Question

- What are the key characteristics of a high potential target market? Is the biggest target market always the best? Why or why not?

- Describe the four elements of the marketing mix. What role does each element play in delivering value to customers?

Answer 1

Key characteristics of a high potential target market:

•    Demographic: In which the market is divided according to the age, occupation, gender etc.

•    Geographic: In which the market is divided according to the location of the customer.

•    Psychographic: In which the market is divided according to the interest, values, attitudes, and lifestyles etc.

•    Behavioural: Dividing into groups based on how the peoples are reacting on the products.

•    Size: The size of the business is enough to support business

I think the biggest target market always the best because there are more numbers of peoples to support the business and bring more profitable to the company. If the company is profitable then it can produce more products and spread their wings on the market. So it will be good if the target market is the biggest.

Four elements of the marketing mix and their roles in delivering value to customers:

1. Product: First of the 4Ps of marketing is a product. A product can be a goods and a service which is offered to a customer that fulfills a need of the customers. When any company provides the service to their customer they want to try that the service is unique from the market and the customer accepts easily.
2. Price: In which the company is set up a compatible price of the product as compared to market products. Price determination will impact profit margin, supply, market demand, and strategies.
3. Promotion: once the product and price get finalize it’s time to promote the product. Promotion includes all the information about the product and services in the market so that more customers will attract toward their products. Promotion includes advertising, public relations, social media marketing, email marketing etc.
4. Place: Marketing is all about putting the right product at the right time, right price, and the right place. Most of the companies have to find out the right market where they have to convert their interested customer into actual customers.