Marketing Mix

BMA506 Foundations of Marketing

Han Ye Student ID:442623

Week 3-Chapter 6 Case study

Markets for visual art:Insight into a university Gallery  

1. What are the different methods you would advise the Adam Art Gallery to use in segmenting its market?

Generally, the firm choose the best segmentation method based on their own situation. Art gallery in this case have small budget and lower marketing budget.Therefore, psychographic segmentation is not a good option due to expense costly.

Firstly, the best marketing segmentation relates to this case will be geodemographic segmentation method.This method is using the information collect from geographic and demographic methods to classify consumers in group. Art gallery intend to expend their market to current region’s students and staffs and people who interest in visual arts from local community. Thus, there is necessary to understand those people’s information in order to making decision. Secondly, Benefit or behavioral segmentation relies on accurate information from geodemographic methods and further analysis the consumer behavior. Hence,this segmentation is able to became an option in order to maintain the current loyalty visitor.

1. What are the advantages and disadvantages of making use of an existing industry specific segmentation study such as that provided by Oxigenmedia?

The advantages of making use of an existing industry specific segmentation will be easy to access information. The company only needs to spend little efforts to obtain accurate information from professional institutions in which the efforts is including money etc. Secondly, The firm are discover that those information are reliable to predict consumers’ behavior than demographics. Thirdly, Oxigenmedia ensure Art gallery to identify its target segmentation and underlying motivations.

The disadvantages of using an existing industry specific segmentation is that every firm are facing difference situations.Even the segmentation group is professional and reliable.However,each company are have contingent circumstance.Too much rely on those information will bias the decision making.

1. Based on the information provided in the case and your own marketing insight,devise 3 or 4 market segments that you think would be applicable to the Adam art gallery.Which would you recommend it target?consider the variety of targeting strategies.

There are 3 market segments will be applicable to the Adam Art Gallery.1) staff and students within the university.2)the people interested in visual arts in local community.3)The people who interested in media studies, film and the environment in whole society. My target segment is the people interested in visual arts in local community. Based on the research, the educated female is the major majority who interested in visual arts. Hence, this type of segment represent strongly potential.

The targeting strategy apply on Adam art gallery is differentiated targeting strategy. Each segments have difference needs. This type of targeting strategy can be based on difference group in order to adjustment. The differentiated targeting strategy is able to maximum company value.