Market Identification
Section: Marketing Essays
It is this category which provides an important link with the general variables. From this list, a target segment for men 's aftershave lotion might be identified as potential low brand invovlement and loyalty, who buy on impulse, who are price sensitive and who read particular specialist magazines.May permutations are possible and at this stage, the choice can be considerable.For a broad understanding of the market and its component parts, benefit sought, purchase and usage patterns and brand loyalty will be important. Which general variables can be used? These variables are very improtant to trraget market.Again,there is a mix of measures.In most cases,we usually categorize these measures by objective of them. Geographical region It is very common in marketing to use geographical region to identify market.TV regions have the specific advantage of allowing relatively easy and perhapscheap access to desired target audience.Furthermore,some buying behaviour is strongly relevant to region. Of some interesting,as for multinational brands or global brands,target market is identified crossing geographical boundaries.
With geodemographics, segments are identified according to pros and cons with a wide range of variables.Most of systems include at least some data on demographics and household formation variables taken from the census.Some systems also regard further data such as financial information. The most well-known of the geo-demographic brands are ACORN, MOSAIC, PIN and Super Profiles. IN this case of MOSAIC,58 types are identified using data from census, the electoral regoster and other resources on demographics, housing type and financial characteristics. insert table4 here The 58 MOSAIC 'types' are summarized into one of ten lifestyle groups and these are shown in TABLE4.As probably be expected, the profile for Morecambe is very 'irregular' with an index of 646 for the lifestyle grop 'prosperous pensioners', meaning that the proportion of peole in this group is more than six times he average for Great Britain. MOSAIC type M1 is described as 'High status retirement areas with many single prsoners' and thsi is grouped with three other types to give the MOSAIC lifestyle group 'prosperous pensioners' which receives the not surprising thumbnail description 'where wealthy retired people gather together, normally by the seaside'. the significant advantage of geodemographic systems such as MOSAIC is that the market signets that result Words: 1169
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