- 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
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
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
Focus on different benefits: Different segments must
need different benefits.
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
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