept behind these vehicles remains the same. The change in luxury grade or engine power may attract some customers from a different market segment but these cars cater to a very specific market segment. This leads us to implementation. One aspect of implementation is figuring out what aspect of the market you’re going to cater to. Once that is done companies generally declare themselves so that all concerned know that this is the segment of the market that they cater to.