Essay about Mmgp Market Analysis

719 Words Oct 30th, 2015 3 Pages
Analyzing the Consumer Market When it comes to purchasing a service/product, consumers are influenced by three factors cultural, social, and personal Factors. Let us take a look into personal factors. Personal characteristics that influence a buyer’s decision include age and stage in life cycle, occupation and economic circumstances, personality and self-concept, and lifestyle and values (Kotler & Keller, 2012, p.155). Many of the factors listed above have a direct impact on consumer behavior. One personal factor that might influence a consumer before purchasing Subway is lifestyle and values. Lifestyles are shaped partly by whether consumers are money constrained or time constrained (Kotler & Keller, 2012, p.158). Consumers stop …show more content…
When a firm chooses full market coverage, they attempt to serve all customer groups with all the products they might need (Kotler & Keller, 2012, p.232). This type of strategy is utilized by some if the larger firms such as Ford Motor Company. Kotler & Keller state, “With market specialization, the firm concentrates on serving many needs of a particular customer group” (2012). An example of this strategy would be a company like Samsung producing all sorts of home appliances like TVs, washing machines, and refrigerators. Product specialization is similar to market specialization. In this strategy, the firm sells a certain product to several different groups of consumers who share similar needs (2012). This approach works for companies that specialize in a high-quality product and have the ability to customize it to fit specific needs of different segments (Kokemuller, 2015). Selective specialization is when a firm selects a subset of all possible segments, each obejectively attractive and appropriate (Kotlet & Keller, 2012. p. 234). The product may or may not be different. The promotional message or distribution channels might be different. The last strategy is single-segment concentration. This is when a firm target and markets to only one segment. Subway has used a message of healthiness as the basis of its marketing for more than a decade now (Bhasin, 2012). Subways marketing program

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