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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.
Target marketing process


   Market       Market
                           Positioning
segmentation   targeting
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
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
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
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
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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Target Marketing

  • 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. Target marketing process Market Market Positioning segmentation targeting
  • 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. 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. 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. 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. Exercise  Go to the website of a major brand of resorts. Study how they use appeal to different segments, through the website.