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4.2: Marketing Planning (Market Segmantation & Customer Profile (Niche…

- - - - consumers want right good or service
      - existing, adapted or new product
    - - if low :arrow_right: loose confidence in quality
      - if high :arrow_right: unable to aford it
    - - includes advertising & packaging
      - effective & targeted at appropiate market
      - convince that your brand is the one
    - - where & how product will be sold
      - right time & right place
- - - - Geographic Differences
        
        variation between geographic areas
        
        location-specific
        
        need for warmer clothes in Northern Europe vs South-East Asia
      - Demographic Differences
        
        age, sex, family size & ethnic background
        
        social class :arrow_right: expenditure patterns
        
        jobs influence people's income levels
        
        Marketing Acronyms
        
        DINKY :arrow_right: Double Income No Kids Yet
        
        NILK :arrow_right: No Income Lots of Kids
        
        WOOF :arrow_right: Well-Off Older Folk
      - Psychographic Factors
        
        differences in lifestyles, personalities, values & attitudes
        
        Lifestyles :arrow_right: activities undertaken, interests & opinions
  - - - small firms survive & thrive
      - unexploited market allows chance to sell at high prices [consumers pay more for exclusive products]
      - create status & image
    - - enjoy lower average costs of production
      - fewer risks
  - - - identify features of type of product (established by market research)
      - price, quality of materials, perceived image, level of comfort
    - - position competing products on the graph
      - only :two: characteristics
    - - identifies potential gaps in market
      - sector with "niche" potential clears which key features should be promoted more heavily
      - see if repositioning a product is required
  - - - effective promortion with focus on differentiating feature
      - opportunity to charge higher prices due to exclusiveness
      - free publicity from business media
      - higher sales than undifferenciated products
      - customers more identified with brand