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Precision Marketing
Precision marketing is a marketing technique that suggests successful marketing is to retain, cross-sell, and upsell existing customers. Precision marketing emphasizes relevance as part of the technique. To achieve Precision Marketing, marketers solicit personal preferences directly from recipients. They also collect and analyze behavioral and transactional data. Development The development of precision marketing coincides with the development of market segmentation, advancements in technology and the customer's reaction to the proliferation of mass marketing. Zabin and Brebach portray the development of market segmentation. They describe the inception of the term in the 1950s and show that with time, increasingly more information was considered relevant for marketing purposes. Market segmentation evolved from simple demographics in the 1950s to geodemographics and behavioral segmentation in the 1960s (the propensity to purchase) to psychographics data in the 1970s (person ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marketing
Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services; potentially including selection of a target audience; selection of certain attributes or themes to emphasize in advertising; operation of advertising campaigns; attendance at trade shows and public events; design of products and packaging attractive to buyers; defining the terms of sale, such as price, discounts, warranty, and return policy; product placement in media or with people believed to influence the buying habits of others; agreements with retailers, wholesale distributors, or resellers; and attempts to create awareness of, loyalty to, and positive feelings about a brand. Marketing is typically done by the seller, typically a retailer or manufacturer. Sometimes tasks are contracted to a dedicated marketing firm or advertising agency. More rarely, a trade association or government agency (such as the Agricultural Marketing Serv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Best Western
Best Western International, Inc. owns the Best Western Hotels & Resorts brand, which it licenses to over 4,700 hotels worldwide. The franchise, with its corporate headquarters in Phoenix, Arizona, includes more than 2,000 hotels in North America. The brand was founded by M. K. Guertin in 1946. As of December 2021, Larry Cuculic is the president and CEO of Best Western. In 1964, Canadian hotel owners joined the system. Best Western then expanded to Mexico, Australia, and New Zealand in 1976. In 2002, Best Western International launched ''Best Western Premier'' in Europe and Asia. (The other hotels in the chain were known as ''Best Western''.) In 2011, the chain's branding system-wide changed to a three-tiered system: ''Best Western'', ''Best Western Plus'', and ''Best Western Premier''. History Best Western began in the years following World War II. At the time, most hotels were either large urban properties or smaller family-owned roadside hotels. In California, a network ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Target Market
A target market, also known as serviceable obtainable market (SOM), is a group of customers within a business's serviceable available market at which a business aims its marketing efforts and resources. A target market is a subset of the total market for a product or service. The target market typically consists of consumers who exhibit similar characteristics (such as age, location, income or lifestyle) and are considered most likely to buy a business's market offerings or are likely to be the most profitable segments for the business to service by OCHOM Once the target market(s) have been identified, the business will normally tailor the marketing mix (4 Ps) with the needs and expectations of the target in mind. This may involve carrying out additional consumer research in order to gain deep insights into the typical consumer's motivations, purchasing habits and media usage patterns. The choice of a suitable target market is one of the final steps in the market segmentation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Psychographic
Psychographics is a qualitative methodology used to describe traits of humans on psychological attributes. Psychographics have been applied to the study of personality, values, opinions, attitudes, interests, and lifestyles. Two approaches to psychographics include analysis of consumers' activities, interests, and opinions (AIO variables), and values and lifestyles (VALS). Psychographics are applied to the study of cognitive attributes such as attitudes, interests, opinions, and belief, as well as the study of overt behavior (e.g., activities). Psychographic studies of individuals or communities can be valuable in the fields of marketing, demographics, opinion research, prediction, and social research in general. Psychographic attributes can be contrasted with demographic variables (such as age and gender), behavioral variables (such as purchase data or usage rate), and organizational descriptors (sometimes called firmographic variables), such as industry, number of emp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Niche Market
A niche market is the subset of the market on which a specific product is focused. The market niche defines the product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that it is intended to target. It is also a small market segment. Sometimes, a product or service can be entirely designed to satisfy a niche market. Not every product can be defined by its market niche. The niche market is highly specialized, and aiming to survive among the competition from numerous super companies. Even established companies create products for different niches; Hewlett-Packard has all-in-one machines for printing, scanning and faxing targeted for the home office niche, while at the same time having separate machines with one of these functions for big businesses. While you may have explicit moving items effectively at the top of the priority list. Although you can build your chances of achievement by beginning with a niche m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mass Marketing
