Question

  Conduct a segmentation analysis and determine the target audience for "Little Shop". Assess the relative attractiveness of "Little Shop" and justify your assessment based on your targeting criteria.

Answer 1

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What is Marketing?

Marketing is about identifying and meeting human and social needs. One of the shortest good definitions of marketing is ―meeting needs profitably.‖When eBay recognized that people were unable to locate some of the items they desired most, it created an online auction clearinghouse. When IKEA noticed that people wanted good furnishings at substantially lower prices, it created knockdown furniture. These two firms demonstrated marketing savvy and turned a private or social need into a profitable business opportunity. The American Marketing Association offers the following formal definition: Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Marketing management takes place when at least one party to a potential exchange thinks about the means of achieving desired responses from other parties. Thus we see marketing management as the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. We can distinguish between a social and a managerial definition of marketing. A social definition shows the role marketing plays in society; for example, one marketer has said that marketing‘s role is to ―deliver a higher standard of living.‖

Here is a social definition that serves our purpose: Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others. Managers sometimes think of marketing as ―the art of selling products,‖ but many people are surprised when they hear that selling is not the most important part of marketing! Selling is only the tip of the marketing iceberg. Peter Drucker, a leading management theorist, puts it this way: There will always, one can assume, be need for some selling. But the aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that should be needed then is to make the product or service available. The American Marketing Association, the official organization for academic and professional marketers, defines marketing as: Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives Another definition goes as ‗Process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others’. Simply put: Marketing is the delivery of customer satisfaction at a profit. The notion of exchange as central to marketing is reinforced by many contemporary definitions such as ‗marketing is the process of creating and resolving exchange relationships‘ and ‗marketing is the process in which exchanges occur among persons and social groups‘. The essence of marketing is the exchange process, in which two or more parties give something of value to each other to satisfy felt needs. In many exchanges, people trade tangible goods for money. In others, they trade intangible services.

Exchanges in marketing are consummated not just between any two parties, but almost always among two or more parties, of which one or more taken on the role of buyer and one or more, the role of seller. A common set of conditions are present in the marketplace, viz., 1) Buyers outnumber sellers 2) Any individual buyer is weaker than any individual seller economically, but 3) The total economic power of even a fraction of the buyers is enough to assure the existence of, or to put out of business, most sellers or groups of sellers, and 4) Consequently, the sellers compete to sway the largest number of buyers they can to their, rather than another seller‘s (competitor‘s) offerings. Finally and intriguingly, 5) The sellers in their attempt to meet competition and attract the largest number of buyers, are influenced as well, regularly modifying their behaviours so they will have more success, with more buyers, over time. The expanded concept of marketing activities permeates all organizational functions. It assumes that the marketing effort will follow the overall corporate strategy and will proceed in accordance with ethical practices and that it will effectively serve the interests of both society and organization. The concept also identifies the marketing variables – product, price, promotion and distribution – that combine to provide customer satisfaction. In addition, it assumes that the organization begins by identifying and analyzing the consumer segments that it will later satisfy through its production and marketing activities. The concept‘s emphasis on creating and maintaining relationships is consistent with the focus in business on long-term, mutually satisfying sales, purchases and other interactions with customers and suppliers. Finally it recognizes that marketing concepts and techniques apply to non-profit organizations as well as to profit-oriented businesses, to product organization and to service organizations, to domestic and global organizations, as well as to organizations targeting consumers and other businesses Continuous exposure to advertising and personal selling leads many people to link marketing and selling, or to think that marketing activities start once goods and services have been produced. While marketing certainly includes selling and advertising, it encompasses much more. Marketing also involves analyzing consumer needs, securing information needed to design and produce goods or services that match buyer expectations and creating and maintaining relationships with customers and suppliers.

The following table summarizes the key differences between marketing and selling concepts Selling Vs. Marketing Difference between Selling Concept and Marketing Concept Point of difference Selling Marketing Starting point Factory Marketplace Focus Existing products Customer needs Means Selling and promoting Integrated marketing End Profits through volume Profits through satisfaction The difference between selling and marketing can be best illustrated by this popular customer quote: ‗Don‘t tell me how good your product is, but tell me how good it will make me‘. No. The Selling Concept The Marketing Concept 1 undertakes a large-scale selling and promotion effort undertakes activities such as; market research, 2 The Selling Concept is suitable with unsought goods—those that buyers do not normally think of buying, such as insurance or blood donations. The Marketing Concept is suitable for almost any type of product and market. 3 Focus of the selling concept starts at the production level. Focus of the marketing concept starts at understanding the market. 4 Any company following selling concept undertakes a high-risk Companies that are following the marketing concept requires to bare less risk and uncertainty. 5 The Selling Concept assumes – ―customers who are coaxed into buying the product will like it. Or, if they don‘t like it, they will possibly forget their disappointment and buy it again later.‖ Instead of making an assumption, The marketing concept finds out what really the consumer requires and acts accordingly to them. 6 The Selling Concept makes poor assumptions. Marketing concept works on facts gathered by its ―market and customer first‖ approach. Evolution Of Marketing As noted earlier, exchange is the origin of marketing activity. When people need to exchange goods, they naturally begin a marketing effort. Wroe Alderson, a leading marketing theorist has pointed out, ‗It seems altogether reasonable to describe the development of exchange as a great invention which helped to start primitive man on the road to civilization‘.

