Project By :: Ashwin Shetty 1204 Danish Rahim 1206

Faisal Qureshi 1207

Types of Data
Primary Data and Secondary data Quantitative and Qualitative data

Methods of data collection

Experiments Sample Surveys Observational studies

Data Analysis
Statistics Displaying Data

Probability

Target Marketing
Target marketing requires marketers to take three major steps: Market segmentation: Identifying and profiling distinct groups of buyers who differ in their needs and preferences. Market targeting: Selecting one or more market segments to enter. Market positioning: Establishing and communicating the key distinctive benefit(s) of the companys market offering to each target.

Target Marketing
Advantages

Easier analysis of potential and actual consumers

Tailoring of products to market Assessment of demand potential Identify competing products Increased sales effectiveness and cost efficiencies

Product positioning and easy identification of opportunities

Target Marketing
Disadvantages Increased marketing costs Personalization can become burdensome to manage Faux segmentation may be viewed cynically Narrow segmentation can impact brand loyalty

Ethics and stereotyping issues

Market Segmentation
Differentiated Concentrated Undifferentiated

Differentiated Marketing An organization targets multiple market segments and develops segment specific mixes

Concentrated Marketing When an organization concentrates its marketing efforts on a smaller segment of a larger market

Undifferentiated Marketing An organization develops one strategy appropriate for all members of the total market

SEGMENTATION

Geographic Segmentation
Nation or country State or region City or metro size Density Climate

Demographic Segmentation
Age, race, gender Income, education Family size Family life cycle Occupation Religion, nationality Generation Social class

Psychographic Segmentation
Lifestyle Activities Interests Opinions Personality

Core values

Behavioral Segmentaion
Occasions Benefits User status Usage rate Loyalty status Buyer-readiness Attitude

Marketing Unit

Target Market - A specific group of consumers at which a company aims its products and services

The better a company is at identifying their potential consumers; the more successful they will be in delivering products and services that are in demand

Your target consumers are those who are most likely to buy from you

Focusing on a target market makes it easier to develop products people want

Project 1:: Mc Donalds Project 2 :: Canine Apparals

Is your product international, national, or local in scope?

Are your target consumers male or female?

How old are they?

Are you target consumers single, married, or divorced ?

What level of education has your target consumers completed: high school, college, or university?

Where do they live?

Is geography a limiting factor for any reason?

What do they do for a living?

How much money do they make? This is most significant if you're selling relatively expensive or luxury items.

What is there lifestyle like: conservative, exciting, trendy, economical?

Are your target consumers easily led or opinionated?

What are your target consumers activities and interests: sports, physical fitness, shopping, books?

What other aspects of their lives matter?

To satisfy basic needs

To solve problems

To make themselves feel good

Creating the target market may require the use of limited product roll-outs and focus groups, allowing product managers to get a feel for which aspects of the product are the strongest

Roll Out

- The process of introducing a new product or service into the marketplace

Focus Group

- A small group selected from a wider population and sampled, as by open discussion, for its members' opinions about or emotional response to a particular subject or area, used especially in market research or political analysis

No single product can meet everyones needs

More than 30 different varieties/flavors

Not all products and services are meant for all types of consumers

The beauty of target marketing is that it makes the promotion, pricing and distribution of your products and/or services easier and more cost-effective

Resources
http://www.entrepreneur.com/encyclopedia/term/8249 8.html http://sbinfocanada.about.com/cs/marketing/a/targetm arket_2.htm http://www.answers.com/topic/focusgroup#ixzz1HQx89zFu

http://www.freedigitalphotos.net/ http://www.google.com/imghp?hl=en&tab=wi
**Please notice pictures are sited with artist name. All pictures not cited with artist name were obtained from Google images.

Thank You