Marketing Managemnt Project Week 9 – Coursework Example

MARKETING MANAGEMENT Table of content Executive summary………………………………………………………………………….3 Differences between target markets and market segmentation………………………………3 Role of marketing of marketing segmentation in marketing…………………………………4 Financial aspect relate to marketing…………………………………………………………..4 References……………………………………………………………………………………..6 Executive summary A business must do a thorough analysis and evaluation on the prevailing situation and circumstances. In brief, it must do a situational analysis to understand the appropriate marketing mix and strategies to use and the most articulate pricing strategy which would ensure the business does well and prospers. In so doing, the business must also have proper mechanisms of financials and controls. Financials in this respect and line of thought, would refer to the sales expenses and targets and the cash flow systems. In brief, they are aimed at guiding the revenue collection and patterns of spending the revenue collection through payment of services and bills in a cost effective manner. Controls on the other hand refer to the contingency measures or the plans to cushion the business against any unexpected event or mishap. This are the shocks to propel the business against any unseen tide or eventuality in the business cycles. 9.0 Differences between target markets and market segments Target markets in the simplest and most basic sense refers to a specific and unique audience who would be targeted and aimed at by the business or the sellers. In principle, it refers to a unique audience of buyers who possess a unique quality and property which would interest the business or the sellers. A hypothetical case and instance could be expectant women who would be interested in buying cloths for their yet to be born babies. Thus, the expectant women would fall in the category of the target market. Market segment on the other hand refers to differentiation of the whole market into smaller units which have similar characteristics. A market may be segmented or differentiated into smaller units in terms of geographical location, ages of the prospective buyers or any other unique aspect which binds a group of buyers together. 9.1 Role of marketing segmentation in marketing Market segmentation ensures that a business gets easy time in identifying the homogenous and common trends of that market. This is to say that people who have similar characteristics and likes over a product would be bundled together and stringed in a pool. Therefore, they would help the business as a whole to estimate the sales expenses and projections. A hypothetical case and example is where customers or buyers in the same geographical area are bundled together in a segmented market. The business would be better placed to estimate and gauge accurately how to sell products there or the appropriate measures to take to ensure the business has maximum returns. 9.3 Financial aspects related to other concepts The financials in a business includes all the money records and trail of expenses in a business. It also includes al the money records such as sales and expenses inventories and the accounting books or balance sheets. Cash flow- refers to the movement of money in terms of revenue earned and expenses incurred in the course of a business life. It is conventional knowledge that money would move once it is earned and distributed to pay for services and bills incurred. Profit, on its part is the surplus that a business would remain with once all the operational costs are deducted from the total revenue earned by a business. Profit is the excess money or resources that a business earns once the expenses are deducted from the total revenue, and it is a show or determinant on whether a business can continue to sustain itself or not. Pricing strategies on their part include the methods and techniques which a business would use to segregate and differentiate the level of prices to set for the goods or services (Zimmerer, Scarborough & Wilson, 2002). It could be informed by the disposition of the market, such that high rise or wealthy areas would have a relatively higher prices. Poorer market may then have subsidized prices to appreciate the economic reality of the market. Similarly, the type of the product may inform the pricing strategies, such as is, the product exclusively unique or there are other related products in the market which could offer competition to it. Reference Zimmerer, T., Scarborough, N. M., & Wilson, D. (2002). Essentials of entrepreneurship and small business management. Upper Saddle River, NJ: Prentice Hall.

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