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Targeting a Market

Targeting a Market. Lesson 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.

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Targeting a Market

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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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