A target market or target audience In marketing and advertising, a target audience, or target group is the primary group of people that something, usually an advertising campaign, is aimed at appealing to. A target audience can be people of a certain age group, gender, marital status, etc. A certain combination, like men from twenty to thirty is often a target audience. Other is a group of customers that the business A business is a legally recognized organization designed to provide goods or services, or both, to consumers, businesses and governmental entities. Businesses are predominant in capitalist economies. Most businesses are privately owned. A business is typically formed to earn profit that will increase the wealth of its owners and grow the business has decided to aim its marketing Marketing is the process by which companies create customer interest in products or services. It generates the strategy that underlies sales techniques, business communication, and business development. It is an integrated process through which companies build strong customer relationships and create value for their customers and for themselves efforts and ultimately its merchandise Merchandising is the methods, practices, and operations used to promote and sustain certain categories of commercial activity. In the broadest sense, merchandising is any practice which contributes to the sale of products to a retail consumer. At a retail in-store level, merchandising refers to the variety of products available for sale and the. [1] A well-defined target market is the first element to a marketing strategy Marketing strategy is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage. A marketing strategy should be centered around the key concept that customer satisfaction is the main goal. The target market and the marketing mix variables of product, place (distribution), promotion and price In all modern economies, the overwhelming majority of prices are quoted in units of some form of currency. Although in theory, prices could be quoted as quantities of other goods or services this sort of barter exchange is rarely seen are the two elements of a marketing mix strategy The term "marketing mix" was first used in 1953 when Neil Borden, in his American Marketing Association presidential address, took the recipe idea one step further and coined the term "marketing-mix". A prominent marketer, E. Jerome McCarthy, proposed a 4 P classification in 1960, which has seen wide use. The four Ps concept is that determine the success of a product in the marketplace A marketplace is the space, actual, virtual or metaphorical, in which a market operates. The term is also used in a trademark law context to denote the actual consumer environment, ie. the 'real world' in which products and services are provided and consumed.
Once these distinct customers have been defined, a marketing mix strategy of product, distribution, promotion and price can be built by the business to satisfy the target market.
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Market segmentations Market segmentation is a concept in economics and marketing. A market segment is a sub-set of a market made up of people or organizations sharing one or more characteristics that cause them to demand similar product and/or services based on qualities of those products such as price or function. A true market segment meets all of the following
Target markets are groups of people separated by distinguishable and noticeable aspects. Target markets can be separated into:
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- • geographic Geography is the study of the Earth and its lands, features, inhabitants, and phenomena. A literal translation would be "to describe or write about the Earth". The first person to use the word "geography" was Eratosthenes (276-194 B.C.). Four historical traditions in geographical research are the spatial analysis of natural and segmentations (i.e. their location),
- • demographic Demographics or demographic data are the characteristics of a human population as used in government, marketing or opinion research, or the demographic profiles used in such research. Note the distinction from the term "demography" Commonly used demographics include gender, race, age, income, disabilities, mobility (in terms of travel/socio-economic segmentation Socioeconomics or socio-economics or social economics is an umbrella term with different usages. 'Social economics' may refer broadly to the "use of economics in the study of society." More narrowly, contemporary practice considers behavioral interactions of individuals and groups through social capital and social "markets" and (gender,age, income occupation, education, sexual orientation, household size, and stage in the family life cycle),
- • psychographic In the field of marketing, demographics, opinion research, and social research in general, psychographic variables are any attributes relating to personality, values, attitudes, interests, or lifestyles. They are also called IAO variables . They can be contrasted with demographic variables (such as age and gender), behavioral variables (such as segmentation (i.e. similar attitudes, values, and lifestyles),
- • behavioral Behavior, or behaviour , refers to the actions of a system or organism , usually in relation to its environment, which includes the other systems or organisms around as well as the physical environment. It is the response of the system or organism to various stimuli or inputs, whether internal or external, conscious or subconscious, overt or segmentation (i.e. occasions, degree of loyalty),
- • product-related segmentation (relationship to a product)[2]
Strategies for Reaching Target Markets
Marketers have outlined four basic strategies to satisfy target markets: undifferentiated marketing or mass marketing Mass Marketing is a market coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer. It is type of marketing of a product to a wide audience. The idea is to broadcast a message that will reach the largest number of people possible. Traditionally mass marketing has focused on radio,, differentiated marketing, concentrated marketing, and micromarketing Micromarketing was a term coined in 1988, by Ross Nelson Kay, as a marketing technique used to describe a form of "Target" marketing that was more precise and focused than typical "Niche" Marketing techniques. "Micromarketing" became functionally viable with the proliferation of affordable home computers capable of &.