Mass marketing is a marketing strategy in which a firm decides to ignore market segment differences and appeal the whole market with one offer or one strategy, which supports the idea of broadcasting a message that will reach the largest number of people possible. Traditionally, mass marketing has focused on radio, television and newspapers as the media used to reach this broad audience. By reaching the largest audience possible, exposure to the product is maximized, and in theory this would directly correlate with a larger number of sales or buys into the product. Mass marketing is the opposite of niche marketing, as it focuses on high sales and low prices and aims to provide products and services that will appeal to the whole market. Niche marketing targets a very specific segment of market; for example, specialized services or goods with few or no competitors. Background Mass marketing or undifferentiated marketing has its origins in the 1920s with the inception of mass r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Segmentation
In marketing, market segmentation is the process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers (known as ''segments'') based on some type of shared characteristics. In dividing or segmenting markets, researchers typically look for common characteristics such as shared needs, common interests, similar lifestyles, or even similar demographic profiles. The overall aim of segmentation is to identify ''high yield segments'' – that is, those segments that are likely to be the most profitable or that have growth potential – so that these can be selected for special attention (i.e. become target markets). Many different ways to segment a market have been identified. Business-to-business (B2B) sellers might segment the market into different types of businesses or countries, while business-to-consumer (B2C) sellers might segment the market into demographic segments, such as lifestyle, behav ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Demographic Profile
Demographic profiling is a form of demographic analysis used by marketers so that they may be as efficient as possible with advertising products or services and identifying any possible gaps in their marketing strategy. Demographic profiling can even be referred to as a euphemism for industrial espionage. By targeting certain groups who are more likely to be interested in what is being sold, a company can efficiently expend advertising resources so that they may garner the maximum number of sales. This is a more direct tactic than simply advertising on the basis that anyone is a potential consumer of a product; while this may be true, it does not capitalise on the increased returns that more specific marketing will bring. Traditional demographic profiling has been centered around gathering information on large groups of people in order to identify common trends. Trends such as, but not limited to: changes in total population and changes in the composition of the population over a pe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tesco
Tesco plc () is a British multinational groceries and general merchandise retailer headquartered in Welwyn Garden City, England. In 2011 it was the third-largest retailer in the world measured by gross revenues and the ninth-largest in the world measured by revenues. It has shops in Ireland, the United Kingdom, the Czech Republic, Hungary and Slovakia. It is the market leader of groceries in the UK (where it has a market share of around 28.4%). Tesco has expanded globally since the early 1990s, with operations in 11 other countries in the world. The company pulled out of the US in 2013, but continues to see growth elsewhere. Since the 1960s, Tesco has diversified into areas such as the retailing of books, clothing, electronics, furniture, toys, petrol, software, financial services, telecoms and internet services. In the 1990s, Tesco re-positioned itself from being a downmarket high-volume low-cost retailer, attempting to attract a range of social groups with its low-cost ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Customer Loyalty
The loyalty business model is a business model used in strategic management in which company resources are employed so as to increase the loyalty of customers and other stakeholders in the expectation that corporate objectives will be met or surpassed. A typical example of this type of model is: quality of product or service leads to customer satisfaction, which leads to customer loyalty, which leads to profitability. The service quality model A model by Kaj Storbacka, Tore Strandvik, and Christian Grönroos (1994), the service quality model, is more detailed than the basic loyalty business model but arrives at the same conclusion. In it, customer satisfaction is first based on a recent experience of the product or service. This assessment depends on prior expectations of overall quality compared to the actual performance received. If the recent experience exceeds prior expectations, customer satisfaction is likely to be high. Customer satisfaction can also be high even wi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cross-sell
Cross-selling is a sales technique involving the selling of an additional product or service to an existing customer. In practice, businesses define cross-selling in many different ways. Elements that might influence the definition might include the size of the business, the industry sector it operates within and the financial motivations of those required to define the term. The objective of cross-selling can be either to increase the income derived from the client or to protect the relationship with the client or clients. The approach to the process of cross-selling can be varied to include two teams within the same organization or two organizations partnering to cross-sell or co-sell a client. Unlike the acquiring of new business, cross-selling involves an element of risk that could disrupt the relationship of existing clients. For that reason, it is important to ensure that the additional product or service being sold to the client or clients enhances the value the client o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
