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Target market may be defined as a market which an organisation sets its views on, either because it is witnessing an increasing demand for the product produced by the organisation, either because it represents a "blue ocean" for the organisation to exploit before its competitors get there, so as to create a competitive advantage. A target market also is, in marketing, the market segment to which a particular product is marketed. It's often defined by age, gender, geography, and/or socio-economic grouping. Image File history File links Broom_icon. ... Market segmentation is the process in marketing of dividing a market into distinct subsets (segments) that behave in the same way or have similar needs. ... Wikibooks has more about this subject: Marketing Look up marketing in Wiktionary, the free dictionary. ... Social class describes the relationships between people in hierarchical societies or cultures. ...
Targeting strategy is the selection of the customers you wish to service. The decisions involved in targeting strategy include:
Targeting strategy decisions are influenced by: Market segmentation is the process in marketing of dividing a market into distinct subsets (segments) that behave in the same way or have similar needs. ... A products position is how potential buyers see the product. ...
market maturity
diversity of buyers' needs and preferences
strength of the competition
the volume of sales required for profitability
Targeting can be selective (eg.: focus strategy, market specialization strategy or niche strategy), or extensive (eg.: full coverage, mass marketing, or product specialization). Michael Porter has described a category scheme consisting of three general types of strategies that are commonly used by businesses. ... Market dominance strategies are a type of marketing strategy that classifies firms based on their market share or dominance of an industry. ... Mass-marketing is the process of widely marketing a mass-produced item. ...
Wikibooks has more about this subject: Marketing Look up marketing in Wiktionary, the free dictionary. ... Market segmentation is the process in marketing of dividing a market into distinct subsets (segments) that behave in the same way or have similar needs. ... A products position is how potential buyers see the product. ... Book cover Crossing the Chasm is a marketing book by Geoffrey A. Moore that focuses on the specifics of marketing high tech products. ... Wikipedia does not yet have an article with this exact name. ...
A marketer may choose to target the entire furniture market with the generalized product, promotion, distribution, and pricing strategy meant to appeal to everyone, or may go after one segment of the furniture market with a customized strategy or several segments of the furniture market with more than one strategy.
Targetmarketing can be a particularly valuable tool for small businesses, which often lack the resources to appeal to large aggregate markets or to maintain a wide range of differentiated products for varied markets.
Targeting can be selective (eg.: focus strategy, market specialization strategy or niche strategy), or extensive (eg.: full coverage, mass marketing, or product specialization).
Targetmarketing tailors a marketing mix for one or more segments identified by market segmentation.
Two important factors to consider when selecting a targetmarket segment are the attractiveness of the segment and the fit between the segment and the firm's objectives, resources, and capabilities.
This coverage can be achieved by means of either a mass market strategy in which a single undifferentiated marketing mix is offered to the entire market, or by a differentiated strategy in which a separate marketing mix is offered to each segment.
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