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Types of Data
Primary Data and Secondary data Quantitative and Qualitative data
Data Analysis
Statistics Displaying Data
Probability
Target Marketing
Target marketing requires marketers to take three major steps: Market segmentation: Identifying and profiling distinct groups of buyers who differ in their needs and preferences. Market targeting: Selecting one or more market segments to enter. Market positioning: Establishing and communicating the key distinctive benefit(s) of the companys market offering to each target.
Target Marketing
Advantages
Target Marketing
Disadvantages Increased marketing costs Personalization can become burdensome to manage Faux segmentation may be viewed cynically Narrow segmentation can impact brand loyalty
Market Segmentation
Differentiated Concentrated Undifferentiated
Differentiated Marketing An organization targets multiple market segments and develops segment specific mixes
Concentrated Marketing When an organization concentrates its marketing efforts on a smaller segment of a larger market
Undifferentiated Marketing An organization develops one strategy appropriate for all members of the total market
SEGMENTATION
Geographic Segmentation
Nation or country State or region City or metro size Density Climate
Demographic Segmentation
Age, race, gender Income, education Family size Family life cycle Occupation Religion, nationality Generation Social class
Psychographic Segmentation
Lifestyle Activities Interests Opinions Personality
Core values
Behavioral Segmentaion
Occasions Benefits User status Usage rate Loyalty status Buyer-readiness Attitude
Marketing Unit
Target Market - A specific group of consumers at which a company aims its products and services
The better a company is at identifying their potential consumers; the more successful they will be in delivering products and services that are in demand
Your target consumers are those who are most likely to buy from you
What level of education has your target consumers completed: high school, college, or university?
How much money do they make? This is most significant if you're selling relatively expensive or luxury items.
What are your target consumers activities and interests: sports, physical fitness, shopping, books?
To solve problems
Creating the target market may require the use of limited product roll-outs and focus groups, allowing product managers to get a feel for which aspects of the product are the strongest
Roll Out
Focus Group
- A small group selected from a wider population and sampled, as by open discussion, for its members' opinions about or emotional response to a particular subject or area, used especially in market research or political analysis
Not all products and services are meant for all types of consumers
The beauty of target marketing is that it makes the promotion, pricing and distribution of your products and/or services easier and more cost-effective
Resources
http://www.entrepreneur.com/encyclopedia/term/8249 8.html http://sbinfocanada.about.com/cs/marketing/a/targetm arket_2.htm http://www.answers.com/topic/focusgroup#ixzz1HQx89zFu
http://www.freedigitalphotos.net/ http://www.google.com/imghp?hl=en&tab=wi
**Please notice pictures are sited with artist name. All pictures not cited with artist name were obtained from Google images.
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