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Target Marketing

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Target Marketing

  1. 1. Market: A market is the set of all actual and potential buyers of the product. Market Targeting: Evaluating each market segment’s attractiveness and selecting one or more segments to enter.
  2. 2. Target marketing process Market Market Positioning segmentation targeting
  3. 3. Selecting a Target Market  Before a marketing mix strategy can be implemented, the marketer must identify, evaluate, and select a target market.  Market: people or institutions with sufficient purchasing power, authority, and willingness to buy  Target market: specific segment of consumers most likely to purchase a particular product
  4. 4. Strategies for Reaching Target Markets  Undifferentiated Marketing: when a firm produces only one product or product line and promotes it to all customers with a single marketing mix.  Differentiated Marketing: when a firm produces numerous products and promotes them with a different marketing mix designed to satisfy smaller segments.  Concentrated Marketing (niche marketing): when a firm commits all of its marketing resources to serve a single market segment.  Micromarketing: involves targeting potential customers at a very basic level, such as by ZIP code, specific occupation, lifestyle, or individual household
  5. 5. Selecting and Executing a Strategy  No single, best choice strategy suits all firms  Determinants of a market-specific strategy:  Company resources  Product homogeneity  Market homogeneity  Stage in the product life-cycle  Competitors’ strategy
  6. 6. Market Positioning  Positioning:a marketing strategy that emphasizes serving a specific market segment by achieving a certain position in buyers’ minds  Attributes: Price/quality  Competitors  Benefits products offer  Product user  Product class
  7. 7. Exercise  Go to the website of a major brand of resorts. Study how they use appeal to different segments, through the website.

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