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Understanding Business Opportunities and Marketing Strategies for Target Markets

In this lesson, we will explore the concept of a business opportunity, understanding it as the combination of a viable product idea and a receptive market. We will delve into marketing strategies, emphasizing the significance of identifying a specific target market. We'll examine the pros and cons of mass marketing versus targeted marketing, illustrating how tailored approaches can effectively meet customer needs. By applying the four P's—Product, Price, Place, and Promotion—students will learn to create effective marketing mixes to maximize business success.

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Understanding Business Opportunities and Marketing Strategies for Target Markets

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  1. Targeting a Market Lesson 2

  2. We will be able to … • Describe a business opportunity • Explain what a marketing strategy is • Explain the importance of a target market • Describe the advantages and disadvantages of mass marketing • Describe the advantages and disadvantages of target marketing

  3. What is a business opportunity? • “The chance for success provided by the combination of a product idea and a market that is willing and able to buy the product. “ • Ideas come from hobbies or interests • Not everyone agrees on what a good business opportunity is

  4. Marketing Strategy • Strategy: a plan developed to reach a goal • What is the goal? • Make profit while satisfying customers • Marketing Strategy consists of the four P’s

  5. Target Market + Marketing Mix = Marketing Strategy

  6. Example: Hair Care Service • Target Market = Senior citizens and other homebound people • Marketing Mix • Product: Hair care service • Price: Competitive with local salons plus service fee • Placement: Customers homes • Promotions: Direct mail, ads in newspapers

  7. Target Market • Specific group of customers whose wants and needs you will try to meet • Specific marketing mix

  8. 4 Qualities • Clearly defined wants and needs that your company can meet • Money to buy your product • Willingness and authority to buy your product • Enough customers in the market to be profitable

  9. Reality Check • Think of your favorite store. Who do you think the target market is for this store? Describe the typical customer.

  10. Marketing Mix • Consists of the decisions about the four p’s • Must have a T.M. in mind before starting your mix • “How will my market respond to this?”

  11. Product Strategies • USP: Unique selling point • Decisions made about what the product can offer • Quality • Quantity • Size • Color • image

  12. Price Strategies • Profit • Discounts • Sale prices • Can impact image of product

  13. Promotion Strategies • Ways to advertise • Personal Selling • Customer Service • Publicity • Promotional Events • Layout of stores

  14. Mass Marketing • The development of only one marketing mix for a specific product • Problem? • Assumes everyone has same wants and needs • Model T

  15. Target Market • Segment the market based on different needs and wants • Unique marketing mix

  16. Advantages Disadvantages Choose the wrong target market Become too dependent on one target market • Can specialize in meeting the specific needs of the target market • Can compete with larger companies

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