One of the important 9P’s of Marketing is “People,” or People/Prospects/Purchasers/Potential Purchasers (Target Market).
In Marketing a Target Market consists of a set of buyers who share common needs or characteristics that the company decides to serve. Market targeting can be carried out at several different levels.
Most students of marketing know that a product focusing on a specific target market contrasts sharply with one following the marketing strategy of mass marketing. A target audience would be a media term.
Segmentation is an important Marketing concept; the market segmentation process includes:
- Determining the characteristics of segments using Geographic, Demographic, Psychological, Behavioral and/or Technographics or Technographical Segmentation in the target market(s). Or the process of segmenting the entire market as a whole and separating it into manageable units based on demographics, geographics, psychographics, behavior, technographics or technographical characteristics.
But using another of the Nine P’s, Walmart has a partnership with Weather Co. They look at zip codes, and shopping patterns. Based on different weather forecasts they are merchandising blueberries, blackberries and raspberries, salads, steaks, and more.
I think we all feel that weather affects are mood but now Walmart and others are looking at specifically weather patterns and what to change in merchandising in store and on the web.
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I am a senior Forensic Marketing Expert, Advertising/Marketing consultant with Londre Marketing Consultants, LLC plus I teach Marketing and Advertising. I own a copyright for this concept, the Nine P’s/9 P's ©2007, which augments the Marketing Mix (Product, Price, Promotion and Place) or the 4P’s by the American Marketing Association, Neil Borden and Jerome McCarthy in the study and practices of Marketing.
The Nine P's/9P's help identify marketing problems in a number of areas and help develop marketing’s objectives, strategies, tactics and solutions. The Nine P's are insightful. In Marketing. the "Customer," or potential customers are king, but are missing in the 4P's.
I consult and teach using the concepts and practices of the Nine P's/9P's of Marketing.
In the study and practice of Marketing, Marketing and Brand Managers develop plans, strategies and tactics. The Nine P’s include these important components:
- It's about Segmentation and Targeting; "People" or targeting has almost always been left out of the traditional "Marketing Mix."
- Almost every diagram includes the four P's with "Consumer" or "People" or "Potential Buyers" in the middle of the circle.
- There needs to be more focus on the "Customer," or "People." "People," market segments utilizing demographics, geographics, psychographics, behavioral characteristics and technographics are a vital component of the 9P's.
- Once a target market is chosen, the organization can develop its marketing strategies to target this market segment.
- Additional strategic questions:
- Can the segments be accessed?
- Marketing strategies need to be adapted for the different tiers or segments. Instead of viewing the market as a uniform group of customers with similar potential, the firm needs to view them as distinct groups or segments with differing potential.
- Place (Distribution)
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