Marketing
Primary Segments
A company must have a target population or segment to become successful, for serving the whole market not only consumes the time and energy of the business but its resources as well. For that matter, business firms must focus on market segmentation. Market segmentation is the process by which markets are divided into homogenous groups of customers, each of them reacting differently to promotion, communication, pricing and other variables of the marketing mix (2001). In addition, market segments should be formed in that way that differences between buyers within each segment are as small as possible, thus, every segment can be addressed with an individually targeted marketing mix (2001). Given the fact that each consumer has individual needs, preferences and personalities, market segmentation is useful to cater efficiently to their needs.
The concept of marketing covers four primary segment valuables, namely, geographic segment, demographic segment, psychographic segment and the behavioral segment. The geographic segment refers to the land region distribution of the consumers, whether they belong in a rural or metropolitan area (2001), the region of the world or country, its size and its climate ’ 2006). This segment is important to assess the location of the consumers, for the proper and efficient allocation, innovation and invention of products and services. The second segment is the demographic segment, which pertains to the age, gender, sexual orientation, marital status, family size and life cycle, income, occupation, education, socioeconomic status, religion, nationality, race or ethnical group ’ 2006 and 2001) of the consumers. This segment is also important to assess the individual needs of the consumers and so that the business firm can create products and services suited for their individual needs. The third market segment is the psychographic segment, referring to the personality of the consumers, their life style, social status, values and attitudes ’ 2006 and 2001) towards products and services. This is equally important as the two other segments for it can determine the consumers’ preferences in using a specific product or service. This segment refers to the personal usage and fondness of a consumer to products and services. Lastly, the behavioral segment pertains to user behaviors, brand loyalty of the consumers, and the intensity of product use (2001). This segment determines the frequency of the use of the product and their constancy in using specific products and services.
In relation to dividing the MBA students, the market segment applicable would be the demographic segment. This segment is useful for it covers the age, gender, nationality and race of the students. It would be easier to introduce a product or service if this segment will be used and focus only on the students’ needs. In addition, it covers the economic status of the students, which determines also their use and loyalty to a product or service. The implementation of using the demographic segment can also help companies assess their potential of producing goods and services to cater and serve the individual needs of the MBA students.
Implementing Marketing Campaigns with Limited Resources
Given only limited resources, there are still some ways on how to implement successful marketing campaigns. One of the methods that can be used in implementation would be distributing direct mails, flyers or written surveys. Giving out direct mails involves direct marketing, producing and distributing written materials to a target audience, and involves skills such as good writing ability, working with a deadline, creativity and technical expertise (2006). This method is appropriate when an organization has a limited budget or is unable to reach the members by other methods ( 2002). Furthermore, written surveys or mails can be mailed separately or included in newsletters or annual reports ( 2002), and can be a gateway to promoting the projects or campaigns of specific organizations. In this way, the donors or members can also freely express their feelings, beliefs and needs regarding the organization’s projects and can contribute some ideas to improve the idea.
Another method is by conducting telephone calls to generate a wealth of information ( 2002), and promote campaigns. This method is useful on informing the donor or staff how they can be involved with the projects of the organization, how can they benefit, and express their continuous support for the organization ( 2002). Through this method, the organization may query the donor regarding the quality of your current programs or service, and determine if the member would utilize options such as email, electronic fund transfers, or credit cards, and ask the donor if they would consider participating in focus groups ( 2002). Telephone calls would be a good vehicle of information to advise member or donors with upcoming projects and campaigns being done by the organization.
Lastly, compared to the mentioned methods, conducting focus groups provide intensive interaction among members. In the focus group setting, the organization can demonstrate a product, service or activity, promote campaigns and projects, and gauge as well, the emotional intensity of the participants’ reactions and even provide solutions to problems when asked to consider creative options ( 2002). One disadvantage of this method is that they represent the ideas of only selected donors, thus an organization may wish to compile data from several focus groups, and use this information, along with other data, to feed your evaluative thinking ( 2002). This fosters good participation and discussion from both parties, and talks about new projects and campaigns for the improvement of the organization and their charities, and discusses plans and fundraising campaigns for their benefit. This not only help the company to promote and implement their projects or campaigns, but also to gather information from the charities, support them, create a good and lasting relationship, promote cooperation and unity among the members, and work together to reach their long-term objectives, and create new ones.
Motivating Channel Partners
Managing channel partners or members is a difficult and continuous process. It somehow helps determine the success of the company in its objective to penetrate and conquer the market. Companies continually improve their products not only to serve their consumers and profit from the trade but also to encourage their channel partners with their dedication. The dedication of the companies’ channel partners depends on the reliability of their products or services ( 2005). Companies must also give attention and importance to communication. Good communication helps the companies and their channel partners with their negotiations and dealings to effectively compromise with certain issues. Communication also helps with fostering a great relationship and resolving conflicts among channel partners. Furthermore, companies must also focus in giving benefits to their channel partners ( 2005). Benefits serve as good reinforcements and enable channel partners to continue supporting the company. It has been reported that in highly competitive markets, with so many manufacturers competing for the same customers, channel partners, such as distributors and dealers can afford to be choosy about which manufacturer’s products they will push (1990), so it is important to motivate channel partners for a continuous flow of business. Motivating channel partners involves three elements. The first element is finding out the needs and problems of channel partners, which deals with the size of manufacturers and differences in needs (1990). Identifying their problems would help to devise efficient solutions and in turn, make negotiations easier for channel partners. (1990) explains the second element as offering support to the channel partners that is consistent with their needs and problems (). Offering support to the company’s channel partners assures them of their importance, and shows the value of their services to the company. This not only makes their problems easier to handle, but also gives them confidence to face greater challenges in the future, knowing the company supports them. The last element is building a continuing relationship based on mutual commitment, which is necessary for successful domestic or international marketing channels (1990) for it assures the personal involvement of the channel partners to the business, enhances their partnership, and contributes to the stability of the business in the market.
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