Micromarketing
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Micromarketing
"Micromarketing" was first referred to in the UK marketing press in November 1988 in respect of the application of geodemographics to consumer marketing. [1]. The subject of micromarketing was developed further in an article in February 1990, which emphasised understanding markets at the local level, and also the personalisation of messages to individual consumers in the context direct marketing. [2]. Micromarketing has come to refer to marketing strategies which are variously customised to either local markets, to different market segments, or to the individual customer.
[edit] Micromarketing
Standard pricing policy ignores the differences in customer segments of specific stores within a regional chain of stores. The process of customizing pricing policies at the individual store level is known as micromarketing.[3] This marketing strategy tries to appeal to specific customers or customer segments. It requires a great deal of technical capability and the Internet has been a catalyst in the development of this strategy.[4] it mainly refers to target section of customers wants .
[edit] History of Micromarketing
With increased availability of electronic scanner data there has been a greater focus on research of micromarketing and pricing problems that retailer's encounter. Research in 1995 by Stephen J. Hoch et al. provided empirical evidence for the micromarketing concept. In 1997, Alan Montgomery used Hierarchical Bayes models to improve the estimation procedures of price elasticities, showing that micromarketing strategies can increase gross profits.[5]
[edit] References
- ^ Whitehead, John. The Need to Rethink Analysis, Marketing Week, 14th November 1988.
- ^ Whitehead, John. Paying Attention to Detail, Marketing, 22nd February 1990.
- ^ Montgomery, Alan. Micro-Marketing Using Supermarket Scanner Data, 1995.
- ^ Peterson, Rogers & others. Principles of Marketing, Global Media 2007
- ^ Weitz, Barton and Robin Wensley. Handbook of Marketing, SAGE 2002.
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