Consumer Driven Marketing Strategy
Marketing Assessment 1
Consumer Driven Marketing Strategy
All companies are in existence ultimately because of the revenue which they receive from their respective customers. The success of a given company is determined by the responsiveness of its customers to its marketing schemes. Hence marketing strategies that are customer driven are essential since they pinpoint the desires of the customer and then attempt to satisfy them. In order generate these strategies, companies must discern what audience they are targeting, and what this audience desires.
In order to effectively select which customers to target, companies use four methods - market segmentation, identifying target market, differentiation, and positioning (KOTLER 2009).
Marketing segmentation is used a company to split its potential market into categories (KOTLER 2009). This can be done in a variety of ways, based on numerous factors, including demographic, geographic, and psychographic (KOTLER 2009). McDonalds' uses a variety of these. It segments according to demographics, particularly age groups, focusing on children, youth, and families, recognising that children have a large impact on what food families buy (Love and Saxena 2009). McDonalds also segments geographically, taking note of cultural barriers in any location where it sets up. This is evident in places like India, where it has traded its commonly used meats such as beef and bacon for more culturally friendly meats like chicken and lamb (Love and Saxena 2009).
The purpose of a target market is to show a company which segment is most likely to buy their product, and so reveals who to aim the marketing at (KOTLER 2009). It is obvious that children are a main target audience of McDonalds, particularly through the measures that McDonalds’ takes to appeal to them. In 1974, McDonalds launched an initiative which would serve to entice children all around the world for years to come – the ‘Happy Meal’ (Love and Saxena 2009).
Consumer Driven Marketing Strategy
All companies are in existence ultimately because of the revenue which they receive from their respective customers. The success of a given company is determined by the responsiveness of its customers to its marketing schemes. Hence marketing strategies that are customer driven are essential since they pinpoint the desires of the customer and then attempt to satisfy them. In order generate these strategies, companies must discern what audience they are targeting, and what this audience desires.
In order to effectively select which customers to target, companies use four methods - market segmentation, identifying target market, differentiation, and positioning (KOTLER 2009).
Marketing segmentation is used a company to split its potential market into categories (KOTLER 2009). This can be done in a variety of ways, based on numerous factors, including demographic, geographic, and psychographic (KOTLER 2009). McDonalds' uses a variety of these. It segments according to demographics, particularly age groups, focusing on children, youth, and families, recognising that children have a large impact on what food families buy (Love and Saxena 2009). McDonalds also segments geographically, taking note of cultural barriers in any location where it sets up. This is evident in places like India, where it has traded its commonly used meats such as beef and bacon for more culturally friendly meats like chicken and lamb (Love and Saxena 2009).
The purpose of a target market is to show a company which segment is most likely to buy their product, and so reveals who to aim the marketing at (KOTLER 2009). It is obvious that children are a main target audience of McDonalds, particularly through the measures that McDonalds’ takes to appeal to them. In 1974, McDonalds launched an initiative which would serve to entice children all around the world for years to come – the ‘Happy Meal’ (Love and Saxena 2009).