The paper "Business Marketing And Segmenting And Targeting Markets" is a great example of a Marketing Coursework. Businesses operate in different environments because the customer differs when it comes to internal and external decision making. The customers are influenced by numerous components, and marketers have to understand these components and develop a marketing campaign that targets and engages these components. The requirements of customers are defined by social class, usage, application, value for money, to name some. However, the marketers can do partial research and expound on the expectations of the customer resulting in the development of products and services, which aims to fulfill an integral component.
For example, energy drinks are aimed to give individual instant energy to accomplish a task. Red Bull is an example of such a product, and it is important to segment the market before engaging the customers to purchase the product. A market is large and defined by different variables and through the use of marketing strategies such as targeting and segmentation, it enables a marketer to formulate and implement a strategic initiative to fulfill the requirements of the organization.
The paper addresses three important objectives. Objective Marketers have to understand the requirements of the customer to enable customers to choose the appropriate products and services. The objectives of the paper are: Introduce the business market and the requirements of marketers in the entire process of engaging the customers and determining and implementing strategic marketing plans Define segmentation and present overview of segmentation and the components that inform segmentation. It then relates segmentation to Red Bull, which is used as a case study Define targeting and present examples of targeting in the case of Red Bull Business Market Businesses produce different products and services (Reynolds and Lancaste 2013).
The consumers are required to purchase the product, but it is difficult to understand the requirements of the customers. Most companies do market research in trying to understand the requirements of the customers and how the customers can be satisfied. The technique of engaging the customer differs because of the nature of the products. For example, a fast-food business employs a different approach when compared with a motor vehicle company (Cant, Strydom and Jooste 2009).
Marketing is an important component in engaging consumers to acquire a product and influence post-purchase beliefs. Numerous products are available in the market, and some of the products appeal to specific customers (Mohr, Sengupta and Slater 2009). Energy drink is a common product, and the paper uses the example of Red Bull energy drink in pursuing the Chinese market. It will be the first time the product is introduced into the Chinese market (Zimmerman and Blythe 2013). In the development of the marketing plans including segmentation and targeting, it is imperative to understand the constraints associated with the external environment (Mohr, Sengupta and Slater 2009).
The external environment includes political, economic, social, environmental, legal and technological (Reynolds and Lancaste 2013). These are some of the components that shape a business market and introducing or marketing a product; it is crucial to acknowledge these factors and incorporate them into any strategic operations.
Cant, M., Strydom, J., and Jooste, C 2009, Marketing Management, London, Juta and Company Ltd.
Dibb, S and Simkin, L 2013, Market Segmentation Success: Making It Happen! London, Routledge.
Mohr, J, Sengupta, S, and Slater, S 2009, Marketing of High-technology Products and Innovations, London, Pearson Prentice Hall.
Reynolds, P, and Lancaste, G 2013, Marketing, London, Routledge Publishers.
Zimmerman, A, and Blythe, J 2013, Business to Business Marketing Management: A Global Perspective, London, Routledge.