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All branding, messaging, strategies and tactics ultimately have to have a home - the target audience. In 1996, Microsofta€™s chief, Bill Gates, pounded out a fortune-telling essay using Word 95. Effective target marketing strategies can make you sound convincing and appealing to potential clients. Another aspect of marketing that ensures success is tailoring your products to customers’ needs. While article marking has seen a relative decline as of late, there still can be value found.
Daniel Ruyter dedicates his career to helping small businesses market their products and services.
When you consider the functional areas of businessa€”accounting, finance, management, marketing, and operationsa€”marketing is the one you probably know the most about. If everyone is responsible for marketing, can the average organization do without an official marketing department? At the same time, you need to achieve organizational goals, such as profitability and growth. The marketing concept puts the customer first: as your most important goal, satisfying the customer must be the goal of everyone in the organization. Declaring that you intend to develop products that satisfy customers and that everyone in your organization will focus on customers is easy.
Wea€™ll use FigureA 9.3, a€?Marketing Strategya€? as a blueprint for our discussion of target-market selection, and wea€™ll analyze the concept of the marketing mix in more detail in the next major section of the chapter. The next step in identifying a target market is to divide the entire market into smaller portions, or market segmentsmarket segmentGroup of potential customers with common characteristics that influence their buying decisions.a€”groups of potential customers with common characteristics that influence their buying decisions.
Maybelline and Cover Girl use segmentation strategies to target their predominant consumers: women. Demographic segmentationdemographic segmentationProcess of dividing the market into groups based on such variables as age and income. Geographic segmentationgeographic segmentationProcess of dividing a market according to such variables as climate, region, and population density.a€”dividing a market according to such variables as climate, region, and population density (urban, suburban, small-town, or rural)a€”is also quite common. Dividing consumers by such variables as attitude toward the product, user status, or usage rate is called behavioral segmentationbehavioral segmentationProcess of dividing consumers by behavioral variables, such as attitude toward the product, user status, or usage rate..
Some companies segment consumers according to user status, distinguishing among nonusers, potential users, first-time users, and regular users of a product. Psychographic segmentationpsychographic segmentationProcess of classifying consumers on the basis of individual lifestyles as reflected in peoplea€™s interests, activities, attitudes, and values.
Typically, marketers determine target markets by combining, or a€?clustering,a€? segmenting criteria. Marketing is a set of processes for creating, communicating, and delivering value to customers and for improving customer relationships. The philosophy of satisfying customersa€™ needs while meeting organizational profit goals is called the marketing concept and guides all of an organizationa€™s marketing activities. To apply this approach, marketers need a marketing strategya€”a plan for doing two things: selecting a target market and then implementing strategies for creating, pricing, promoting, and distributing products that satisfy customersa€™ needs.
A target market is a specific group of consumers who are particularly interested in a product, would have access to it, and are able to buy it. To identify this group, marketers first identify the overall market for the product (from the consumer market, the industrial market, or both). Then, they divide the market into market segmentsa€”groups of customers with common characteristics that influence their buying decisions.
If you were developing a marketing campaign for the Volkswagen Beetle, what group of consumers would you target?
If you have been doing your homework trying to find target marketing strategies, you may be wondering exactly how to determine your ideal audience. We have covered the topic of niche marketing in the past, but while all of the tips we have previously shared will certainly be useful, how do you get to the point where you can easily see how to gear your efforts towards that perfect market?
Today, we will be taking a look at some points that help you to take your great idea and turn it into a successful business that attracts customers who are actively seeking what you have to offer. Before you can even begin to start looking at any of those however, you first need to know whether you are going about things in the right way. If for instance, your idea is to offer affordable school lunch packs for busy parents, you might, as a parent yourself, assume that every parent will need your service. You will also need to know what sort of revenue model you will be working with in order to determine the right target marketing strategies. As for the research part of things, there is much you will learn along the way to determining who your ideal customers are.
There are also many excellent market research tools out there that also help you determine your ideal niche.
The more you can learn about your potential customers now, the easier (and more effective) it will be once you start putting your target marketing strategies into play. Recent Product FeedbackAdmin on The Elevation Group John Lundell on The Elevation Group Andrea Gerak on The Elevation Group Tony on Legit Online Jobs John Moore on SaleHoo Wholesale Directory Testimonials"Thanks for taking the time to review some of these home business courses. This is a€?Selecting Target Markets and Target-Market Strategiesa€?, section 5.3 from the book Marketing Principles (v. This content was accessible as of December 29, 2012, and it was downloaded then by Andy Schmitz in an effort to preserve the availability of this book.
