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A target market or target audience is a group of customers that the business has decided to aim its marketing efforts and ultimately its merchandise. A well-defined target market is the first element to a marketing strategy. The target market and the marketing mix variables of product, place(distribution), promotion and price are the two elements of a marketing mix strategy that determine the success of a product in the marketplace.
Once these distinct customers have been defined, a marketing mix strategy of product, distribution, promotion and price can be built by the business to satisfy the target market.
Market segmentations
Target markets are groups of people separated by distinguishable and noticeable aspects. Target markets can be separated into:
- • geographic segmentations (their location)
- • demographic/socio-economic segmentation (gender,age, income occupation, education, sexual orientation, household size, and stage in the family life cycle)
- • psychographic segmentation (similar attitudes, values, and lifestyles)
- • behavioral segmentation (occasions, degree of loyalty)
- • product-related segmentation (relationship to a product)
Strategies for Reaching Target Markets
Marketers have outlined four basic strategies to satisfy target markets: undifferentiated marketing or mass marketing, differentiated marketing, concentrated marketing, and micromarketing.adzgzfh fgxhgxnxjhcgjckjhv
Examples
CVS Caremark’s target market is women since they make up 80 percent of the pharmacy chain’s customers. CVS has marketed its stores to aid women who are constantly multitasking. They recently redesigned 1,200 of its 6,200 stores to women, including shorter wait times for prescriptions, wider and better-lit shopping aisles, and more beauty products.
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The Psychology of Target Marketing
A principal concept in target marketing is that those who are targeted show a strong affinity or brand loyalty to that particular brand. Research has shown that racial similarity, role congruence, labeling intensity of ethnic identification, shared knowledge and ethnic salience all promote positive effects on the target market. Research has generally shown that target marketing strategies are constructed from consumer inferences of similarities between some aspects of the advertisement (e.g., source pictured, language used, lifestyle represented) and characteristics of the consumer (e.g. reality or desire of having the represented style. Consumers are persuaded by the characteristics in the advertisement and those of the consumer.
References
- Kurtz, Dave. (2010). Contemporary Marketing Mason, OH: South-Western Cengage Learning.
- Cohen A. Wiliam. (2005) The Marketing Plan. John Wiley & Sons, Inc.
- Kurtz, Dave. (2010). Contemporary Marketing Mason, OH: South-Western Cengage Learning.
- Aaker, J., Brumbaugh, A., & Grier, S. (2000). Nontarget Markets and Viewer Distinctiveness: The Impact of Target Marketing on Advertising. Journal of Consumer Psychology (Lawrence Erlbaum Associates), 9(3), 127. Retrieved from Academic Search Premier database
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