Learning Activity 1
Marketing strategies are used to ensure that the product will satisfy the customers (Leverin & Liljander, 2009). In the learning activity one, the car companies need to employ marketing strategies that will meet the client's need regarding the qualities of the car. In this case, the customer needs a smaller car that will be economically suitable specifically with a good gas mileage and with comfort features like those of a bigger car. The smaller care companies will have to apply marketing mix tools to ensure they meet and satisfy the customer needs. The marketing mix tools include the four Ps namely product, price, place, and promotion. After identifying the target market and in this case a consumer market, they will be forced to develop a car that will meet the qualities of the target market concerning comfort. To maintain the profitability of the company, the small car companies will have to set a price for the car and then distribute it to the customer. Additionally, the small car company will also include promoting strategies by informing the consumer about it through contact communication. For the larger car companies, they will also be forced to apply the marketing mix tools specifically the four Ps to ensure their car has low consumption, and adjust the price to meet the profitability goal of the company. Both companies will, therefore, be forced to adjust their production and pricing to ensure customer satisfaction and maintain the cost-effectiveness of the product.
Learning Activity 2
Market segmentation involves grouping of the potential buyers of a product according to their characteristics that depict their buying decisions (Weinstein, 2011). In this case, the segmentation characteristics for this house include; strong and durable, suitable for both summer and winter, located adjacent to a school, located in town 500 meters from CBD, and suitable for family accommodation. Durability and strength as a segmentation characteristics belong to psychographic segmentation category since they influence the customers interest in buying the house. Climate-friendly is categorized under geographic segmentation and will influence the buyers decision regarding winter relocation. The location of the house, i.e., near a school and the urban center is also geographic segmentation. The last characteristic which is large accommodation belongs to a demographic segmentation category since it describes the house to meet the interest of a family. To price the house, the segmentation characteristics will not be used, and instead, the production cost will be used to set a suitable price for the house. The main reason for using the building cost is to ensure the profitability goal of selling the house. The price of the house, therefore, will be slightly higher than the building cost.
Leverin, A., & Liljander, V., (2009). Does relationship marketing improve customer relationship satisfaction and loyalty? International Journal of Bank Marketing Vol. 24 No 4, pp. 232-251.
Weinstein, A. (2011). Market segmentation: Using demographics, psychographics, and other niche marketing techniques to predict and model customer behavior. Chicago, Ill: Probus Pub. Co.
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