PDF copies of this book were generated using Prince, a great tool for making PDFs out of HTML and CSS. For more information on the source of this book, or why it is available for free, please see the project's home page. DonorsChoose.org helps people like you help teachers fund their classroom projects, from art supplies to books to calculators. After you segment buyers and develop a measure of consumer insight about them, you can begin to see those that have more potential.
Most firms tailor their offerings in one way or another to meet the needs of different segments of customers. Some firmsa€”especially smaller ones with limited resourcesa€”engage in concentrated marketing.
MicrotargetingThe process of gathering multiple sources of data available on people, everything from their tax and phone records to the catalogs they receive, so as to market to them., or narrowcasting, is a new effort to isolate markets and target them.
Firms that compete in the global marketplace can use any combination of the segmenting strategies or none at all. Most companies, however, tailor their offerings to some extent to meet the needs of different buyers around the world. Pizza Hut has franchises around the world, but its products, packaging, and advertising are tailored to different markets.
Sellers are increasingly targeting consumers in China, Russia, India, and Brazil because of their fast-growing middle classes. Other strategies for targeting markets abroad include acquiring (buying) foreign companies or companies with large market shares there. Why might it be advantageous to create low-cost products for developing countries and then sell them in nations such as the United States?
Customer targeting is as much about identifying groups of customers and those who influence your commerce chain, as it is about defining their collective personalities.
Having a lot of traffic coming to your site is good, but it is of no use if the traffic is not from your target market. Study the market and find out what your competitors are providing to their customers, and what they don’t include in their offer.
Write articles on topics related to your business niche and place a link of your site in the articles. After all, as a consumer and target of all sorts of advertising messages, youa€™ve been on the receiving end of marketing initiatives for most of your life.


Not necessarily: most organizations have marketing departments in which individuals are actively involved in some marketing-related activitya€”product design and development, pricing, promotion, sales, and distribution. This basic philosophya€”satisfying customer needs while meeting organizational goalsa€”is called the marketing conceptmarketing conceptBasic philosophy of satisfying customer needs while meeting organizational goals., and when ita€™s effectively applied, it guides all of an organizationa€™s marketing activities.
But this doesna€™t mean that you ignore the bottom line; if you want to survive and grow, you need to make some profit.
It would be nice if everybody in the marketplace was interested in your product, but if you tried to sell it to everybody, youa€™d spread your resources too thin. First, they usually identify the overall market for their producta€”the individuals or organizations that need a product and are able to buy it.
A farmer, for example, might sell blueberries to individuals on the consumer market and, on the industrial market, to bakeries that will use them to make muffins and pies. Climate is crucial for many products: try selling snow shovels in Hawaii or above-ground pools in Alaska. As exhilarating as urban life can be, for example, ita€™s a hassle to parallel park on crowded city streets. Companies selling technology-based products might segment the market according to different levels of receptiveness to technology. There are so many ways to identify your target customers, and so many tools, tricks and strategies that are a great help in this regard. Check out the questions below to find out what you should be asking yourself to determine how (and to whom) you will be targeting your products or services.
Not only do you need a bigger idea of the type of people who will be your customers, you also need to know them well enough to know how you will reach them. Maybe it won’t right away, but you need to have this answer in the back of your mind right from the get-go.
Just talking to people in your network is a great start – those who share your interests, who live in your community… even those who you think may have valuable insight.
We cannot over-state how important these steps are, so rather spend as much time as you can possibly spare doing the ‘leg work’ before you continue on to the next phase of getting your business going. See the license for more details, but that basically means you can share this book as long as you credit the author (but see below), don't make money from it, and do make it available to everyone else under the same terms.
However, the publisher has asked for the customary Creative Commons attribution to the original publisher, authors, title, and book URI to be removed. The middle class of India is growing rapidly, making it a very attractive market for consumer products companies. Accessibility, or the lack of it, could include geographic accessibility, political and legal barriers, technological barriers, or social barriers. Consider TerraCycle, which has made its mark by selling organic products in recycled packages. Mass marketing is also efficient because you dona€™t have to tailor any part of the offering for different groups of consumers, which is more work and costs more money. Because these organizations dona€™t have all their eggs in one basket, they are less vulnerable to competition.
A microcosm of the targeting strategies used in global markets is shown in Figure 5.9 "Targeting Strategies Used in Global Markets". To tap the Indian market, Kraft made a bid to buy the candymaker Cadbury, which controls about one-third of Indiaa€™s chocolate market.
