The paper “ Principles of Marketing, Market, Geographic, Demographic, and Psychographic Segmentation, Impact of Customer Behaviour on Sales” is an impressive example of an assignment on marketing. Marketing can be defined as an organizational function and a set of processes for communicating, creating, implementing and delivering value to customers and for managing customer-business relationships in a way that will benefit both the organization, customers and the stakeholders involved. Such processes succeed in moving people closer to making a decision to purchase and facilitate a sale. In the long run, these processes will anticipate, identify and try to satisfy customer requirements successfully and profitably.
This paper will hence handle three assignments in one; first, it will critically look at market segmentation and how it will actually promote sales for a company. The second part of the paper will look at the significance of customer behavior with regard to better sales achievement. This will, however, be a presentation. The third part will be a report on the promotional methods and the importance of good marketing strategies that can be adopted by a company like Natural Goodness plc.
The report will advise the company on the way forward for achieving better sales through promotions and other marketing approaches. Market segmentationA market segment is an organization or subgroup of people who have the same characteristics and would in one way or another share the same market needs and requirements. Market segmentation is important when carrying out marketing in this sector. This is because it leads to an improved image of the organization or product. When marketing is done efficiently it leads to increased sales and more profits are reaped by the organization.
It gives the business a competitive advantage over other businesses. When marketing is well carried out it means customers will be more satisfied with the services offered since their changing needs will be met. Marketing helps to change the attitudes to products and services being offered. Before starting up a business in this sector, preliminary research is always very important. This helps in knowing the size of the industry one wishes to join. Knowledge in the trends of growth is also important. There are issues that need to be considered as the target audience.
The location will help in determining how the goods will be distributed. It is good to know the competitors in the market and how they carry out their businesses and the marketing of the housewares. The main requirements for a market segment would be; it must be accessible, identifiable, have unique needs, substantial and durable. Geographic segmentationThe geographic type of segmentation comprises geographic variables that include; the region with which the business would be placed, the size of the metropolitan area i. e.
the population of the people. A health food market, for example, would be successful in an area where the population density is so high. Another factor is also the population density which could either be urban, rural or both and its growth rate. Certain conditions such as the climatic conditions also fall under geographic segmentation because if the weather is so unfavorable, then most customers would not be comfortable.