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MARKETNG 7104 Marketing Management

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MARKETNG 7104 Marketing Management

0 Download3 Pages / 599 Words

Course Code: MARKETNG 7104
University: The University Of Adelaide

MyAssignmentHelp.com is not sponsored or endorsed by this college or university

Country: Australia

Question:
Write a detailed literature review on targeting.

Characteristic of targeting in marketing.
What is process of creating a target market.
Explain the target marketing

Answer:

Introduction
Customers in the marketplace have different tastes, needs, perceptions, and interests. As a result of this, it is very difficult to have a marketer who uses a specific model and strategy of marketing to market a given product or services to all customers. They try to use different strategies in order to meet the needs and interests of different types of customers in the marketplace. Targeting in marketing and management, therefore, refers to as the perception in the marketplace whereby the marketer divides the market into different market units which are made of same minded and customers with same interests and needs so as to ensure that all their needs and perceptions are met. For example, Jony and Cat Moss target kids as their market. This is because kids have interests with those products. Once a given company or organization establishes it, like-minded customers, it comes up with promotional and marketing strategies that will suitable to their market unlike when the company has not effectively established its market (Tanner & Raymond, 2015).
Characteristic of targeting in marketing
Targeting market aims at establishing a specific market that the company will direct its energy and resources in order to convince its potential customers to buy their products or services. This process targeting market is achieved by considering three bases. Firstly, demographic factors which involve age, gender, marital status, education level, race, and religion among other bases. Secondly, geographic area basis which encompasses, country, city, region, area code among others. Lastly is the psychographic considerations such as group or individual values, interests, beliefs, lifestyle, personality among others (Lessmann et al, 2018).
The process of creating a target market
In the creation of a target market, there is a procedure that one follows in order to have an effective target market. Firstly, the company needs to decide who their market are. This may be based on the above-discussed characteristics and basis like age, interests, education and the like. Secondly, after the identification of the target market, the company need to establish what their target market needs or even expect from their products (Möller & Parvinen, 2015, p. 5). They need to understand their interests and preferences in order to establish ways of meeting them to customer satisfaction. Lastly is the identification of the best strategies and mechanism on how to promote and market their products or even services to those target. This is done after the target market has been identified and their needs and interests established. (p.10)
Reason for target marketing
This act of target market is done to make companies adopt more focused promotion strategies since they are specific to a given market group. Also, it makes the process of promotion easy and cheap since the market is defined (Chernev, 2018).  
Conclusion
In conclusion, targeting in marketing and management is one of the strategies any business company ought to adopt because it clearly defines the market for their products or services. It also defines customer’s needs and preferences making it easy and cheap for the companies to meet those interests and also promote theirs promotes thus maximizing their profit.
References
Chernev, A. (2018). Strategic marketing management. Cerebellum Press.
Lessmann, S., Coussement, K., De Bock, K., & Haupt, J. (2018). Targeting customers for profit: An ensemble learning framework to support marketing decision making.
Möller, K., & Parvinen, P. (2015). An impact-oriented implementation approach in business marketing research: Introduction to the Special Issue on “Implementing Strategies and Theories of B2B Marketing and Sales Management”. Industrial Marketing Management, 45, 3-11.
Tanner, J., & Raymond, M. (2015). Principles of marketing. University of Minnesota Libraries Publishing.

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