Target Marketing Strategy
Target marketing strategy is a marketing strategy that involves selection of prospective consumers to whom a company or business intends to sell its services or products. The strategy involves segmenting markets and choosing which market segments are appropriate then determining the products to offer in each of these segments.
A business that offers multiple products can decide on whether the varying segments ought to receive generic products (as is the case with mass marketing) or if each should receive a product that is customized based on their maturity, market diversity, volume of sales expected and competition.
There are different steps to be followed when setting up a target marketing strategy and some of these include the following:
- Start by defining the target market and understanding what its needs are. Once you have an idea of the people you will be serving, it becomes easier to start work and serve them.
- List the different types of consumers interested in the product or service you have to offer. Once this is done, build the picture of the consumers and group them in accordance to location and their net worth. You can also group them according to market sector for instance are they recruitment agents, manufacturers etc.
- Look internally at your company to establish whether you have the particular expertise, knowledge of the geographic region and resources needed to meet the needs of that particular market.
The best way to hone on a particular sector is to become established in one area. For instance, Starbucks is able to charge premium costs for its coffee though it sells tea, pastries and accessories for the simple reason it has positioned itself as an authority in provision of good coffee. When you become an expert in your field, people are more at ease to pay the price tag you place on your service or product.
An attractive target market should ideally have the following characteristics:
- It should ‘fit in’ with the company’s mission and objectives-For instance, Teracycle has made its mark by selling organic products that are in recycled packages. It would be a bad idea for the company to set up a coal fired, polluting plant no matter how profitable it might be
- You should have the resources needed to compete in your target market
- It should not be swamped with competitors and if it is, you should find a way of standing out.
- The target market should one that is likely to continue growing.
- It should be sizeable enough to be profitable taking into account the operating costs.
With help from writers at www.assignmentwritinghelp.net, you get to buy an essay paper that is free from grammatical errors and perfectly tailored to match and exceed your quality standards. We are known as leaders in the field of academic writing because we hire our writers after they have gone through numerous tests to prove they are great writers and researchers.
With us, rest assured the paper you buy will be written from scratch and 100% unique. Trust us with your writing tasks and we guarantee that you will get value for your money. Our quality assurance team and editors will ensure your paper is free from grammar and typo errors.
Don’t hold back much longer! Contact our support team today and place your order.