By Michael Armstrong
Consultant to fashionable ideas in all fields of administration; excellent significant other for pro managers, in addition to a vital reference ebook for company and administration scholars. contains over a hundred systematic and analytical tools used to aid in decision-making and to enhance potency and effectiveness.
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Additional info for A Handbook of Management Techniques: A Comprehensive Guide to Achieving Managerial Excellence and Improved Decision Making
It involves formulating market coverage policies that determine the segments of the market that present the best opportunities. When the segmentation process has taken place, each identified segment must be assessed in order to decide whether or not it is worth while serving as a profitable target market with its own distinctive marketing mix. If a company decides not to operate a ‘blanket’ strategy (no segmentation), then it is engaging in what is called a ‘concentrated’ or ‘differentiated’ market targeting strategy.
Budgeting procedures will be very different in the case of direct-response advertising, where sales of the product depend entirely on a response directly from the Promotion ᔡ 35 consumer to advertisements (termed ‘off the page’) or direct mail shots. A key ratio in such instances will be cost per order (CPO). Media planning The media planning process consists of the following steps: 1. Appraisal of: ᔢ sales trend data; ᔢ brand share data; ᔢ market seasonality; ᔢ competitive advertising patterns; ᔢ purchasing or usage profile by demographic group; and ᔢ results achieved from other campaigns.
Attributes can be objective (for example colour or taste) or subjective (for example brand name, ‘value for money’). The aim is to establish key differentiating attributes that will attract customers to the particular product or service. This is sometimes referred to as the unique sales proposition (USP). Brand mapping Brand mapping, sometimes called perceptual mapping, is a method of identifying market gaps (gap analysis) and thereby developing a positioning strategy. The process involves: ᔢ identifying criteria, for example price and other attributes such as colour and taste; ᔢ identifying existing brands and analysing them by reference to the criteria; ᔢ mapping the brands; ᔢ identifying any area in which existing brands are not placed – the market gap.
A Handbook of Management Techniques: A Comprehensive Guide to Achieving Managerial Excellence and Improved Decision Making by Michael Armstrong