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Wednesday, December 16, 2009
SELECTING A TARGET MARKET: DEMOGRAPH ICS AND POWER
What Is A Market?
Market is a place where buyers and sellers meet, goods or services are offered for sale, and transfer of ownership occurs. It is a People with needs to satisfy, money to spend, and willingness to spend.The demand made by a certain group of potential buyers for a product or service.
SELECTING TARGET MARKET
Target market is a group of costumers at whom the organization specifically intends to aim its marketing effort.
1. Should be compatible with the organization’s goal and image.
2. Is to match the marketing opportunity with the company’s resources.
3. Should consciously seek markets that will generate a sufficient sales volume at a low enough cost.
4. Should seek a market wherein the number of competitors and their size are minimal.
TARGET MARKET STRATEGY
1. Market Aggregation- A total mass market. A production oriented strategy.
2. Market Segmentation-Smaller, homogeneous market segments. In market segmentation, the total heterogeneous market for a product is divided into several segments, each of which tends in the homogeneous is in all significant aspects. A costumer oriented philosophy.
a. Single Segmentation-involves in selecting as the target market one homogeneous group from within the total market. One marketing mix is then developed to reach this single segment.
b. Multiple segmentation-two or more different groups of potential costumers are identified as target market segments. Then the separate marketing mix is developed to reach each segment. Normally results in a greater sales volume.
3 Components of Market factors to Analyze
1. Studied by analyzing the geographic distribution and demographic composition of the population.
2. Analyzed through the distribution of costumer income and expenditure patterns.
3. Management must study their buying behavior.
Measuring the selected Markets
Market Potential-a company make quantitative estimates of the volume size of the market for the sellers product or service. Sales Potential-The sellers estimate its share of the total market.
A sales forecast is the foundation of all budgeting and short –term operational planning in all company departments-marketing, production and finance.
Benefits of Market Segmentation
1. Management can do a better marketing job and make more efficient use of marketing resources.
2. A small firm with limited resources might compete very effectively in one or two market segments
3. A company can design product that really match the market demands.
CONDITIONS FOR EFFECTIVE SEGMENTS
1. The basis for segmenting- the characteristics used to categorize costumer must be measurable and the data must be accessible.
2. The market segment itself should be accessible through existing marketing institution.
3. Each segment should be large enough to be profitable.
BASES FOR MARKET SEGMENTATION
Ultimate consumers- buy and/or use products or services for their personal or HH use.
Industrial Users-are business, industrial, or institutional organizations that buy products or services to use in their own businesses or to make other products.
BASES FOR SEGMENTING CONSUMER MARKETS
*People with wants, we can segment markets on demographic bases such as:
a. Regional population distribution
b. Urban-suburban-rural population
c. Age
d. Sex
e. Family life cycle stage
f. Others: race, religion, nationality, education, occupation
*with money to spend, segmentation can also be based on the distribution of disposal income.
*and the willingness to spend it. Via consumer buying behavior, where the prime determinants are:
1. Sociological factor such as:
a. cultural groups
b. Large social classes
c. small groups, including the family
2. Psychological (psychographic) factors such as:
a. Personality
b. Attitudes
c. Product benefits desired
Saturday, December 12, 2009
The Personnel Programs
Personnel – Employees of an organization.
- Human Resources division of an organization.
1. Orientation
Is designed to welcome and equip each new member with information that will enhance their ability to perform assigned duties and responsibilities, and to ensure their success in the workplace. It is also provides each new member the opportunity to get an overview of the concept of the organization and its commitment to the principle.
The overall programs includes in the following areas:
· Orientation to Payroll and Benefits.
· Orientation to assigned Division, Department, Unit, and Job.
· Overview of the organization’s mission, services, policies and procedures, programs, performance review, professional development opportunities and plans.
2. Evaluation
Is systematic determination of merit, worth, and significance of something or someone using criteria against a set of standards. Evaluation often is used to characterized and appraise subjects of interest in a wide range of human enterprises, including the arts, criminal justice, foundations and no-profit organizations, government, health care, and other human services.
3. Training
refers to the acquisition of knowledge, skills, and competencies. This activity is both focused upon, and evaluated against, the job that an individual currently holds
4. Development
This activity focuses upon the activities that the organization employing the individual, or that the individual is part of, may partake in the future, and is almost impossible to evaluate.
5. Awards
It is something given to a person or a group of people to recognize excellence in a certain field; a certificate of excellence. Awards are often signified by trophies, titles, certificates, commemorative plaques, medals, badges, pins, or ribbons. An award may carry a monetary prize given to the recipient.
6. Performance Management
It can focus on performance of the organization, a department, processes, to build a product or service, employees, etc.
7. Performance Review and Development
Performance review involves a formal discussion about an employee’s development and performance. The review is a planning process. It involves setting a plan of action for the next period and reviewing what has been achieved in the last period.
The factors discussed can include work conduct, key performance indicators, work plans, roles and responsibilities, position descriptions, training/learning, and financial and non-financial compensation.
Most do it at least annually, although quarterly and six monthly reviews are also common. Many will have a mini-review in between the formal annual review.
Often it is a two-way process, between a reviewer and reviewee. Most reviews would be reviewed by at least one level of higher management. Some systems use multiple 'raters', particularly 360 degree systems where managers, subordinates, colleagues and co-workers provide input to the review process.
8. Diversity Training
It is for the purpose of increasing participants' cultural awareness, knowledge, and skills, which is based on the assumption that the training will benefit an organization by protecting against civil rights violations, increasing the inclusion of different identity groups, and promoting better teamwork.
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