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Target market
A target market is a group of customers that the business has decided to aim its marketing efforts and ultimately its merchandise.[1] 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 four 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 individuals separated by distinguishable and noticeable aspects. Target markets can be separated into: geographic segmentations, addresses (their location) demographic/socio-economic segmentation (gender, age, income, occupation, education, 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)[2]
Examples
CVS Caremarks target market is women since they make up 80 percent of the pharmacy chains 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.[3] The Oreo cookie is a popular cookie in the U.S., known for its two discs of chocolate with a white cream filling. The Double Stuf Oreo cookie is also marketed to U.S. consumers. However, Kraft has formulated a different version of the Oreo to target consumers in China. The Chinese version consists of four layers of long, thin biscuits coated in chocolate. Kraft CEO, Irene Rosenberg, trusts her executives who live and work in China to know what consumers would prefer in order to maximize their profits. In Germany, Kraft is appealing to the tastes and preferences of German consumers by creating dark chocolate products. It is also introducing premium instant coffee in Russia,
Target market which is a beverage that is popular to consumers.[4] World Wrestling Entertainments (WWE) target market is young males. Monday Night RAW is the number one entertainment program on primetime cable among male viewers (2 million+) including the male demographics of 18-34, 18-49 and 25-54. It is shown at 9:00 PM ET to reach its target market.[5] Kohls department store has a target market consisting of consumers buying for themselves and their families.[6]
References
[1] [2] [3] [4] [5] 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. Kurtz, Dave. (2010). Contemporary Marketing Mason, OH: South-Western Cengage Learning. World Wrestling Entertainment. (2009, May 28). Strength in Numbers: World Wrestling Entertainment 2009 Annual Report. Retrieved from http:/ / corporate. wwe. com/ documents/ annual_report_2009/ images/ WWE-AR2009. pdf [6] Kurtz, Dave. (2010). Contemporary Marketing Mason, OH: South-Western Cengage Learning. [7] 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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