1. After reviewing chapters 6, 7, and 8 of the Kotler and Keller text, and using specific information derived from the text, provide a brief comment about each of the following: a. An explanation how...

Running Head: MARKETING MANAGEMENT    1
MARKETING MANAGEMENT     4
MARKETING MANAGEMENT
Table of Contents
Answer 1    3
a)    3
b)    4
c)    4
Answer 2    5
Answer 3    6
References    7
Answer 1
a)
The primary goal of marketing strategy is the identification of target market and marketing mix will help in appealing to the potential customers. Wang et al. (2018) have discussed that for the identification of target market the marketer should identify and profile the distinct group of buyers, where there will be difference in their needs and requirements, selection of one or more target market segment for entry and establishing right communication channel for the delivery of proper benefits to each target segments. However, the primary task is to identify the base for segmenting the consumer market. Li et al. (2018) have discussed that the market segmentation take place by defining generic and product market. Market is a group of potential customers who carries similar needs and they are willing to purchase goods and service to fulfil their satisfaction. Next important task is to understand common market segment dimensions for the consumers and B2B market. In this market segmentation the customers are divided on these criteria:
Demographic: The customers are identified on the basis of age, income, marital status, education, size of the family, gender, geographical location, social stats and occupation.
Psychographic: The customers are segmented on the basis of brand preference, price sensitivity, environment friendly, hobbies, lifestyle, source of information, service preferences, buying trends and influence from peers.
Behavioural: The customers are segmented on the basis of purchase history, their shopping pace, store preference, membership associations, internet usage and impulsiveness.
Environmental: The customers are segmented on the basis of country of their residence, political climate, currency, payment methods, shipping and receiving and the language they spoke.
Hence, this is the process through which a company identifies potential market segment for their products and services.
b)
A company when prepares to launch a product it is important to prepare a positioning statemen, which is a brief description of the products or services. Hellings et al. (2017) have discussed that a positioning statement acts as a way to convey the value proposition of the brand for their ideal customers, while highlighting the brands identity, purpose and the distinguish features of the products. Before preparing a brand statement it is important to understand that to whom the company will serve, what will be offered to the customers, how will they be offered, what is the purpose of the product or service offered by the...