In my previous blog I already highlighted that it’s necessary in our modern economy that firms specialize themselves in specific products for a specific target of customers to survive in the hard world of competition.
Besides that, there are two other import reasons for these market segmentation that will end up in creating more benefits; a firm can adapt more easily his resources to a target consumer, so unnecessary costs are avoided and as a result a better allocation of finite resources is accomplished. Furthermore, the Western consumer of today has an extensively variety in tastes, therefore is it more than interesting to respond with a variety of products to these clients.
As you can read in many related business books, the 4 P’s are very popular in the marketing-science: Price, Product, Place and Promotion. Here we will go deeper into the word Promotion and in the many ways it can exist.
In my opinion advertising is all about persuading a client in buying your product, so research in the interest of potential target buyers is a must for the marketing section of a company.
Jolien Tortelboom
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