Tiêu đề ES unit - 3.pdf ✅

INTRODUCTION TO TARGET MARKET ➢A target market is a group of potential customers that you identify to sell products or services to. ➢Each group can be divided into smaller segments. Segments are typically grouped by age, location, income and lifestyle. ➢Once you’ve defined your target audience, you’ll find it easier to determine where and how to market your business. ➢Steps in target marketing:- ➢Segmentation:- ➢Targeting:- ➢Positioning:-
➢ Segmentation:- ➢ Segmentation means to divide the marketplace into parts, or segments, which are definable, accessible, actionable, and profitable and have a growth potential. ➢ In other words, a company would find it impossible to target the entire market, because of time, cost and effort restrictions. It needs to have a 'definable' segment - a mass of people who can be identified and targeted with reasonable effort, cost and time. ➢ Segmentation is done by fours basis:- ➢ Geographic basis-The definition of geographical segmentation is a marketing strategy that involves dividing customers into groups based on geographic characteristics ➢ Divide the market place on the basis of:- ➢ State ➢ City ➢ Population ➢ Climatic conditions
➢ Demographic segmentation basis:- ➢ Demographics segmentation is defined as a market segmentation method that divides market place based on variables such as age, gender, income, etc. ➢ This segmentation helps organizations understand consumer behavior accurately that in turn, helps them perform better. ➢ Demographic segmentation is done on basis of:- ➢ Age of customer. ➢ Gender of customer. ➢ Income of customer. ➢ Profession of customer.
➢Psychographic segmentation basis:- ➢ Psychographic segmentation is the method of dividing marketplace by dividing customers into groups using psychological characteristics including personality, lifestyle, social status, activities, interests, opinions, and attitudes. ➢ Behavioral segmentation basis:- ➢ It divides the market place on the basis of behavior of customers. ➢ how do they buy good/products (online/offline) ➢ When do they buy goods/products(time, month) ➢ What type of offer they expect while purchasing (flat discount/ gift e.t.c)