The power and ability to build relationships with potential customers on a personal and intimate level is up to you. It is important that you offer your target market products & services that are tailored to their needs or useful to them. What you probably dona€™t appreciate, however, is the extent to which marketing focuses on providing value to the customer. Ita€™s easy to see how the person who decides what movies to show is involved in marketing: he or she selects the product to be sold. As specialists in identifying and satisfying customer needs, members of the marketing department managea€”plan, organize, direct, and controla€”the organizationa€™s overall marketing efforts. What youa€™re looking for is the proper balance between the commitments to customer satisfaction and company survival. You need to identify a specific group of consumers who should be particularly interested in your product, who would have access to it, and who have the means to buy it. Age, for example, will be of interest to marketers who develop products for children, retailers who cater to teenagers, colleges that recruit students, and assisted-living facilities that promote services among the elderly. Thus, Toyota engineers have developed a product especially for city dwellers (at least in Japan). Credit-card companies use this approach when they offer promotional gifts to college students in order to induce them to get their first card. Try handing out surveys, ask fellow parents, or even do casual interviews at your local store. You will need to know their habits – online and in-store (depending on your business model), where they live, what sort of things they like doing, how they think… even how much income they make. Expansion is something that you may well want to do at some point – having an idea of potentially untapped markets that would help with this growth is vital, so preparation is key.
You may also download a PDF copy of this book (19 MB) or just this chapter (1 MB), suitable for printing or most e-readers, or a .zip file containing this book's HTML files (for use in a web browser offline). However, because the countrya€™s population is so large (nearly 1.5 billion people), more cars are sold in China than in Europe (and in the United States, depending on the month). People under thirty make up the majority of the Indian population, fueling the demand for a€?Bollywooda€? (Indian-made) films.
However, after the marketplace became crowded with competitors, IBM sold the product line to a Chinese company called Lenovo. For example, to overcome geographic barriers, the consumer products company Unilever hires women in third-world countries to distribute the companya€™s products to rural consumers who lack access to stores. Fertilizer made from worm excrement and sold in discarded plastic beverage bottles is just one of its products. Marriott International is an example of a company that operates in multiple market segments. For example, the growing number of people too old to travel have the option of moving into one of Marriotta€™s a€?Senior Living Servicesa€? facilities, which cater to retirees who need certain types of care. If youa€™re a seller of a metal like iron ore, you might sell the same product across the entire world via a metals broker. Mattel has created thousands of different Barbie offerings designed to appeal to all kinds of people in different countries. Companies tailor products not only for different countries but also for different customers in different countries. Likewise, to compete against Corona beer, the Dutch brewer Heineken recently purchased Mexicoa€™s Femsa, which makes the beer brands Dos Equis, Tecate, and Sol.Michael J. A multisegment marketing strategy can allow a company to respond to demographic and other changes in markets, including economic downturns. Once you truly determine and get to know your target market, you will be able to understand their language and speak accordingly. The key to successful article marketing is choosing the right site and creating truly unique and engaging content. According to the American Marketing Association, marketingmarketingSet of processes for creating, communicating, and delivering value to customers and for improving customer relationships.
Ita€™s even easier to see how the person who puts ads in the newspaper works in marketing: he or she is in charge of advertisinga€”making people aware of the product and getting them to buy it.
Consider the case of Medtronic, a manufacturer of medical devices, such as pacemakers and defibrillators. This group is your target markettarget marketSpecific group of customers who should be interested in your product, have access to it, and have the means to buy it., and youa€™ll aim your marketing efforts at its members. The wedding industry, which markets goods and services to singles who will probably get married in the near future, is interested in trends in marital status.


The Japanese version of the Prius, Toyotaa€™s hybrid gas-electric car, can automatically parallel park itself. For each of these products, identify at least five segmentation characteristics that youa€™d use in developing a profile of your customers. You could use Google’s keyword tool, or even look at popular searches to see if people are looking for things relating to your business idea. All of this will help you begin putting together a winning strategy to reel them in to become happy customers.
It wouldna€™t be a good idea for TerraCycle to open up a polluting, coal-fired power plant, no matter how profitable the market for the service might be. If a competitor comes along and offers these groups a product (or products) that better meet their needs, you will lose business.
The company has different types of facilities designed to meet the needs of different market segments. A multisegment strategy can also help companies weather an economic downturn by allowing customers to trade up or down among brands and products.
Concentrated marketing can be a risky strategy because companies really do have all their eggs in one basket. Some examples of companies operating in niche markets include those shown in Table 5.5 "Companies That Operate in Niche Markets".
