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Target Marketing What is it? A particular market segment at which a marketing campaign is focused. Why is it Important? 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. Target marketing provides a focus to all of your marketing activities. Why is it Needed? Selecting a target market segment for a product rather than attempting to sell to the entire market can be a more efficient use of promotion dollars, because a greater market share can be achieved by capturing most or all of a segment via a carefully directed marketing plan that reaches precisely the right people with the right message than by trying to capture market share with a generic approach. It is also a better use of production resources if they can be concentrated on a single product and/or package, thus experiencing economies of scale. Strategies for Reaching Target Markets Marketers have outlined four basic strategies to satisfy target markets: 1. 2. 3. 4. undifferentiated marketing or mass marketing, differentiated marketing, concentrated marketing, and micromarketing (or niche). Market Segmentation Target Marketing involves breaking a market into segments and then concentrating your marketing efforts on one or a few key segments. Target markets are groups of people separated by distinguishable and noticeable aspects. Target markets can be separated into: Type of Market Segment Shared Group Characteristics Demographic Segment Measurable statistics such as age, income, occupation, etc. Psychographic Segment Lifestyle preferences such as music lovers, city or urban dwellers, etc. Use-based Segment Frequency of usage such as recreational drinking, traveling, etc. Benefit Segment Desire to obtain the same product benefits such as luxury, thriftiness, comfort from food, etc. Geographic Segment Location such as home address, business address, etc.