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By Hayden Noel

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Research also allows marketers to know the size and potential profi tability of each segment. Understanding consumer behaviour allows marketers to determine which segments would be best for them to target with their products and services. By conducting research, companies can discover which segments have needs that could be best satisfi ed by the company. Running glossary marketing mix probably the most famous marketing term. Its elements are the basic, tactical components of a marketing plan. Also known as the Four P’s, the marketing mix elements are price, place, product, and promotion market segment subgroup of people or organisations sharing one or more characteristics that cause them to have similar product needs variable a factor that can be changed or adapted Marketing research also aids in making strategic decisions such as product-positioning (how the products should be perceived by the consumer).

You have been given the task of developing a marketing plan for a new magazine targeted to a growing ethnic group in your country. How would you promote the new magazine? What would the actual product look like? Where would it be sold? How would you price it? Which consumer behaviour theories would you consider in developing your plan?

Religious subcultures Reference groups Consumer-related reference groups A group can be defi ned as ‘two or more individuals who share a common purpose’. Group members tend to share the same values, recognise that the group members have to work together in some way, assume specifi c roles, and can provide reward or punishment. For marketers, reference groups are very important. A reference group is a group that serves as a point of comparison (or reference) for an individual. The group’s beliefs and behaviours establish norms of behaviour for the individual and can affect everything from the food they purchase to the activities that they enjoy.

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