target marketing a sub part of Marketing and one of its important segments

1. TARGET
MARKETING
BY MUSKAAN SHAH
CLASS : F.Y.BMS
SUBJECT : PRINCIPLES OF MARKETING

2. MEANING
Target Marketing involves breaking a market
into segments and then concentrating your
marketing efforts on one or a few key
segments consisting of the customers whose
needs and desires most closely match your
product or service offerings.

3. EXAMPLE OF TARGET
MARKETING

4. MARKET SEGMENTATION:
MEANING
Market segmentation is the process of dividing a broad consumer or
business market, normally consisting of existing and potential customers,
into sub-groups of consumers (known as segments) based on some type
of shared characteristics. In dividing or segmenting markets, researchers
typically look for shared characteristics such as common needs, common
interests, similar lifestyles or even similar demographic profiles. The overall
aim of segmentation is to identify high yield segments – that is, those
segments that are likely to be the most profitable or that have growth
potential – so that these can be selected for special attention (i.e.
become target markets).

5. IMPORTANCE OF MARKET
SEGMENTATION
 Determining Market Opportunities
 Developing Marketing Programs
 Adjustments in Marketing Appeals
 Designing Product
 Media Selection
 Timing of Marketing Efforts
 Efficient Use of Resources
 Better Service to Consumers
 Helps to Fix Prices
 Assist in Distribution Strategies

6. TYPES OF TARGET MARKETING
SEGMENTS
Geographic Segmentation (Region, Urban/Rural, Locality)
Demographic Segmentation (Age, Gender, Income, Education,
Family size, Family Life Cycle, Race and Religion)
Psychographic Segmentation (Cultural Influences, Influence of
Reference Groups)
Sociographic Segmentation (Life-style, Personality)
Behavioural Segmentation (Usage Rate, Users Status, Readiness
Stage, Buying Motives)

7. TARGET MARKET
STRATEGIES

8. UNDIFFERENTIATED MARKETING
OR MASS MARKETING
Mass marketing is a method which is used to target as many people as
possible to advertise one message that marketers want the target market
to know. When television first came out, undifferentiated marketing was
used in almost all commercial campaigns to spread one message across to
a mass of people. The types of commercials that played on the television
back then would often be similar to one another that would often try to
make the viewers laugh, These same commercials would play on air for
multiple weeks/months to target as many viewers as possible which is one
of the positive aspects of undifferentiated marketing.

9. DIFFERENTIATED
MARKETINGDifferentiated marketing is a practice at which different messages is
advertised to appeal to certain groups of people within the target market.
Differentiated marketing however is a method which requires a lot of money
to pull off. Differentiated marketing also requires a lot time and energy as it
takes time to come up with ideas and presentation to market the many
different messages, it also requires a lot of resources to use this method. But
investing all the time, money and resources into differentiated marketing
can be worth it if done correctly, as the different messages can successfully
reach the targeted group of people and successfully motivate the targeted
group of people to follow the messages that are being advertised.

10. CONCENTRATED MARKETING
Niche marketing is a term used in business that focuses on selling its products and
services solely on a specific target market. Despite being attractive for small
businesses, niche marketing is highly considered to be a difficult marketing strategy as
businesses may need thorough and in-depth research to reach its specific target
market in order to succeed. Concentrated marketing is when a firm/ company focuses
on a particular aspect or group of consumers to deliver their product and marketing
to. Niche marketing, is also primarily known as concentrated marketing, which means
that firms are using all their resources and skills on one particular niche. Niche
marketing has become one of the most successful marketing strategies for many firms
as it identifies key resources and gives the marketer a specific category to focus on
and present information to. This allows companies to have a competitive advantage
over other larger firms targeting the same group; as a result, it generates higher profit
margins.

11. DIRECT MARKETING
Direct marketing is a method which firms are able to market directly to their
customers needs and wants, it focuses on consumer spending habits and their
potential interests. Firms use direct marketing a communication channel to interact
and reach out to their existing consumers . Direct marketing is done by collecting
consumer data through various means. An example is the internet and social media
platforms like Facebook, Twitter and Snapchat. Those were a few online methods of
which organisations gather their data to know what their consumers like and want
allowing organisations to cater to what their target markets wants and their interest.
This method of marketing is becoming increasingly popular as the data allows
organisations to come up with more effective promotional strategies and come up
with better customize promotional offers that are more accurate to what the
customers like, it will also allows organisations to uses their resources more effectively
and efficiently and improve customer management relationships. An important tool
that organisations use in direct marketing is the RFM model.

12. THANK YOU!