Target Market THREE BASIC STAGES TO MARKET YOUR PRODUCT/SERVICES: It is imperative for a seller to target the right market on the basis of his business nature. A market is divided in three stages that are extremely necessary for a seller to know while introducing or selling his product in the market. These stages are: 1- Segmentation: It is important for a seller to segment or divide the market on the basis of need or the demand of the customer. Segmentation of a market unveils the potential customers for a specific product on the basis of their needs and demand. 2- Target: Targeting the right market is extremely important.
A seller should know his customers; he should be aware of the fact that to whom he is selling his product, their age group, gender, perceptions, needs and demands for that particular product. 3- Positioning: Positioning is a key factor in the success of any product. A seller should know how to position his product in market and in the minds of his customer. Positioning is the image building process for a particular product. Importance of Target Market: Target market is highly important as it caters the needs and the requirements of those customers which are segmented and targeted on the basis of their needs and demands.
Target market is important as it addresses the needs and demands of a specific group segmented and targeted to introduce a particular product. Best Approach for my Product: For my product I would prefer undifferentiated market. It is important for a seller to target the market on the basis of customers’ needs and demands. In undifferentiated market, the customers are targeted on the basis of their needs and demand which is opposite to the differentiated market and concentrated market.
For segmenting and targeting the market audience for my product, I have kept in mind the choice, the need and the demands of the customers. I believe this the best approach to adopt by the seller to penetrate in the market. DEFINITIONS: CONSUMER MARKET: Consumer market can be defined as a market where customers purchase only specific products and services. NEW PRODUCT: Any product which is introduced in market for the first time with new concept is known as a new product. DIVERSIFICATION: Diversification is a marketing strategy which is opted by different companies when they introduce new products or create new markets. DEMOGRAPHIC SEGMENTATION: It is done on the basis of gender, age, income, choice, family structure and different variables. MARKET DEVELOPMENT: It is the process of creating new markets. GEOGRAPHIC SEGMENTATION: It is done on the basis of geographical region and on the basis of what people of that specific region wants. MARKET PENETRATION: Market penetration is a process which allows companies to move and introduce in the market. MARKET TARGETING: Market targeting is a process in which markets are explored by the sellers on the basis of target audience. MARKET SEGMENTATION: Market segmentation is a process in which markets are divided or segmented on the basis of needs and demands by the customers. PRODUCT POSITIONING: Product positioning is a process in which products are positioned in the minds of customers as how a product would benefit, need a customer’s needs and demands and how the customers the value of their money spent on purchasing that product. It is done on the basis of attitude, behaviors and perceptions of consumers for any particular product. FRANCHISE: Franchise is a licensed branch or an outlet of a multinational company in another country which run by local owners. WHOLESALE: Wholesale goods are sold in abundance at reasonable cost. ENTREPRENEUR: An entrepreneur is a person who starts, owns and introduces any new business with a new concept and an idea in market. TASK TWO: My friend owned and introduced the business of Afghan carpets in Central Asian country; Kazakhstan because he targeted the market on basis of demand for Afghan carpets in that particular region.
We know that afghan carpets are famous all around the world and they are high in demand by the carpet lovers.
The market for carpets was already feasible and extremely good for local and international sellers in Kazakhstan but before penetrating in the market, my friend observed the demand for afghan carpets in the region. The demand for carpets and especially Afghan carpets has grown higher since then. IMPORTANCE OF A MARKET IN A SOCIETY: Marketing plays an important role in developing and strengthening the economical condition of a society. Trough marketing, buyers and sellers are brought on a single platform where sellers introduce different products and services in a market to fulfill the needs and demands of buyers and on the other hand, buyers help the sellers to improve their products and services and eventually this leads to the competition between different sellers.
Hence, we can say that marketing give rise to perfect competition and economical boost to the society. Through marketing, one can aware the society of merits and demerits for different products and services. In socially responsible marketing, people are supported and informed by the marketing and advertising by government, non-profit organizations and other companies against any evil service, epidemic, harmful products and other life threatening sources.
Marketing has played a huge role in creating awareness on different issues. The benefits of marketing are enormous and they cannot be ignored by the masses in the general. Through marketing services, firms generate profits which are used in boosting the economy of a country (Kotler and Keller, 2009). It also helps the companies from all around the world to introduce their products and services in far and flung regions. Marketing has also helped in globalization.
It is a known fact that marketing has improved the standard of living of the people. List of References: Kotler, P and Keller, L. K. (2009), A Framework for Marketing Management, 4th Edition. Pearson Prentice Hall