Marketing Communications

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Marketing Communications
Promotion Planning And Techniques

METHODS OF IDENTIFYING MARKET TARGETS

The generic product market should be defined to be very homogeneous, market targets can be identified
based on segmentation factors as follows:

1. GEOGRAHIC SEGMENTATION: determines the relative sales potentials from one
   geographic area to another.


2. DEMOGRAPHIC SEGMENTATION: demographic factors such as age, sex, income,
   occupation, education, religion, nationality, family life cycle. This is the most common
   approach to segmentation used by sellers.


3. LIFE-STYLE SEGMENTATION: lifestyle analyses are often used to define prospects for
   individual brands.


4. PSYCHOGRAPHIC SEGMENTATION: this type of segmentation is used to determine,
   whether or not, different personalities are attracted to different products. The more
   universally a product is used, the less are the differences in the extent of use between
   psychographic groups. Psychographics are more useful in defining product prospects in
   limited, specialized markets.


5. BENEFIT SEGMENTATION: in this type of segmentation, each segment is identified by
   the benefit it is seeking from a particular product.


6. VOLUME SEGMENTATION: in this type, the seller differentiates buyers in terms of
   product use, as heavy, moderate, light and non-users of the product or brand.


7. MARKETING FACTOR SEGMENTATION: buyers are divided into groups that are
   responsive to different marketing factors such as product quality, price, retail advertising
   and so on.


8. PRODUCT SPACE SEGMENTATION: the seller asks buyers to compare the brands
   making up a product category according to perceived similarities and in relation to their
   ideal brands.

HIERARCHY OF OBJECTIVES

Objectives or goals are actual results a company expects from its operations.

In every company, there is a hierarchy of objectives which extends through the company – from overall
company objectives come functional objectives for various departments in the company. Functional
objectives in the department are further broken down into specific programme objectives.

Overall company objectives are the overriding ones, all other objectives are subordinate to the
overall objectives.