Target market
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Market targeting involves developing measures to evaluate market segments and selecting one or more segments to enter. Key factors in evaluating segments include current size, growth potential, and attractiveness, as well as company objectives and resources. There are four main marketing strategies: undifferentiated targets the whole market with one offer; differentiated designs separate offers for different segments; concentrated focuses on one segment; and micro targets specific individuals and locations. Examples of each include mineral water, airlines, fossils, and local grocery stores respectively.
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Target market
- 1. Market Targeting The act of developing measures of segment and selecting one or more of the market segments to enter. - Kotler
- 2. Evaluating Market Segments Current segment size and growth potential. Segment attractiveness. Company objectives and resources.
- 3. Selecting Marketing Strategy Undifferentiated marketing- aim products at most sections of the market. Differentiated marketing- different products are targeted to different groups people. Concentrated marketing- focuses on certain section of a market. Micro Marketing.
- 4. Undifferentiated Marketing Also called mass marketing. Target the whole market with one offer (product). Design marketing techniques that appeal to the largest number of buyers like using the media coverage. Not made especially for one consumer group or segment.
- 5. Product Market Example: Mineral Water
- 6. Differentiated Marketing Also called segmented marketing. A firm decides to target several market segments and designs separate offers for each. Develop several brands to meet the need of each consumer segments.
- 7. Company Segment1 (Economy) Segment2 (Business) Segment3 (First Class) Example: Airline Company
- 8. Concentrated Marketing Target a very select group of customers Business concentrates its marketing effort on one segment of the market.
- 9. Company Segment1 Segment2 Segment3 Example : Fossils -People trust on branded product. They only buy that That product.
- 10. Micro Marketing The practice of tailoring products and marketing programmes to suit the tastes of specific, individuals and locations. Example: Local marketing- Marketers tailor brands and promotions to needs and wants of local customer groups- cities, neighborhood and specific stores. Grocers, restaurants. Individual marketing- Tailoring products and marketing programmes to the needs and preferences of individual customers. Marketing message is crafted more personally to a buyer. Ex: Kerepek