01.5 Target market
A
company normally cannot satisfy all customers in a market. The customers are
too numerous and diverse in their buying requirement. Instead of competing
everyone in the market, the company needs to identify the market segments that
it can serve most effectively. Therefore, marketers start by the market.
Definition of
target market :-
A set of buyers sharing similar or common needs and
wants that the company decides to serve.
Definition of
marketers :- A marketers is someone seeking one or more
prospects who might engage in an exchange of values.
01.6 Segmentation
Dividing
the market in to distinct group of buyers with different characteristics &
behaviors,who might require separate product or marketing mix. This can be done
on the basis of geographical, Demographical, psycho graphics & behavioral variables.
01.7 Targeting
The
process of evaluating such market segments attractiveness and selecting one or
more segments to enter. Base on this evaluation organization can select.
·
Which
·
How
many segment
Once
the company has decided which segment of the market It will enter, it might
decide what positions it wants it to occupy in those segment.
01.8 Positioning
Arranging
for a product to occupy clear, distinctive and a desirable place relative to
company products in the minds of target customers.
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