This question needs to be addressed by dmarwah
Hello dmarwah i will post 2/6 questions now Please answer the two by the end of today and the other 4 ill post by the end of tommorow
they are similar to what i gave you earlier?
1. During last December's Holiday season, I learned real quick what it's like to wonder outside my socio-economic setting of buying behaviors.
I stumbled into one of those expensive department stores (Saks, Neiman Marcus, etc.) ... WOW.
I mean like ... $4,000 silk blouses ? (I'm not kidding).
Who on earth would buy things at this price? ...
Then I realized that "someone" must be patronizing these stores. After all, their doors are open & they must be meeting payroll.
Then it hit me ... it was my big "Wake-up Call" ... I'm in another socio-economic class and obviously have different "buying Behaviors".
I quickly walked over to another department store where everything seemed 'normal' again ... and I shopped.
With this in mind, I'd say socio-economic position plays a huge part in consumer motivation & behavior.
What are your thoughts on this?
2. Although I feel that every segment of any marketing plan deserves attention and "fine tuning" during the planning process AND throughout it's implementation phase(s), I also feel that the initial marketing expense budget allocation must receive special attention and full executive-level support.
Why ? ... Because it must have ample "Fire Power" to succesfully atack your selected target market.
... meaning it must contain enough money to out-perform competitor marketing plans AND attract enough customers to keep your doors open !
My experiences shows that most failed businesses had weak and anemic marketing plans ... which can be traced (for the most part) to inadequate or inappropriate allocation of the budget.
So, just what is an 'adequate' marketing budget when determining your target market ?
What are your thoughts on this