Today’s diverse marketplace allows companies to segment their markets more than ever. In order to accomplish this task Companies use customer characteristics to segment specific markets. Demographic, Geographic and Psychographic.
Demographics are the quantifiable statistics of a given population. These types of data are used widely in public opinion polling and marketing. With this strategy, a company simply divides the larger market into groups based on several defined traits including gender,age, ethnicity and employment status.
Geographic segmentation is used by companies that sell products or service specific to a certain community, state, region, country or group of countries. Local businesses usually get no benefit in paying for national or international advertising.
Companies that operate nationally can often save by delivering the same marketing messages to a national audience through one television, radio, magazine or newspaper ad. Global businesses typically decide whether to maintain a universal message or tailor messages to each country’s marketplace.
Psychographics is the study of personality, values, attitudes, interests, and lifestyles. Psychographics or lifestyle segmentation has become increasingly common as companies look to identify consumers based on interests and activities in lieu of demographics.
Understanding why people behave as they do helps companies to identify needs in the market. Companies that correctly identify customer characteristics can obtain huge profits.
Apple’s(s aapl) long-awaited streaming music service, iTunes Radio, will finally arrive in September, and it will come with a feature familiar to listeners of regular old FM: frequent ads from car and fast food companies.
According to AdAge, Apple has lined up 12 original sponsors which will interrupt the music every 15 minutes with an audio ad, and once an hour with a video ad. The sponsors, which include McDonald’s(s mcd), Nissan and Pepsi(s pep), will have exclusive rights to their respective category during the first year.
Like Pandora(s p), iTunes Radio listeners will not be able to play a song on demand, but will instead hear programmed playlists of Apple’s choosing. Overall, then, some could find that the ads and the lack of choice will make the Apple radio experience feel less like the digital future — and more like old-school FM (minus the chattering DJs).
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Maybe it’s the rash of newspaper sales recently — including the acquisition of the Washington Post by Amazon CEO Jeff Bezos and the sale of the Boston Globe to local businessman John Henry — but there seems to be a renewed interest in assigning blame for the rapid decline of the newspaper business, and one name tends to get the majority of the criticism: namely, Craigslist, the free classified-advertising service that some say killed newspapers.
In a recent piece for The New Republic, for example, Alec MacGillis accuses Craigslist founder Craig Newmark of hypocrisy for helping to put together an ethics guide for journalists, a project that Newmark has been working on — and also helping to fund personally — for some time now, along with the Poynter Institute. The New Republic writer argues that this kind of commitment is pretty rich coming from the guy whose service…
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August Is Black Business Month
According to information compiled by Wright Communications Worldwide Inc. African-American-owned businesses have outpaced the rest of the country’s businesses in terms of growth. Between 2002 and 2007, their gross receipts increased by 55 percent. Other businesses grew by just 21 percent during that time. Future expectations are that these fields will continue to grow in the coming years especially with the addition of Social Media.
The types of African-American owned businesses have crossed every sector, with the majority of firms in the healthcare and social service field. The other two top sectors are repair and maintenance, personal laundry services, administrative and support, waste management and remediation services.
Wright Communications Worldwide Inc. a Marketing and PR Firm helps brands and corporations deliver outstanding campaigns and results. A key objective is to communicate information to multicultural consumers using Intergrated Marketing Communications.
Even those of us who blog for purely personal reasons appreciate some validation, whether comments, likes, or just pageviews. Encouraging that feedback is one of the most frustrating things for many bloggers; when we hit “publish,” we want to see the little bar graph go up, up, and away and when we don’t, it’s discouraging. Sometimes it’s hard to tell what readers respond to — a labor of love sinks like a stone, while a five-minute rant makes the rounds on Twitter.
There’s plenty of advice on attracting and engaging readers (some of it from us), most of which requires time and effort without guaranteed success . . . although there is one foolproof method: pay for traffic. But is paid traffic the perfect way to bring in new readers, or does it undermine the point of a blog?
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A Marketing strategy consists of the analysis, strategy development and implementation of a marketing program. Strategic marketing is a market driven process of strategy development, taking into account a constantly changing business environment and the need to deliver superior customer value.
Most organizations are concerned only with sales, however the focus of strategic marketing should be on organizational performance. Marketing strategy seeks to deliver superior customer value by combining the marketing strategies that influence the customer. Designing marketing strategy examines customer targeting, positioning and marketing relationship strategies.The process of a marketing strategy also includes a product, distribution, price and promotion strategy designed to meet the value requirements of targeted buyers.
Companies today are using social media to develop relationships between end user customers, value chain members and alliance partners. Sites such as Facebook, Twitter and Pinterest offer a opportunity to enhance one on one relationships. These sites represent a powerful complement to traditional business and marketing strategies.