Week 1 - Marketing Strategy
A goal of a marketing department is to attract new customers. If new customers are satisfied, they will return and your business will grow because of it. The hardest part is getting these new customers. With marketing departments having a budget they must follow, teams must plan effectively to minimize the cost of acquiring new customers. Teams are able to do this by using the strategy called target marketing. Target marketing is focusing your marketing strategy on a specific group of people. How a group people is determined depends on a variety of factors. These factors are called psychographics, geographics and demographics. Psychographics are the consumers interests, hobbies and values. It is the heart of the consumer. Lets say you are opening up a new vegan restaurant. To avoid wasting time and money, you would not want to market your vegan restaurant to a group of people that like meat. Instead you should target customers who enjoy vegan meals. Geographics is where the con