Adopting CSR Leads to Increased Business Efficiency
In case corporations need some convincing to be done to adopt CSR, the model proposed by Young and Tilley (2006) where they list six criteria for corporate sustainability that not only contributes to the social responsibilities of the business but also improves the business efficiency. The latter if presented in a convincing manner would appeal […]
4 Tools of Promotion
The 4 Ps of marketing are product, price, place and promotion. All four of these elements combine to make a successful marketing strategy. Promotion looks to communicate the company’s message across to the consumer. The four main tools of promotion are advertising, sales promotion, public relation and direct marketing. Advertising Advertising is defined as any […]
Porters Five Forces Analysis of Samsung
Introduction Porter’s Five Forces methodology is used in this article to analyze the business strategies of white goods makers like Samsung. This tool is a handy method to assess how each of the market drivers impact the companies like Samsung and then based on the analysis, suitable business strategies can be devised. Further, companies like […]
Culture and Global Business
Introduction Culture involves the manner in which individuals imagine, sense and do. It changes from one country, industry and organization to the other. From a business point off view, it is helpful to consider of culture as comprising of four different levels. These levels are of nation, business, industry and organization. Every one of these […]
Finding and Keeping Customers in Multi Level Marketing (MLM)
Multi Level Marketing is a very interesting concept which makes selling very easy. The fact that anyone and everyone can join the Network marketing business and earn handsome income by selling the products without any investment or risk makes it the most attractive business proposition to people. MLM companies spend a lot of money and […]
It is not possible for a marketer to have similar strategies for product promotion amongst all individuals. Kids do not get attracted towards products meant for adults and vice a versa. Every segment has a different need, interest and perception. No two segments can have the same ideologies or require a similar product.
Target Marketing refers to a concept in marketing which helps the marketers to divide the market into small units comprising of like minded people. Such segmentation helps the marketers to design specific strategies and techniques to promote a product amongst its target market. A target market refers to a group of individuals who are inclined towards similar products and respond to similar marketing techniques and promotional schemes.
Kellogg’s K Special mainly targets individuals who want to cut down on their calorie intake. The target market in such a case would be individuals who are obese. The strategies designed to promote K Special would not be the same in case of any other brand say Complan or Boost which majorly cater to teenagers and kids to help them in their overall development. The target market for Kellogg’s K Special would absolutely be different from Boost or Complan.
Jordan, a college student went to a nearby retail store to purchase a shirt for himself. The retailer tried hard to sell a nice formal shirt to him, but somehow could not convince Jordan. Jordan left the store sad and empty handed.
The problem is neither with Jordon nor the shirt. The retailer in this case failed to understand that Jordan, being a college student, was not the target audience for the formal shirt. No amount of convincing helped as the retailer was targeting the wrong audience. The target market for a formal shirt would be office goers or professionals. Funky T shirts, casual shirts would have worked better for Jordon.
The target market for Zodiac Clothing Company Limited or Louis Philippe would be the office goers whereas the target market for Levi’s would be the school and college kids.
The target market for Cat moss or Giny and Jony would be kids.
In simpler words, target market consists of like-minded individuals for whom an organization can afford to have similar strategies, promotional schemes and advertisements to entice them and prompt them to purchase the product. Once a company decides on its target audience, it implements various promotional strategies to make a brand popular amongst them.
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