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May 1, by Brittany McSorley When starting a business, or formulating a business model, marketing is a hugely important aspect of the planning. Marketing is defined as the process by which a company communicates the value of its products to its customers; the end goal of marketing is, of course, an increase in sales, and consequently, an increase in profits.
Marketing most often takes the form of advertisements, via a variety of media, such as television and Internet advertising.
In order to most accurately and successfully market a product or line of products, companies and businesses formulate marketing strategies. Marketing research culminates in the identification of a target market. This guide will teach you about marketing researchillustrate how to identify a target market for a specific business or product, and provide examples of target markets for well-known businesses.
A competitive advantage allows a business to appeal to customers in a more memorable and effective way than businesses that offer a similar product. One of the most common marketing strategies revolves around the concept of market dominance. Market Segmentation An important component of marketing strategy is the concept of market segmentation.
Market segmentation organizes consumers based on those who have similar values, lifestyles, priorities, and needs. The practice of market segmentation leads to the creation of target markets for companies and businesses.
The target market is the group of customers that a company will try to reach out to in the form of advertising, because they are the people most likely to buy the kind of products the company sells.
The way a marketing team distributes, promotes, and prices a product is derived from information about the target market.
Target markets vary hugely depending on the company and the product. As a result, target markets are organized and specified according to a number of different factors.
These factors include geography, relationship to the product, demographics, socioeconomics, behavior, and psychology. Target groups can include people who live in a particular region of the world, or a particular climate. A company that manufactures and sells winter apparel or equipment used for winter sports, such as skiing and snowboarding, would market to a target group consisting of people who live in areas that experience cold weather, or mountainous regions in which winter sports are very popular.
Target markets can be organized based on relationship the product being sold as well. For example, a company that sells weight loss products would incorporate into their target marking those people who had a negative relationship with exercise, tweaking their marketing techniques to play that relationship to the advantage of the company.
Demographics and socioeconomics are arguably the most important factors by which target markets are organized and identified. Target markets organized based on these factors take into account the age, gender, jobs, level of education, and personal income and wealth.
For example, a pricey makeup company would identify a target market that most likely included women who are old enough and educated enough to have the disposable income to spend on the products being offered.
These target customers would most likely live in well-to-do areas of the country and world, so advertisements for the products would likely be concentrated in wealthy and cosmopolitan areas. Behavior of potential customers is another factor taken into account when identifying a target market.
This includes how often customers will need to, or be willing to, buy the product, how likely they are to return to the same store or company, and other factors that impact the way people shop. Companies who are marketing kitchen products, for example, need to take into account how often people will go between purchasing two items of a similar nature, such as a blender or a set of pots and pans.Sep 02, · Business Proposal Template; Write your business plan with the #1 online business planning tool.
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Episode How to Define Your Target Market, Guest Eric Siu, and the #MinimumWage | The Bcast. Jonathan Michael. Sales and Marketing /5(31). Do-It-Yourself Market Research gives a more comprehensive explanation of the basics of market research as well as providing tips for sampling and accessing your target market.
Market research is time-consuming but is an important step in affording your business plan validity. The market analysis section of your business plan comes after the products and services section and should provide a detailed overview of the industry you intend to sell your product or service in, including statistics to support your claims.
Segmentation can make a huge difference in understanding your market. For example, when a local computer store business defines its customer segments as "high-end home office" and "high-technology.
Do-It-Yourself Market Research gives a more comprehensive explanation of the basics of market research as well as providing tips for sampling and accessing your target market.
Market research is time-consuming but is an important . Mar 05, · Lucky for you, we’re living in the days of the niche market! You can use target marketing to carve out your own space in the marketplace. Case study: The wireless industry.
The wireless industry is a great example of small businesses succeeding with niche markets and target marketing/5(44).