BSBMKG401 Profile the market

BSBMKG401 PROFILE THE
MARKET

Table of Contents.
MAIN BODY...................................................................................................................................3
PART A ..........................................................................................................................................3
1....................................................................................................................................................3
2....................................................................................................................................................3
3....................................................................................................................................................4
4....................................................................................................................................................4
5....................................................................................................................................................5
6....................................................................................................................................................6
PART B............................................................................................................................................6
QUESTION 1...............................................................................................................................6
QUESTION 2...............................................................................................................................8
PART C ...........................................................................................................................................9
REFERENCES................................................................................................................................1

MAIN BODY
PART A
1.
a) Criteria in specific reference to the marketing refers to the measurement tool used by the
customers to select the different products on the basis of quality, price and its characteristics.
b) Positioning means that the stand of your product in comparison to the same product or service
in the given marketplace and among the targetted consumers.
c) Segmenting the market and choosing the potential audience to whom an organisation is
willing to offer the product or service is known as targeting strategy.
d) Distinctive need refers to a unique quality, characteristic, superior strength of the product of
an organisation which distinguishes a company from its challenger.
e) Demographic descriptions includes certain traits on the basis of which potential customers or
groups of the audience are divided such as age, sex, occupation, income, race and family status.
f) Prospective user refers to an individual who willing to enter into a contract for an additional
service.
g) Psycho-graphic description refers to the methodology which is used to elaborate the attributes
of humans like lifestyle, values, desires, goals, attitudes and interests.
h) Marketing plan is the promoting strategy that an organisation would adapt to sell its product.
The plan would determine the strategies to attract the targetted audience by adjusting the price of
the products.
I) The term Australian Bureau of Statistics (ABS) refers to the term which provides necessary
data so to have knowledge regarding the market nature which helps to compare to other
businesses.
j) Australian Marketing Institute Code of Conduct refers to an important organisation which
maintain the standards, principles, guidelines, rules and norms for the professional marketers in
Australia.
2.
a) The term market segmentation is the process of dividing the customers into groups being
relied on the common characteristics (Lai, Yang and Cui, 2021). In other words, it refers to the
marketing strategy which aids to determine or identify specific product line that is being
presented so to attract their interests.

b) The six general criteria for market segmentation are as follows:
 Demographic segmentation: It differentiates the potential customer’s by who they are
which is completely dependent on the B2B or B2C.
 Geographic segmentation: It separates the audience on the basis of their location i.e.
country, continent, region, state or city.
 Behavioural segmentation: It distinguishes the potential customer’s in regard to the
earlier behaviour in reference to your brand.
 Transactional segmentation: It is also known as RFM which determine the spending
patterns of the audience to figure out the valuable customers (Liu and et.al., 2019).
 Psycho-graphic segmentation: It splits the customer’s on the basis of their personality
such as attitude, value or lifestyle.
 Needs-based segmentation: It divides the group of your customer on the basis of wants
they are seeking.
3.
A business need to identify the “target market” because it helps to identify the customer
who are ready to pay for your product or service. To thrive the business there is need to know
your target market so to frame the strategies according to the needs of the customer. This would
help to provide an edge over the competitors in the given industry. It would assist the owner to
figure out what characteristics they are being needed in the product. After identifying the target
market the expectations of the potential audience could be easily managed and discourage
unrealistic demands on the end of the customers. It would also help the business to frame the
advertising approach by identifying the different modes of advertising the products to the
targetted audience. If an organisation is able to identify the target market it would assist directly
to connect with the particular customers which would improve the consumer relation and
communication. It would enhance the reputation of the company by deepening the customer’s
loyalty.
4.
The steps to choose one of the positioning strategy which should be used in the market
place are: