Abstract
The primary aspect of an organization dealing with consumers both in product and service industries is to generate numbers in terms of sales and build brand loyalty to sustain the organization in a highly competitive globalized economy.
The success and failure of a brand is highly dependent on the identification of the relevant target market and thus the marketing mix is of prime importance in estimating the potential of the target market for both the pre and post launch of a product campaign.
We will evaluate the identification of a target market from a marketing perspective, the marketing processes and how it can help in the eventual success or failure of a brand or a campaign. Key Words: Market Segmentation, Target Market, Brands, Marketing Mix
TARGET MARKET
Target Market
Introduction
The primary aspect through which a marketing organization builds and sustains its business is by bridging the gap between the consumers choice of a product or service and creating a need and want in the minds of the consumers.
In the current globalized economy the need to have a well defined target market is one of the vital elements a marketing organization looks into in view of the fact that globalization has opened borders to products of all kinds and the consumers are spoilt with choices.
The main aim of a marketing strategy is to define the core proposition of a brand in view of the unique consumer benefit that would drive the target market towards the product i.e. a brand.
What is a Target Market?
The importance of target market can be judged by how Philip Kotler (1999) in his book Kotler On Marketing: How To Create, Win, and Dominate Markets, mentioned the selection of the target market as the first element of the strategy for marketing managers.
TARGET MARKET
Thus a target market according to Philip Kotler (1999) has been elaborated on three levels which are primary, secondary and tertiary which is important in view of having a fair idea by the brands
custodians to judge the potential of the targeted group both from a short term and long term perspective.
The primary target market is a group which is willing and ready to buy, secondary target market is the group which can buy but they are willing or ready to buy and lastly the tertiary target market are those who have the potential to graduate to secondary and primary target market in terms of buying inclination.
Selection of a Target Market
The selection aspect of the target market is dependent on the nature of the functional attributes that a product possesses. For a dairy product (milk) the primary target market are the mothers who are the decision makers when buying grocery however the kids are the influencers in this regard and the communication can be geared towards in gaining a kid’s attention in order to influence his or her mother to get a particular dairy product.
Thus the demographics and psychographics needs to be studied of a selected potential target market most appropriate for a certain product.
The demographics which covers the age, gender and SEC (A+, A, B etc) determines the type of consumer most suitable for the product. The psychographics covers the target markets, beliefs and attitudes (Interests and Opinions) and the personality of the prospective target which may be confident, energetic, expressive or sober. Dib S. & Simkin L. (1996)
TARGET MARKET
It is very important to target a class in terms of their life style and evaluate it with the products benefits as to whether it fits in their life style or not is the key in gaining and retaining new consumers for a marketing business.
The selection of a target market is done through market segmentation which basically selects a group which have needs and wants similar to each other and are categorized and thus is more focused on the selection aspect, however another aspect which is used by organization is an approach which is called undifferentiated and is used for mass marketing which is essence represent the market in totality with no segments of the target market selected (Dib S. & Simkin L., 1996).
Market Segmentation
One of the chief components while making a marketing strategy is the analysis with regards to the selection of a target market and the subsequent significance of the marketing mix (Product, Place, Packaging & Promotion) which in essence is crucial to cater to the needs and wants of the target market in a consistent and effective manner.
TARGET MARKET
The aim is to build loyalty through the marketing mix and through market segmentation one key element of the marketing mix is utilized to communicate the message to the selected target market.
The key element of the marketing mix most utilized to target a particular group is Promotion as it communicates to the target market through visual and copy of the communication and build an emotive connect with the potential target market.
Target Marketing Strategies
According to Ferrell O. C. & Hartline M.D. (2011) in their book Marketing Strategy, the strategies to select a target market are categorized as follows:
Single Segment Targeting:
This strategy focuses on one market segment and is concentrated with a niche market approach. This strategy is best suited for organizations with limited resources
Selective targeting:
This is known as a differentiated strategy and focuses on multiple various segments, this strategy involves the different segments and the offerings that the strategy has in lieu with the marketing mix elements which may include the message and the variance in the distribution channel.
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Mass Market Targeting:
This strategy is only taken into account by the large industries in view of the Mass marketing perspective. This strategy is undifferentiated and covers all the markets, and with regards to the marketing mix each segment targeted is offered a different strategy in terms of the marketing mix.
Product Specialization:
In this target market selection strategy, the organization specializes in product or service, case in pint being Apple mobile sets which is related to product specialization,
Market Specialization:
In this strategy the organization is serving a market segment which they know utilize their products and thus provides them an array of services in relation to the market segments by providing different products.
Conclusion
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It is easier to select a mode of communication as in the ATL, OUTDOORS, Brand activation and connect with the audience. The value proposition the emotive connect and the products expression will be the key factors in not only target a market segment effectively but also providing the right results in terms of sales and awareness.
On a concluding note to be able to gain sufficient advantage over ones competitors it is imperative that the marketing strategy is effective in this regard. The key is to manage the marketing mix in relation to the marketing mix and achieve the edge over rivals both in the short and long term in an effective and efficient manner.
TARGET MARKET
References
Dib S. & Simkin L. (1996).The Market segmentation workbook.
Target Marketing for Marketing Managers. 4
Ferrell O. C. & Hartline M.D. (2011). Marketing Strategy.
Target Marketing Strategies. 182
Lamb C. W., Hair J. F., Jr & MacDaniel C. D (2009). Marketing.
The Marketing Mix.44
Top of Form
Bottom of Form
Philip Kotler (1999). Kotler On Marketing: How To Create, Win, and Dominate Markets
Choosing the Strategy. 41
William M.P., Robert J.I. & Jack R. K (2012). Business.
Building Customer Relationship through Effective Marketing. 355
