A billboard advertisement created by an international hotel chain on display in Riyadh, Saudi Arabia
Marketing Strategies
What does the adver- tisement tell you about intemational companies' perceptions of Saudi consumers?
CH A P T E R LE S S O N S Elements of a Marketing Strategy
Elements of a Marketing Strategy
MARKETING MATTERS Businesses are only able to create commercial exchange relationships with their customers if they have devised and implemented a marketing strategy for those customers
Make a list ofthe personal characteristics you have which would be of interest to a company that wants to sell its products or services to you
How do you think marketers can use people’s personal characteristics to help inform their marketing strategies
What factors do you think are important to a company when it’s deciding which group of people to sell its products or services to
Developing a Marketing Strategy
Start with a Market
What challenges do companies that make or sell high-value items face as they try to sell as many of their products as possible?
Niche Marketing
Marketers start with the needs and wants of consumers when they divide markets into segments. People in a market segment share one or more common need or want
MARKETING SCENARIO Marketing a grocery delivery service to a niche group in Saudi Arabia
In what way is marketing the delivery service to this group an example of niche marketing
What are the characteristics of the delivery service's target group
What is the want that consumers have in this situation
What is the need that the company founders identified
What do companies gather information about when they want to find out more about consumer buying behavior
What are some examples of psychographic characteristics
What factors do marketers use to help them segment a market
What is the first step that businesses take when they want to develop a marketing strategy
Selecting Target Markets
Stable
What examples of products and services can you think of which are marketed at a group of people that share your own personal characteristics? In your opinion, how effective are the marketing
Summarize the four criteria that a target market must fulfill for a company to know that it will be effective as a target market
Define the term target market
Name four demographic factors used to segment a market
Why are people's needs and wants an important basis for identifying market segments
Make Academic Connections Technology
Connect to the Real World You are a consultant working for a company that produces highvalue luxury cheeses