Examples
CVS Caremark’s target market is women since they make up 80 percent of the pharmacy chain’s customers. CVS has marketed its stores to aid women who are constantly multitasking. They recently redesigned 1,200 of its 6,200 stores to women, including shorter wait times for prescriptions, wider and better-lit shopping aisles, and more beauty products. [3]
The Oreo Oreo is a trademark for a popular sandwich cookie by the Nabisco Division of Kraft Foods. The current design consists of a sweet, white filling commonly referred to as 'cream' or 'creme', sandwiched between two circular chocolate or golden cookie pieces cookie is a popular cookie in the U.S., known for its two discs of chocolate with a white cream filling. The Double Stuf Oreo cookie is also marketed to U.S. consumers. However, Kraft has formulated a different version of the Oreo to target consumers in China. The Chinese version consists of four layers of long, thin biscuits coated in chocolate. Kraft CEO, Irene Rosenberg, trusts his executives who live and work in China to know what consumers would prefer in order to maximize their profits. In Germany, Kraft is appealing to the tastes and preferences of German consumers by creating dark chocolate products. It is also introducing premium instant coffee in Russia, which is a beverage that is popular to consumers. [4]
World Wrestling Entertainment World Wrestling Entertainment, Inc. (NYSE: WWE) is a publicly-traded, privately-controlled integrated media (focusing in television, Internet, and live events) and sports entertainment company dealing primarily in professional wrestling, with major revenue sources also coming from film, music, product licensing, and direct product sales. Vince’s (WWE World Wrestling Entertainment, Inc. (NYSE: WWE) is a publicly-traded, privately-controlled integrated media (focusing in television, Internet, and live events) and sports entertainment company dealing primarily in professional wrestling, with major revenue sources also coming from film, music, product licensing, and direct product sales. Vince) target market is young males. Monday Night RAW® is the number one entertainment program on primetime cable among male viewers (2 million+) including the male demographics of 18-34, 18-49 and 25-54. It is shown at 9:00 PM ET to reach its target market. [5]
Kohl’s department store has a target market consisting of consumers buying for themselves and their families. [6]
The Psychology of Target Marketing
A principal concept in target marketing is that those who are targeted show a strong affinity or brand loyalty to Brand loyalty, in marketing, consists of a consumer's commitment to repurchase or otherwise continue using the brand and can be demonstrated by repeated buying of a product or service or other positive behaviors such as word of mouth advocacy that particular brand A brand is the identity of a specific product, service, or business[page needed]. A brand can take many forms, including a name, sign, symbol, color combination or slogan. The word brand began simply as a way to tell one person's cattle from another by means of a hot iron stamp. A legally protected brand name is called a trademark. The word brand. Research has shown that racial similarity, role congruence, labeling intensity of ethnic identification, shared knowledge and ethnic salience all promote positive effects on the target market. Research has generally shown that target marketing strategies are constructed from consumer Consumer is a broad label for any individuals or households that use goods and services generated within the economy. The concept of a consumer occurs in different contexts, so that the usage and significance of the term may vary inferences of similarities between some aspects of the advertisement Advertising is a form of communication intended to persuade an audience to purchase or take some action upon products, ideals, or services. It includes the name of a product or service and how that product or service could benefit the consumer, to persuade a target market to purchase or to consume that particular brand. These brands are usually (e.g., source pictured, language used, lifestyle represented) and characteristics of the consumer (e.g. reality or desire of having the represented style. Consumers are persuaded by the characteristics in the advertisement and those of the consumer.[7]
References
- ^ Kurtz, Dave. (2010). Contemporary Marketing Mason, OH: South-Western Cengage Learning.
- ^ Cohen A. Wiliam. (2005) The Marketing Plan. John Wiley & Sons, Inc.
- ^ Kurtz, Dave. (2010). Contemporary Marketing Mason, OH: South-Western Cengage Learning.
- ^ Kurtz, Dave. (2010). Contemporary Marketing Mason, OH: South-Western Cengage Learning.
- ^ World Wrestling Entertainment. (2009, May 28). Strength in Numbers: World Wrestling Entertainment 2009 Annual Report. Retrieved from http://corporate.wwe.com/documents/annual_report_2009/images/WWE-AR2009.pdf
- ^ Kurtz, Dave. (2010). Contemporary Marketing Mason, OH: South-Western Cengage Learning.
- ^ Aaker, J., Brumbaugh, A., & Grier, S. (2000). Nontarget Markets and Viewer Distinctiveness: The Impact of Target Marketing on Advertising. Journal of Consumer Psychology (Lawrence Erlbaum Associates), 9(3), 127. Retrieved from Academic Search Premier database
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MarketWatch (press release) Coastal sells into more than 150 countries through proprietary web properties which reflect the culture and consumer preference of the target market . ...
