TARGET MARKETING

WHAT ARE MARKETS

MEANING OF TARGET MARKETING

• Target marketing simply defines the consumers or groups most likely to purchase a particular product or service.

PROCESS OF TARGET MARKETING

• To define target marketing.• To consider characteristics of potential

buyers.• To consider bases for targeting.• To consider influence of competitors.• To consider marketing mix.• To select a specific target market.• To evaluate the target market.

HOW TO IDENTIFY TARGET MARKET

• Identify your typical customer.• Look at your current customer base.• Check out your competition.• Analyze your product/service.• Choose specific demographics to

target.• Consider the psychographics of your

target.• Evaluate your decision.

HOW TO CREATE TARGET MARKET

• To decide on the target market.

• To identify need and preference of the target market.

• Decide on the various strategies.

TARGETING STRATEGIES

• Undifferentiated marketing strategy

• Differentiated marketing strategy

• Concentrated marketing strategy

UNDIFFERENTIATED MARKETING STRATEGY

• Decide to aim its resources at the entire market with one particular product.

DIFFERENTIATED MARKETING STRATEGY

• Decides to target several segments and develops distinct products/services.

CONCENTRATED MARKETING STRATEGY

• Concentrates its marketing effort on one particular segment.

GUIDELINES FOR SELECTING TARGET

MARKETS• The target market selected : Should be a growing market. Should be sufficiently profitable. Should be a sizeable market. Should be easily accessible. Should be compatible with the firm’s resources

and capabilities. Should be consistent. Should be have small number and size of

competitors.

EXAMPLEWHY DO PEOPLE USE SOAPS ?

Some would use it against body odour.

Some would use it to fight germs and infections. Some for a fair and spotless skin.

Some For a younger looking skin.

Target Audience 1• AGAINST BODY ODOUR - SOAPS

WITH A STRONG AND LASTING FRAGRANCE.

Marketing professionalsSales RepresentativesPeople exposed to sun for a longer

durationIndividuals travelling by public

transport

Target Audience 2• TO FIGHT GERMS AND

INFECTIONS - SOAPS WITH MEDICINAL PROPERTIES

Individuals working in hospitals, nursing homes and research centres.

Individuals working in unhygienic conditions.

Target Audience 3

• FOR A WHITER SKIN - SOAPS WHICH IMPROVE THE SKIN TONE OF INDIVIDUALS.

o Teenagers

o College students

Target Audience 4• FOR A YOUNGER LOOKING SKIN -

SOAPS WHICH HELP GET RID OF WRINKLES AND FINE LINES OF AGEING

• Individuals between age group 30 – 50 years or above

ENERGY DRINKS (RED BULL) –

PROFESSIONALS, OFFICE GOERS

FRUIT JUICE (REAL, TROPICANA) –

HEALTH CONSCIOUS INDIVIDUALS

SOFT DRINKS (PEPSI, COKE) –

TEENAGERS

BOURNVITA, COMPLAN, MALTOVA, BOOST –

GROWING KIDS

TARGET MARKET FOR BEVERAGES

THE PSYCHOLOGY OF TARGET MARKETING

• Brand loyalty

• More focused

• Advertisement

BENEFITS

•Improves the efficiency of your business development time.

•Lets you establish relationships with the prospects who matter most.

•Focuses your business development efforts for business growth.

•Saves money.

THE DISADVANTAGES OF TARGET MARKETING• Expensive• Time-Consuming• Omission of Other Customers• Considerations

IMPORTANCFE OF TARGET MARKETING

• Determining the size of the market.• Identify high growth segments.• Provide higher profits.• Extent of competition.• cost advantage.• Availability of resources.• Evaluation of each segment.• Marketing strategy.• Correctly choosing a segment

CONCLUSION• Always remember you would never

be successful if you try to impress everyone. Be specific.

THANKYOU