Marketing Practices



Marketing Practices

Introduction

Companies today are facing a great variety of internal and external challenges as they attempt to remain profitable and stay ahead of the competition. Externally, they are faced with opportunities and threats presented by increasing domestic and global competition, more informed and demanding customers, and rapid advances in technology. Internally, they are confronted with greater pressure to become more efficient through the reduction of costs while simultaneously becoming more effective through the improved deliverance of customer service as well as the creation of customer value. As a result of these challenges, companies are finding it more difficult to compete with and stay ahead of the competition for any length of time (Barton and Wensley, 2002).

For this reason, marketing management and practices are an important factor for a brand's success like a theatre company.

Segmentation

Segmentation is the division of the market for a good or service in several smaller groups and homogeneous. The essence of targeting is that members of each group are similar in terms of the factors that influence demand. An important element of an organization's success is the ability to properly target the market.

Targeting

Targeting is the second step of the “Segmentation - Targeting - Positioning.” After the construction of segments in the market, an organization one or more segments it targets. Resources and efforts will focus then on this segment. It is like archery on a table.

Positioning

Positioning of the design process occupies a distinct and valued place in the minds of consumers. The purpose of positioning the product is to make sure it has a definite place in the mind, which distinguishes it from competition. Product positioning is getting a benign sense of the client in mind about where the product is a market segment to which it belongs. This can be achieved by its own attributes ...