Marketing management can are the ones that designs the customer-driven marketing strategy. A well construct customer-driven marketing strategy consists of market segmentation, target marketing, positioning and differentiation. A marketers’ target is to find, attract, retain and grow target customers by creating, delivering and communicating superior value towards its customers. Firstly, is market segmentation, it is to divide and group them under certain variables in the market segmentation.
MPH uses demographic segmentations to group and divide its customers under different ages, income, gender, occupation, interests and many more. For example, MPH bookstore divides its customer’s base on different ages like, infant and kids section, primary school student’s section, secondary school student’s section, college student’s section, workers and elderly’s section. After dividing the customers into the different segments, MPH will choose the target market that is by selecting one or more segments to serve or grow.
MPH type of target marketing is differentiated marketing. It provides different categories of book for every different consumer segments. MPH’s most preferred target markets are mostly under kids and students who are still studying because they are always encouraged by the schools to read more often to improve their vocabulary skills and to search for more information for their assignments. As books are one of the reliable sources that give them more information on what they need to know and to improve their own selves.
The Term Paper on Marketing Notes Information Research Market
Chapter 1 - Marketing In a Changing World What is marketing - Creating customer value and stratification are at the very heart of modern marketing thinking and practice. Market Defined - Markets always focus at satisfying customers needs - Marketing: A social and managerial process by which individuals and groups obtain what they need and want through creating exchanging products and value with ...
MPH not only sells books, it also sells gifts and stationeries that are suitable for everyone. Besides that, value proposition is also important. It is the reason why a customer should buy your products rather than the competitors’ products, is because of the benefits that the customers gets, is more than the cost of the product. Positioning plays an important role in the customer-driven marketing strategy of value proposition.
When people mention MPH bookstores, consumers tend to remember MPH for it is great discounts, member card privileges, book fairs and sales where it is affordable for everyone regardless of age, gender, income and occupation. Furthermore, to design and carry out the marketing strategies there are five alternative concept that are, production concept, product concept, selling concept, marketing concept and societal marketing concept.
For production concept, MPH focuses more on improving its production and distribution efficiency by opening its business in bigger shopping malls like Suria KLCC, Mid-valley and One Utama. The second concept is product concept. Customers will favor products that have good quality, features, and performance. Thus, MPH dedicates its energy on making continuous product improvements like having more choices of books to customers and other resources, which are hard to get in other book shops and it will be always maintain the good condition of the books there for sale.
For the selling concept, customers are not aware of MPH’s products unless the MPH approaches them by undertaking a large-scale of selling and aggressive promotion effort. In marketing concept, MPH’s acheivements depends on how much do they know the needs and wants of its target markets and being able to deliver the amount of satisfaction way better than competitors do, like Popular book shop.
Concept Of The Product Cycle For Business Planning And Budgeting
The product cycle concept states that all products have a life span. Since the desirability and sales of a product changes at different stages of a product’s life, product concept and strategy always need constant revision. Product cycle can apply to both a category of a product or a brand and underlines most business planning models because of sales and profitability. It has a number of ...
The last concept of the marketing strategy is the societal marketing concept. This concept makes decisions while considering customer’s needs, wants, the company’s desires, consumers’ long-run interests and the society’s long-run interests. For example, MPH shows their understanding towards the needs of its customer’s while also preserving the ability of future generations by having Go Green events and also collecting donations for orphans at a few selected orphanage.
