Describe the three steps in target marketing. Explain what factors/options should be considered for each step.
What will be an ideal response?
The three steps in target marketing are:
1. Analyze market segments.
2. Develop profiles of each potential target market.
3. Select a target marketing approach.
Several factors should be considered when analyzing segment attractiveness. The following are among the most important: segment size and growth potential, competitive forces related to the segment, and overall strategic fit of the segment to the company's goals and value-adding capabilities.
Once the market segments have been analyzed, marketing managers need to develop profiles of each segment under consideration for investment as a target market. Usually, this analysis results in segments that fall within four basic levels of priority for development:
1. Primary target markets-those segments that clearly have the best chance of meeting ROI goals and the other attractiveness factors.
2. Secondary target markets-those segments that have reasonable potential but for one reason or another are not best suited for development immediately.
3. Tertiary target markets-those segments that may develop emerging attractiveness for investment in the future but that do not appear attractive at present.
4. Target markets to abandon for future development.
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Which of the following is not an inside force that indicates organizational change might be needed?
A. high turnover B. excessive conflict between managers and employees C. increased competition D. high levels of stress among employees E.job dissatisfaction
Company websites often function as
A) informational reports. B) business plans. C) marketing strategies. D) business models. E) monitor and control reports.
Which of the following would be a new supervisor's most reliable source of getting to know his or her new employees?
A. The employees themselves B. The performance appraisals of employees C. The human resource department D. The top management
Besides financial and other monetary rewards and incentives, what are some nonmonetary motivation and rewards practices that can foster good strategy execution in an organization?
What will be an ideal response?