Identifying and analyzing a target market is a major component of formulating a marketing strategy. A clear understanding and explanation of a product’s target market is crucial to the success of any company’s marketing plan. References to various dimensions of a target market are likely to appear in several locations in a marketing plan.
Consider the product or service your current company offers. To the writer: Can you please use the company Target.
- What type of targeting strategy is being used for your product or service? Should a different targeting strategy be employed? Why or why not?
- Select and justify the segmentation variables that are most appropriate for segmenting the market for your product. If your product is a consumer product, use Figure 6.3 in your textbook for ideas regarding the most appropriate segmentation variables. If your company’s marketing plan focuses on a business product, review the information in the section entitled “Variables for Segmenting Business Markets.”
- Discuss how the product or service your company offers should be positioned in the minds of customers in the target market relative to the product positions of competitors.
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