Case Study:
A president of a management training firm had been marketing to Fortune 500 companies for more than a year. She received some business, but the competition was fierce. One day, she received a call from the owner of a manufacturing plant who needed to have managers trained. The president agreed to take the job and found out there was virtually no competition for plant manufacturing training services because it was less glamorous to teach in a manufacturing plant than in executive offices of Fortune 500 companies.
The president decided to change her marketing strategy and target only manufacturing plants. Their promotional material reflected this change. Within six months, the company increased its revenues by 80 per cent and created a competitive edge by segmenting its market.
Question 1: Differentiate between target market and segmented target market.
Question 2: Explain the marketing strategy and the targeting strategy that the president used.
Question 3: Justify TWO (2) importance of having a customer profile.
Question 4: Discuss FOUR (4) elements of the marketing plan areas that make up a customer profile.
Question 5: Evaluate THREE (3) ways the president monitors and improves her marketing performance.
Question 6: Outline THREE (3) data collection methods that the president may have utilised in the marketing mix process