MBA565 Midterm Exams
MBA565 Midterm Exams
Fora company such as The Bark and Brew to competing with a company suchas Starbucks, it requires quite a distinct segmentation approach.Also, it requires one to approach the issue through strategicsegmentation and marketing. The paper will address some of the issuesrelated to strategic marketing perspective.
Developinga target market is something that requires special understanding ifthe characteristics of the different aspects of market segments(Weinstein, & Cahill, 2014). Market segmentation refers to theseparation of the target market into separate entities for an easieranalysis of their traits and qualities. The three main aspects ofmarket segmentation include demographics, psychographics, andGeographic.
Demographicsthis form of market segmentation is one of the most commonsegmentation method done through the understanding of the personalityqualities (Kiel, 2014). The company, The Bark and Brew, needs totarget both male and female customers between ages 10 to 60 who areeither in school or working. They should either have pets or not.
PsychographicsPsychographic segmentation is a segmentation strategy whichemphasizes on the behaviors and hobbies of the target customers. Someof the target market qualities include interests, opinions, andattitude. The target customers have pets and like to play with them.They are people who like to hang out in cool places and like coffeeand are outdoor enthusiasts.
Geographicit is one of the common segmentation strategies that has been foundto be useful for small businesses. It is mainly essential intargeting people in different geographic locations such as theregional, local, national and international. The Bark and Brew needto target about 10,000 people living in cities.
Acustomer orientation program is a program put in place to make thecustomer familiar with the product being sold by a particularcompany. The customer retention program is based upon the tagging acustomer based on the risk of cancellation of the customer use of thecompany`s service. It is essential that the company identifies theindicators which to convince the high-risk customers to continueusing the services or products of produced by the new company. It isalso essential that the company conducts a customer lifecycleanalysis. Such information is important in determining the business`growth plan.
Acompany`s marketing strategy is one of the most important tools acompany can use to try and make their target customers understand theproduct or service they are offering (Wedel, & Kamakura, 2012). Aprimary need refers to the needs of a person normally driven by theperson`s immediate needs. They include the basic needs which arefood, clothing, and shelter. On the other hand, the secondary needsare the wants and desires. They are normally associated with leisureand entertainment. Both the primary and secondary needs can help withunderstanding the positioning a company.
Tosum up, the paper has discussed some of the most important aspects acompany has to deal with especially considering that it want to getinto a new market and compete with a company such as Starbucks. Theabove-addressed issues are essential in analyzing the most commonfactors The Bark and Brew can consider if they are competing withStarbucks in the beverage industry. The paper leaves room for moreinformation to be provided on the other aspects of marketsegmentation and other aspects of marketing.
Kiel,I. H. (2014). Entrepreneurial marketing.
Wedel,M., & Kamakura, W. A. (2012). Marketsegmentation: Conceptual and methodological foundations (Vol.8). Springer Science & Business Media.
Weinstein,A., & Cahill, D. J. (2014). Lifestylemarket segmentation.Routledge.