05.06.09 IdentifyingtheTargetMarket student 09

05.06.09 IdentifyingtheTargetMarket student 09 -...

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The first and most important step for businesses in successful marketing is to define their target market. What is a target market? A target market is a group of customers with similar characteristics who currently, or may in the future, purchase the product Two broad approaches can be adopted when selecting a target market: 1. Mass marketing 2. Market segmentation MASS MARKETING APPROACH Describe this approach to marketing in detail. A mass marketing approach seeks a large range of customers. The business develops a single marketing mix and directs it at the entire market for the product. This means there is one type of products with little or no variation, one promotional program aimed at everyone, one price, and one distribution system used to reach all customers. A total market approach is useful only in a limited number of situations, because for most products, customers have different needs. When buyers’ needs vary, the business needs to adopt the …
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This note was uploaded on 08/11/2009 for the course BUSINESS - taught by Professor - during the Spring '09 term at École Normale Supérieure.

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05.06.09 IdentifyingtheTargetMarket student 09 -...

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