Marketing basic principles
Division of consumer groups. Types of segmentation: geographic, demographic, psychographic, behavioural. Principles, methods and criteria of market segmentation. Сharacteristics of marketing tools used in the business, the role of strategic planning.
| Рубрика | Маркетинг, реклама и торговля |
| Вид | доклад |
| Язык | английский |
| Дата добавления | 29.05.2016 |
| Размер файла | 300,3 K |
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Marketing basic principles
Nowadays, the creation of goods is no longer such an unprecedented and unique event, as it was before. Even just a half-century ago, the creation of something new to revolutionise and bring inventors profits. Now the main thing is not to create, but be able and effective promotion of the new product. There are many examples where products, which, in fact, was not unique or supernova became market leader for many years, because of competent marketing strategy.
There is such a thing as market segmentation, which is a division of consumer groups. There are several principles, methods and criteria of market segmentation. Each product is unique and every customer is different, so there is no one particular principle or method. Each company should choose the very strategy of segmentation.
The purpose of this report is to review and analyse the concepts and techniques of segmentation in order to clarify its role in the process of marketing practice, and to consider examples of successful marketing moves in market segmentation. As sample is chosen Bank of Scotland and their services.
Bank of Scotland (English - The Bank of Scotland Plc; Gaelic - Banca na h-Alba) - one of the commercial banks in Scotland. Ranked among the three Scottish banks have the right to issue banknotes.
Established by Act of Parliament in Scotland July 17, 1695 to support entrepreneurship in the country and on the basis of the banking monopoly for a period of 21 years. Since its establishment in 1727, the Royal Bank of Scotland acted in a competitive environment. In the middle of the XIX century began to operate outside of Scotland, in 1865 opened an office in London.
MARKET SEGMENTATION
Segmentation - Market division into groups of customers with similar characteristics, in order to study their response to a particular product or service.
Segment - a group of customers having similar needs and desires. The division of the market into different segments and their subsequent study enables companies to focus on the most promising in terms of profitability segments (target). Segmentation can be performed both in the consumer and industrial market.
In this report, there are few types of segmentation: geographic, demographic, psychographic, behavioural.
Geographic segmentation includes market division into different geographical units (variable) region, district, city size, density. The company such as Bank of Scotland must decide where its marketing efforts are most effective. For example: how many branches need to open in a big city or in a small town. How many ATM need to be installed and their location.
Demographic segmentation is to divide the market according to variables such as: age, sex, family size, family life cycle occupation, income, education, ethnicity, religion. Segmentation by demographic most frequently used by companies in market research, this is due to the fact that customers respond to this or that product in the most dependent precisely on demographic variables. For example: In a big city, the most popular service could be a new bank account for students, labour or business companies. Another popular service could be mortgage services (a big city=more income=demand on flats/houses).
Psychographic segmentation basis is based on science, called "psihographika", it examines and classifies the styles of life of consumers. Psychographic segmentation allows customers to divide into groups in accordance with the characteristics of their personalities and lifestyles. For example: Bank of Scotland can offer credit card services or saving accounts.
Behavioural segmentation traits are to allocate groups of customers based on their knowledge and qualifications of both the users and their reactions to the product. Bank of Scotland provides online banking service (using PC or smartphone app), also accepting cheques.
Bank of Scotland provides many services and market segmentation is very important in this case.
marketing segmentation tool
PRODUCT, PRICE, PLACE, PROMOTION (4 P's)
The marketing mix is a tool used in business covering the four Ps of marketing to aid strategic planning.
Product, in this report, is the design of the services offered by Bank of Scotland to suit customer needs. Product involves types of needs (debit/credit cards, mortgage, saving accounts), number of withdrawals and repayments, limits, validity period of the cards, its re-scheduling.
Place is location of the customers and location for offering such services. This aspect involves geographic segmentation (region, district, city/town size). In Aberdeen, there are 15 branches of Bank of Scotland.
Price is about right price for services. Price decision is pointed on margins, interest rates to be charged for different types of service. Bank of Scotland offers fixed fees for debit bank account holders, that fees include any device insurance, car recovery insurance and so on. It is just one of samples of many services.
Promotion is the way of communication with the customers. The methods include all types of advertising such as TV, radio, social media, leaflets in branches, online information. It is important to choose the best time for promotion to target market and customers.
Bank marketing concept is very important for every bank. In the banking industry, there are most important market segmentation and marketing mix to make business successful.
References
1. http://www.smallbusinesspro.co.uk/marketing/marketing-mix.html
2. file:///C:/Users/User/Downloads/BANK_MARKETING_MIX_NEW_STRETEGY_IN_TODAY.pdf
3. http://cinref.ru/razdel/03000marketing/13/230775.htm
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