Production is not meaningful until a system of marketing has been established. An adage goes as: Nothing happens until somebody sells something. Although marketing has always been a part of business, its importance has varied greatly over the years. The following table identifies five eras in the history of marketing: the production era, the product era, the sales era, the marketing era and the relationship marketing era. Era Prevailing attitude and approach Production Consumers favor products that are available and highly affordable Improve production and distribution ‗Availability and affordability is what the customer wants‘ Product Consumers favor products that offer the most quality, performance and innovative features ‗A good product will sell itself‘ Sales Consumers will buy products only if the company promotes/ sells these products ‗Creative advertising and selling will overcome consumers‘ resistance and convince them to buy‘ Marketing Focuses on needs/ wants of target markets and delivering satisfaction better than competitors ‗The consumer is king! Find a need and fill it‘ Relationship marketing Focuses on needs/ wants of target markets and delivering superior value ‗Long-term relationships with customers and other partners lead to success‘ In the production era, the production orientation dominated business philosophy. Indeed business success was often defined solely in terms of production victories. The focus was on production and distribution efficiency.

The drive to achieve economies of scale was dominant. The goal was to make the product affordable and available to the buyers. In the product era, the goal was to build a better mouse trap and it was assumed that buyers will flock the seller who does it. However, a better mousetrap is no guarantee of success and marketing history is full of miserable failures despite better mousetrap designs. Inventing the greatest new product is not enough. That product must also solve a perceived marketplace need. Otherwise, even the best-engineered. Highest quality product will fail. In the sales era, firms attempted to match their output to the potential number of customers who would want it. Firms assumed that customers will resist purchasing goods and services not deemed essential and that the task of selling and advertising is to convince them to buy. But selling is only one component of marketing. Next came the marketing era during which the company focus shifted from products and sales to customers‘ needs. The marketing concept, a crucial change in management philosophy, can be explained best by the shift from a seller‘s market – one with a shortage of goods and services – to a buyer‘s market – one with an abundance of goods and services. The advent of a strong buyer‘s market created the need for a customer orientation. Companies had to market goods and services, not just produce them. This realization has been identified as the emergence of the marketing concept. The keyword is customer orientation. All facets of the organization must contribute first to assessing and then to satisfying customer needs and wants. The relationship marketing era is a more recent one. Organization‘s carried the marketing era‘s customer orientation one step further by focusing on establishing and maintaining relationships with both customers and suppliers. This effort represented a major shift from the traditional concept of marketing as a simple exchange between buyer and seller. Relationship marketing, by contrast, involves long-term, value-added relationships developed over time with customers and suppliers. The following table summarizes the differences between transaction marketing (i.e. exchanges characterized by limited communications and little or no ongoing relationship between the parties) and relationship marketing. Comparing transaction-based marketing and relationship marketing Characteristic Transaction-Based Marketing Relationship Marketing Time orientation Short term Long term Organizational goal Make the sale Emphasis on customer retention Customer service priority Relatively low Key component Customer contact Low to moderate Frequent Degree of customer commitment Low High Seller-customer interactions Conflict manipulation Cooperation; trust Source of quality Primarily from production Companywide commitment One of the biggest challenges of businesses today is how to attract customers and keep them. They do so through effective marketing. This lesson will identify five different approaches to marketing philosophies and provide examples for each.

A Pizza Shop Let's imagine that you want to open a pizza shop. You live in a suburban area with lots of families, so you know that the potential market is good. You've got some savings with which to start your business, and soon, you are the proud owner of a little shop in the center of your town. We'll call it Pizza Pizzazz. Fast-forward three months. Your shop is still open, but with each month, your savings are dwindling because you are not yet making enough profit from your small business to cover all the expenses. You knew it usually takes about six months to get a business off the ground, but now that the shop has hit its stride, you have some time to devote to the question at hand: how can you best market Pizza Pizzazz to bring in new business and generate a profit? Marketing vs. Marketing Concepts Marketing is the promotion of business products or services to a target audience. It is, in short, an action taken to bring attention to a business' offerings; they can be physical goods for sale or services offered. Common examples of marketing at work include television commercials, billboards on the side of the road, and magazine advertisements. But not all businesses approach the need to market their goods and services the same way. In fact, there are a few different approaches to how marketing can be successful for an organization. These approaches are called marketing concepts, or a philosophy that determines what type of marketing tools are used by a company. Marketing concepts are driven by a clear objective that takes into account cost efficiency, social responsibilities, and effectiveness within a particular market. The Marketing Concepts The marketing concept is the philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than the competition. Today most firms have adopted the marketing concept, but this has not always been the case. In 1776 in The Wealth of Nations, Adam Smith wrote that the needs of producers should be considered only with regard to meeting the needs of consumers. While this philosophy is consistent with the marketing concept, it would not be adopted widely until nearly 200 years later. To better understand the marketing concept, it is worthwhile to put it in perspective by reviewing other philosophies that once were predominant. While these alternative concepts prevailed during different historical time frames, they are not restricted to those periods and are still practiced by some firms today.