Segmenting means dividing markets into homogenous groups based on similar characteristics or traits. To divide a market into segments, firms use segmentation variables that describe the characteristics of each part of the market.
1. Demographic
Demographic segmentation is a market segmentation strategy whereby the intended target audience for a given product is divided into categories based [...]
MARKET: people or organisations with needs and wants and the ability and willingness to buy
MARKET SEGMENT: A subgroup of people or organisations sharing one or more characteristics that cause them to have similar product needs
MARKET SEGMENTATION: The process of dividing a market into relatively similar, identifiable segments or groups. It
- Involves dividing a market [...]
In order to keep themselves up to date with these challenges, organisations should utilise a concept called Environmental Scanning. This is a concept from business management by which businesses gathers and utilises information about events, trends, and relationships in an organisation’s external environment, the knowledge of which would assist management in planning the organisation’s future [...]
1. SWOT ANALYSIS
This is a strategic planning tool used to assess the Strengths, Weaknesses, Opportunities, and Threats of a business. Strengths and weaknesses are internal to the organisation while opportunities and threats are external. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favourable [...]
THE MACRO ENVIRONMENT
This refers to the external factors which affect a company’s planning and performance, are beyond its control and are said to be dynamic in nature in that it is continuously evolving. It includes the political, economical, socio-cultural and technological environments.
A FRAMEWORK FOR MACRO-ENVIRONMENTAL ANALYSIS
PEST ANALYSIS
- The political and legal [...]
The microeconomic environment focuses on the kind of market structure that an organisation finds itself competing in and includes the company itself, suppliers, distributors, competitors and publics. These are internal factors close to the company that have a direct impact on the organisations strategy. Micro environmental factors include:
- Customers
Organisations survive on the basis of meeting [...]
Motivations in Consumer Buyer Behaviour
In this small post I will outline the motivations of the consumer buyer behaviour. A product is not simply its image or how it looks like. A product is an item that has other interests in the eyes of the customers and consumers. [...]
"Today you will learn about choosing a niche," the old man said. "Look at these blogs, and tell me what you see." "Well, this one is about a topic that so many other people are writing about. There must be a lot of [...]
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Nothing can replace great content. No amount of marketing will improve your content, and if your content stinks, it doesn’t matter what you do to market it, because you’ll lose people just as fast as you gain them.
Your content has to be compelling, unique, and remarkable or nothing else [...]
Most social networking sites allow you to join for free and then setup a “profile” – essentially formation
about yourself you want to share, and then “connect” with other people you know who are also using that social networking site. Most social networking sites allow much more, and they all differ. Most allow you to create [...]