Microtargeting involves gathering all kinds of data available on peoplea€”everything from their tax and phone records to the catalogs they receive. The broker would worry about communicating with customers around the world and devising different marketing campaigns for each of them. For example, Procter & Gamblea€™s China division now offers products designed for different local market segments in that country. This will help building consumer trust in you and people tend to buy from those who achieve their trust. Find out if there is anything about your product that makes it stand out from other offerings on the market.
But what about the ticket seller and the person behind the counter who gets the popcorn and soda?
The company boasts more than 50 percent of the market in cardiac devices and is considered the industry standard setter. Gender and ethnic background are important to TV networks in targeting different audiences.
Because the Hummer can go off-road and performs well on rugged terrain, geography could also be a factor.
Explain the segmentation category into which each characteristic fallsa€”demographic, geographic, behavioral, or psychographic. These are all important things to note, and will help you determine your revenue model too. Marriott has invested in unique brands so consumers dona€™t confuse the brand and the brand is not diluted.
Suppose you take a pay cut and cana€™t afford to stay at Marriotta€™s Ritz-Carlton hotels anymore. Brazilians are extremely looks-conscious and increasingly able to afford cosmetic products as well as plastic surgery.Jonathan Wheatley, a€?Business of Beauty Is Turning Heads in Brazil,a€? Financial Times, January 20, 2010, 5.
Provide for surveys, feedback on your products and services and focus group studies, where appropriate. Use the information you find out to inform your prospective customers why they should go for your products and services instead of that of your competitors. Everyone in the organization understands that defects are intolerable in products that are designed to keep people alive. Incomea€”a socioeconomic factora€”is clearly important: Hummers are expensive to buy, maintain, and run. Where ita€™s appropriate, be sure to include at least one characteristic from each category. Boone Pickens, an oil tycoon who is attempting to develop and profit from the wind-power market.
A room at a JW Marriotta€”the most luxurious of the Marriott-brand hotels but cheaper than the Ritza€”is available to you. Traditionally, many North American auto parts makers have supplied parts exclusively to auto manufacturers. For a fee, Acxiom can provide you with a list of Hispanic consumers who own two pets, have caller ID, drive a sedan, buy certain personal care products, subscribe to certain television cable channels, read specified magazines, and have income and education levels within a given range.Leon Schiffman and Leslie Kanuk, Consumer Behavior, 10th ed. So attractive are these countries that firms are changing how they develop goods and services, too.
Microtargeting, or narrowcasting, is a new, effort to a€?super targeta€? consumers by gathering all kinds of data available on peoplea€”everything from their tax and phone records to the catalogs they receive. Thus, committing employees to the goal of zero defects is vital to both Medtronica€™s customer base and its bottom line. If youa€™re selling yachts, youa€™ll want to find people with lots of money; so income is an important variable. If you prefer to sit on your couch and watch TV, you might show up on the radar screen of a TiVo provider.
As for psychographics, potential Hummer owners could be people who value prestige and the material rewards of success. But when General Motors, Ford, Chrysler, and other auto companies experienced a slump in sales following the recession that began in 2008, the auto parts makers found themselves in trouble. Firms that compete in the global marketplace can use any combination of these segmenting strategies or none at all. Absolutely: the purpose of every job in the theater is satisfying customer needs, and as wea€™ve seen, identifying and satisfying customer needs is what marketing is all about. If youa€™re the publisher of Nurses magazine, you want to reach people in the nursing profession. If youa€™re compulsive or a risk taker, you might catch the attention of a gambling casino.
Many of them began trying to make and sell parts for wind turbines, aerospace tools, solar panels, and construction equipment.Bernad Simon, a€?Alternative Routes For Survival,a€? Financial Times, April 23, 2009, 8. Other regulatory and cultural barriers sometimes prevent foreign firms from a€?invadinga€? a country.
If youa€™re thrifty and uncomfortable with debt, Citibank might want to issue you a debit card.
Now, says Govindarahan, companies are creating low-cost products to capture large markets in developing countries and then selling them in developed countries. IKEA, the Swedish home-furnishings maker, eventually left Russia because it found it too hard to do business there. Firms are creating low-cost products to capture large markets in developing countries such as these and then selling the products in developed countries.
Acera€™s $250 laptop and General Electrica€™s ultrainexpensive $1,000 electrocardiogram device are examples.
Other strategies for targeting markets abroad include acquiring foreign companies or forming partnerships with them. The worlda€™s cheapest car, the $2,500 Tata Nano, was developed for India but is slated to be sold in the United States.Daniel, McGinn, a€?Cheap, Cheap, Cheap,a€? Newsweek, February 2010, 10.
Having saturated other markets, the hamburger chain is hoping to continue to grow by opening hundreds of new stores in the country.



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