Micromarketing

Micromarketing is an approach to advertising that tends to target a specific group of people in a niche market. With micromarketing, products or services are marketed directly to a targeted group of customers.

1. Micromarketing Presented By: Zubayar Rahman Department of Pharmacy University of Asia Pacific

2. Introduction Micromarketing is an approach to advertising that tends to target a specific group of people in a niche market. With micromarketing, products or services are marketed directly to a targeted group of customers.

3. Example of Micromarketing Fast food chains like “Burger king” introduce rendang burgers in Singapore and Malaysia, where local palates prefer spicy food

4. True Micro marketing Who are your ideal customer? Where do they live? What products do they buy? What products will they buy?

5. Elements of Micromarketing

6. Customers and Consumers: Customers are people who buy an organization’s products/services. A consumer, on the other hand, is the ultimate user of the product/service. For example, a husband might purchase a product for his wife. In this case, the husband is the customer and the wife is the consumer.

7. Competitors are other organizations that compete with each other for both resources and markets. For example, Pantene and Sunsilk shampoo companies are direct competitors. On the other hand, a five-star holiday resort and a luxury car company are Indirect competitors. 2. Competitors:

8. 3. Organization : One of the most important aspects of the micro environment of an organization is the self-analysis of the organization itself. Owners Board of Directors Employees

9. 4. Market: The market is much more than the sum of all the customers. The organization must study the market in terms of its actual size, the potential for growth, and its attractiveness.

10. 6. Intermediaries Intermediaries are also a major determining force in business. Most customers are unaware of the manufacturer of the products they buy since they approach retailers, departmental store, chain stores or online stores for their purchases. 5. Suppliers

11. How Micromarketing works?? There are different approaches to micromarketing. For example, a business may decide to run a micromarketing program by offering promotions specifically to its loyal customer base; matching special offers to unhappy or lost consumers; tailoring products to consumers with unique needs; marketing goods and services to residents in a particular town or region; offering products to targeted consumers with specific job titles or career designations.

12. Micromarketing Local Marketing Individual Marketing Mass customization Tailoring brands and promotions to the needs and wants of Local customer groups. CitiBank McDonald’s Tailoring products and marketing programmes to the needs and preferences of individual customers. Customized cars by DC Customized Bikes Preparing individually designed products and communication on a large scale. Clothing company- customized clothing trend Tourism Industry- offering packaged holiday alternatives Types:

13. Top 5 Companies using Micromarketing strategy

14. Advantage: Highly targeted Growth is user-generated Cost effective

15. Disadvantage: Time consuming Increased cost per acquisition Probability of missing the target