Question

View "Developing Target Markets." (in the study materials for week 5) In your own words, describe the steps involved in developing target markets. Provide three reasons why developing target markets is important to marketers. In replies to peers, discuss whether you agree or disagree with what others have said and justify your response with specific reasons, facts, and examples.

Segmentation

Targeting

Position

Differentiation

These are the steps involved in the target markets

Answer 1

Segmentation : It is the first step involved in Developing target markets. This step involves dividing the whole market into meaningful and viable segments which should essentially align with the what product or service is offered. Segmentation is done on the basis of the interests of individuals who should show inclination to similar products and services being manufactured by organization.

Targeting : After dividing market into segments, the next important step is to target the people of that Segment through identifying their needs, requirements and preferences and thus meeting these needs, preferences and requirements.

Positioning : It is the third step involved in developing a target market and I believe it to be the most Integral for building customer loyalty and commitment. Positioning involves influencing the minds of customers by creating the image of the product in the minds of customers and prospects. Positioning is done with the help of marketing and promotional strategies .

Differentiation : The final Step involved is the differentiation which aims at making product look unique , different and better through altering it's appearance or adding new features or benefits to it which might not be common or currently known thus making it look superior and better than Identical and substitute products available.

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Developing target markets is very essential for marketers because :

1) It helps to focus and concentrate on a particular market group rather than catering to wide market base which is very difficult and tedious process. So through developing a target market the marketers can direct their efforts towards a particular segment to gain specialisation and cover maximum customer base.

2) Developing a target market helps the marketers to cater to the needs, preferences, tastes, likings and desires of customers more effectively and efficiently because it helps the organization to establish more close contact with them for understanding their needs in order to identify, determine and ascertain their problems and thus grab market Opportunities for addressing them.

3) Target market helps marketers to build and establish an effective relationship with them and thus increasing the brand loyalty and commitment of customers towards the products and services being offered.

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I agree with the opinions presented by my peer in which she is demonstrating how target markets can help the marketing in performing marketing research. I also consider it very essential for marketers to study the market to exploit the opportunities present in the market. Therefore as presented by my peer, I agree that dividing market into segments helps to choose a small sect on which performing research becomes much easy and accurate.

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Thanks dear student.. Hope this helps..

Please rate if satisfied... Please alter the response of peer to align ot with the response actually provided by your peer, I just mentioned it generally