MKT501 CASE MOD 1 Strategic Marketing Module 1 Case

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Strategic Marketing Module 1 Case
MKT501: Strategic Marketing
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Strategic Marketing Module 1 Case
The restaurant industry is increasingly competitive as there are players offering different products and targeting divergent target markets, and American restaurant mainly offering Mexican cuisines is a viable business. Segmenting, targeting and positioning of the business focuses on the customer demographics, psychographics, the demographic tools, customer demographic profile and Customer Relationship Management tools.
Customer Demographics and Psychographics
The demographic profile of the business describes the physical characteristics such as age and sex, social (marital status, social class) and economic (income, education, employment). Understanding customers' demographics helps to ensure the effectiveness of the marketing strategy, and this is especially when there is a good understanding of the customers' habits (Torres, 2015). The primary target group in family and children and the secondary market is young people from 18 to 35 years. Where possible, people take home-made meals, but the target group increasingly prefers eating outside the home. When considering the psychographics aspect of these customers their personalities, perceptions and attitudes are taken into consideration. The restaurant preference for the primary group is formal restaurants, and for the young the fast food restaurants. The customers consider prices, the quality of food and the services
Identifying the type of consumer determining specific characteristics that will to group them into a niche defining their profile, segmenting the market into a small number of subsets or segments where there is similarities in terms of their behavior, needs and motivations Nielsen a market research company integrate information on what people Watch , listen and Buy together with other data source to provides a complete understanding of the customers in different industries. Nielsen also offers advanced analytics that allow business to improve performance when they target meeting the target customer needs. Market research combined with the psychographic profiles helps explain why customers prefer certain brands, products or service and how their personalities influence this.
Two Demographic Tools
The socio-demographic profile tools and the American FactFinder are demographic tools to develop demographic profiles. Demographic tools allow marketers to set marketing campaigns based on what is important in customer segmentation and demand for products or services. A full market survey is expensive, but the demographic tools help to identify the best route to reach the targeted customers. Using the demographic tools is also potentially useful to make a realistic projection of the number of customers in the target market, but care should be exercised to select the right segmentation approach.
The socio-demographic profile tool focuses on demographic variables such as age, sex, marital status, education and income levels. Many surveys focus on socio-demographic variables, which are the characteristics of a population to categorize and segment people. The tool is also useful to analyze...