ADVDMKTopic6

ADVDMKTopic6 - Topic 6 Target Marketing There is a...

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Topic 6 – Target Marketing There is a marketing revolution in progress today as the environment continues to change with new technologies and the availability of data to assist marketers in focusing on a target audience. Today’s marketing concept considers the needs of consumers as the primary aspect for success of the firm. Long term relationships are sought by providing information and developing the proposition of value whereas the old marketing concept was simply to make a sale. Both old and new concepts utilize market segmentation, market targeting and positioning. Brand loyalty is divided into segments as follows: national brand loyalty means the consumer is loyal to the product across national competition; there is also loyalty that is based on the “deal” or cost of the product/service; private label loyalty is the loyalty a consumer may have for a private label, such as CVS products at the pharmacy or again, these consumer may switch again if a national product is on sale and lower in cost than a private label; there are also national brand switchers who will alternate among the national branded products as well as private label brand switchers. A market is a group of people identified by some common characteristic, or problem or interest and these people can use a particular product and can afford to purchase it and may be reached through a particular or group of media. STP Marketing S egmenting – breaking down a diverse market into some sort of manageable parts or segments T argeting – choosing particular segments as the focus of the marketing effort P ositioning – utilizing the marketing mix to appeal to a specific target segment Market segmentation has to do with breaking down various different markets into more manageable segments of submarkets. To do so, it is necessary to identify common characteristics that will lead members of the segment to respond to the marketing effort. Forms of segmentation
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ADVDMKTopic6 - Topic 6 Target Marketing There is a...

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