Marketing Strategies Case Study Example | Topics and Well Written Essays - 3000 words

Marketing Strategies - Case Study Example Factors identified that can affect the marketing strategy of the firm include; the marketing environment which includes everything from lifestyle changes to consumer education and the economic environment. Other than that the demographic environment with a special consideration to those who are interested in convenience eating , the cultural, natural, technological and political environment all play a key role in shaping the marketing strategy of this firm. The target market is an important consideration for any firm selling whichever product. A target market is the group of people for which a certain product is intended. It could be an age group for example products targeted for children such as Nesquik- a milkshake, a social class such as products targeted for the rich and status conscious like Rolex watches and a particular gender like Maybelline- it is a cosmetic targeted at women only. Other factors can also be brought into the picture and often integrated with other variables to form a target profile of the consumer. It is essential that the right target market is targeted so as to achieve the relevant objectives. If the right target market is not targeted any amount of promotional effort will not achieve marketing objectives and all efforts will go to waste. The target group for the product includes people who are health conscious and who are able and willing to invest in their health. They are also people who are willing to pay a premium price for the product therefore being loyal to the product. These are people who want a convenient lifestyle and are looking for on the go breakfasts which serve their nutritional purpose but are still not heavy on the stomach. The rising health concerns amidst the general public can be capitalized on and used for this purpose. It is expected that the target market will have some attachment for the product even though they have not been educated culturally on careful health choices.3 Market segmentation is the process of dividing a market into distinct subsets of consumers with common needs or characteristics and selecting one or more segments to target with a distinct marketing mix. Initially the world began with mass marketing. Products were targeted to anyone and everyone without any changes and modifications. This is exemplified by Henry Ford's model T example; ' in any colour they want it as long as it is black'. With time marketers have learnt that not all consumers are alike and they have different needs and wants. They need to be targeted differently and given different offerings to appeal to their taste. There are certain bases for segmentation that can be used to give a coherent and homogeneous cluster of individuals. These include geographic segmentation, demographic segmentation, psychographic segmentation and use-related segmentation etc. Not all bases are used at one time and only the relevant ones are considered. 9 The relevant segmentation bases for this product include demographic segmentation, psychological segmentation, and psychographic segmentation, use related segmentation and benefit segmentation. Therefore demographically the target market profile that we are looking at is an age group of 16-25, male and female, single and usually studying or just started working. Other than them young executives who have a busy and