Question

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1. Outline the tasks involved in selecting a target market. Describe yourself as a target market and the segments you might fit within? What would marketers need to know about developing a marketing plan for you?

Answer 1

Targeting in marketing is a strategy that breaks a large market into smaller segments to concentrate on a specific group of customers within that audience. It defines a segment of customers based on their unique characteristics and focuses solely on serving them. In order to market one's product or service, it is imperative to tailor ther marketing and sales efforts to specifically reach the segment of population that will most likely buy your product or service. It is critical to determine or clearly identify the primary market. Energy and funds then can be spent more efficiently. Targeting the market is simply defining who aprimary customer will be. The market should be measurable, sufficiently large and reachable.

To select a target market we consider:-

• Demographic segmentation
• Psychographic segmentation
• Behavioral segmentation
• Geographic Areas

A brand might also leverage business segmentation, taking into consideration things like industry, company size, or annual revenue.

Through market segmentation, brands get more specific about their target market. They can focus on a small group of customers who will be most likely to benefit from and enjoy their products.

Any individual including me would fit into all the segments based on my age, the values i posses which include environmental and social aspects of the product involved. The behavioural aspect would include customer interaction and feedback of the product. These are given in detail below.

Therefore marketers would need to know the following to make a product for me :-

Psychographic. Many businesses offer products based on the attitudes, beliefs and emotions of their target market. The desire for status, enhanced appearance and more money are examples of psychographic variables. They are the factors that influence your customers’ purchasing decision. A seller of luxury items would appeal to an individual’s desire for status symbols. I personally am not appealed to luxury items and rather would look into products which represent a value for money and not emphasise costs on brand value.

Demographic. Potential customers are identified by criteria such as age, race, religion, gender, income level, family size, occupation, education level and marital status. Demographic target market relates to the interest, need and ability of the customer to purchase your product or service. As a student hence i would require products that help me indulge in my interests which are products relating to academics and my hobbies such as music, sports etc

Behavioristic. Products and services are purchased for a variety of reasons.

Business owners must determine what those reasons are, such as: brand, loyalty, cost, how frequently and at what time of year customers in a segment use and consume products. It’s important to understand the buying habits and patterns of your customers. Consumers do not rush and buy the first car they see, or the first sofa they sit on. A Fortune 500 company doesn’t typically make quick purchasing decisions. A good customer-seller interactions is something i look for in any company before taking the product.

Geographic. Potential customers are in a local, state, regional or national marketplace segment. If you are selling a product such as farm equipment, geographic location will remain a major factor in segmenting your target markets since your customers are located in particular rural areas. Or, if you own a retail store, geographic location of the store is one of the most important considerations. However, as a student geographical limitations are not a critcial issue for me. However being a responsible citiazen i would prefer products which promote sustainability and are eco -friendly.