| Pub. Date | : | Dec, 2023 |
|---|---|---|
| Product Name | : | The IUP Journal of Brand Management |
| Product Type | : | Article |
| Product Code | : | IJBRM041223 |
| Author Name | : | Gerd Nufer |
| Availability | : | YES |
| Subject/Domain | : | Marketing |
| Download Format | : | PDF Format |
| No. of Pages | : | 08 |
Understand your market and
understand your customer are two
basic rules of marketing. However,
as markets become more complex and
customers more demanding, working with
these basic rules becomes a greater challenge
to face in a networked and global world.
Today, the majority of international markets
can be characterized as buyers' markets.
This means that the consumer is in a
stronger position than the supplier. For the
supplier, who faces stronger competition in
a buyer's market, the bottleneck factor is
not in the area of production, but rather in
the area of marketing. As a result, suppliers
face the challenge of market orientation in
order to differentiate themselves from the
competition and serve the market correctly
according to its needs. Benefit and
performance are no longer the only deciding
factors in purchasing. The emotionality
and credibility of a provider or brand are
becoming increasingly important. As a
result, customers have new expectations of
providers and, in particular, their
communication with customers (Flocke,
2006; and Knorzer et al., 2010).
Markets are being segmented into ever smaller target groups; for example, marketing for people with a certain ethnic background, marketing for Gen Z or marketing for senior citizens. The examples are numerous. A particularly obvious segmentation of the market is the differentiated consideration of men and women in marketing (Nufer, 2023). The study and implementation of marketing tailored to gender is described by the term 'gender marketing'.