Key Concepts in Marketing Strategy: Environment, Segmentation & Consumer Behaviour

QUESTION 1                                                                                                                        [25 MARKS]

• You would like to improve your understanding of your marketing environment. Briefly discuss the elements of the marketing environment. In your response, discuss how these elements might affect your organisation’s marketing initiatives. Give examples where applicable.

Use the rubric to guide you.

QUESTION/SECTION 2                                                                                                      [40 MARKS]

• Your line manager wants you to design a customer-driven marketing strategy to ensure that you are targeting the right market for your products. Briefly discuss the steps in designing a customer-driven marketing strategy.

Market segmentation can help organisations to target specific customers and produce marketing strategies that target the specific market.

Briefly discuss market segmentation. Then, conduct market segmentation for your organisation.

Use the rubric to guide you.
QUESTION 3                                                                                                                        [35 MARKS]

• Briefly discuss the model for consumer buyer behaviour and the characteristics and factors that can influence consumer buyer behaviour.

Use the rubric to guide you.

1. Any given price a company charges “will fall somewhere between one that is too low to produce a profit and one that is too high to produce any demand” (Kotler & Armstrong, 2020).

Select a pricing strategy that is most applicable to your organisation and discuss how this strategy can be used to benefit your company’s marketing plan and secure competitive advantage.

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Expert Answers on Above Questions of Marketing Subject

Marketing Environment
The elements of marketing environment includes micro environment and macro environment. Micro environment deals with internal factors such as company, suppliers, competitors, customers etc. Macro environments are the external forces that affect the performance of a company such as political factor, technological factor, economic factor etc.
These factors can directly affect an organisation. For example, a technology company can be affected by technological changes (macro) and resistance from employees to accept change (micro).
Customer driven marketing strategy
The important steps that are included in designing a strategy includes segmentation, targeting, differentiation and positioning. Market segmentation can be done based on demographics, psychographic, geographic or behavioral traits. For example, for an automobile company, the segmentation can be classified as demographic between the age group of 25 to 40 years, behavioural as detailed comparative analysis, and geographic as urban South Africa. The targeting strategy could be the adult earners who prefer budget and premium segment cars.

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