then the marketing manager implements the targeting and attempts to create the perception of value or unique identity in the minds of the target market for both the product and the brand: this is known as positioning. Target marketing refers to the promotion, pricing, and distribution of particular products or services in segments of the market. In this way, target marketing provides a focus for marketing activities. To determine what segments to target, the marketing manager evaluates the product’s respective attractiveness ssues to Consider with Targeting Competition : It is important to determine how well a segment is served by competitors and their products. It is more difficult to appeal to the members of a p Segment Size and Growth Prospects: Next, the marketing manager needs to consider how large the segment is and whether it is likely to grow. This is not as simple as it seems, because a la Corporation Strengths and Resources: The marketing manager must also consider the position of the corporation and determine whether it has the ability and resources to operate successfully in that market. Ability to Serve the Market Segment: The marketing manager needs to consider the of the target market; this could mean geographic accessibility, political and legal barriers, technological impediments, or social barriers. Match With Current Brand Image: A company may have an established reputation in one market; as a result, it has a certain brand image. If that company tries to move into a very different market, it may encounter resistance if the new offering Mission Consistency: A firm’s mission outlines why the firm is in existence and what its purpose is. A move into a new market must be consistent with that mission.
After analyses of the different segments have been completed, the marketing manager needs to decide how many segments to target with the company’s marketing initiatives. Various approaches can be adopted, and they are outlined in the sections below. approaches to Targeting Single-Segment Concentration : When a corporation concentrates on a particular segment, it is able to develop detailed knowledge about that segment and the wants and needs of its members; as a result, the company can establish a strong market presence in the eyes of its target audience. However, markets Selective Specialization: A marketing manager may decide to target several different segments, because each one can offer significant opportunities. This can be a successful approach even when there might appear to be little or no synergy between them. The choice to choose more than one
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- Spring '14