Social media marketing
1. When people think of marketing, they may think of advertising or, possibly, pushy salespeople. However, marketing is much broader, with a focus on the customer and customer satisfaction. In addition, marketing is all about stimulating demand. Discuss how consumers make purchasing decisions based on the four Ps of marketing. Please use examples.
2. Social media marketing is one of the fastest growing areas of the marketing world. Choose a network, such as Facebook, LinkedIn, Pinterest, or Instagram, and explain how you have been targeted by a product or service. Identify what segmentation strategy would be appropriate for this product or service.
3. Explain the overall importance of marketing research. Please share an example of a company that has failed to do marketing research. Explain what the company did wrong and make certain to define the problem.
Sample Solution
Social media marketing has become a major component of most modern marketing strategies due to its reach and effectiveness. I have recently been targeted by product or service ads through the Facebook platform which utilizes demographic, geographic and psychographic segmentation to target users with content relevant to their interests (Evanova 2018). In my case, I was exposed to particular ads for travel related services such as discounted flights or hotel stays.
In this instance, it is likely that Facebook used a combination of demographics such as age, gender and location in order to determine who should be exposed to these types of advertisements. For example, since I am a young adult living in the United States they may have assumed that I would be more receptive to travel-related offers than someone who lives outside the U.S. Additionally they may have utilized psychographic information such as interests in order narrow down the pool of potential viewers even further.
This type of segmentation strategy can be very effective when targeting customers for certain products or services because it allows companies to customize their messaging accordingly. By utilizing demographic data they can identify key customer segments based on factors like age or income while using psychographics provides insight into individual preferences which helps create personalized experiences (Evanova 2018). This also helps companies better allocate budgets towards campaigns geared towards those segments that are most likely respond positively.
Overall, segmentation strategies provide an effective way for businesses to target specific audiences with more tailored messages thus improving overall ad performance. In my case, Facebook’s use of multiple criteria helped them accurately identify me as an ideal candidate for travel-related promotions which allowed them to create an ad that was both relevant and engaging.
