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Target marketing


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Target Marketing

Published in: Marketing
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Target marketing

  1. 1. MARKET TARGETING By : Raju Lama 13 Jan, 2015
  2. 2. MARKET TARGETING - Target market is group of customer towards which business has decided to aim its marketing efforts and lastly sells its goods/products. - Allows marketer/sales team to customize message to targeted group in focused manner.
  3. 3. MARKET TARGETING THIGS TO REMEMBER WHILE MARKET TARGETING Criteria Size: The market must be large enough to justify segmenting. If the market is small, it may make it smaller. Difference: Measurable differences must exist between segments. Money: Anticipated profits must exceed the costs of additional marketing plans and other changes. Accessible: Each segment must be accessible to your team and the segment must be able to receive your marketing messages Focus on different benefits: Different segments must need different benefits.
  4. 4. MARKET TARGETING STARTEGIES FOR REACHING TARGET MARKET A. MASS MARKETING To convey message to largest no. of people. Ignores market segment difference and go after whole market with one offer. Eg : by radio, tv, newspaper etc. B. DIFFERENTIATED MARKETING STRATEGY Company provide separate offerings to each different market segment that it targets. Each segment is targeted uniquely. C. CONCENTRATED MARKETING OR NICHE MARKETING Focus to select a particular market (niche) and target marketing effort on it only. D. DIRECT MARKEING Best way to reach out to target markets through direct markeing. done by buying consumer database. Database comes from email, mobile no, home no. etc
  5. 5. E. PRODUCT SPECIALIZATION Business specializes in a particular product and tailors it to different market segments. F. MARKET SPECIALIZATION Specializes in serving a particular market segment and offers that segment an array of different products.