- It's the “rifle” shots versus “shotgun” approach. Distinguish major segments, target one or more and develop products and marketing mixes tailored to them.
- Don’t buy market share with more and more advertising or discounting against the competition. Figure out how to earn market share. Better research, planning---win market share.
- The company needs to identify the market segments that it can serve more effectively. That is why targeting and “People” in the Nine P’s/9P’s is so important
- The proliferation of advertising media and distribution channels is making it more difficult to practice “one size fits all.”
- The stronger your brand image is the better off you are.
- 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.
- A product focusing on a specific target market contrasts sharply with one following the marketing strategy of mass marketing.
- Defining a target market requires 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.
- A product focusing on a specific target market contrasts sharply with one following the marketing strategy of mass marketing.
Then determining the characteristics of segments using Geographic, Demographic, Psychological, Behavioral and/or Technographics or Technographical Segmentation in the target market(s); Separating and targeting these segments in the market based on those characteristics; Checking to see whether any of these market segments are large enough to support the organization's product; Once a target market is chosen, the organization can develop its marketing strategies to target this market.
An example from Broadcasting & Cable: Nickelodeon, during a media upfront presentation in 2013, plans to reassert its children's programming and is touting its application for mobile devices. "We look to deliver more value to our partners ... better programs, more targeted programs, more digital video programs," said Jim Perry, Nickelodeon’s head of sales. "Obviously we're doing something right. ... We still own the kids space…”
I also use Presentation: This “P” is the act of presenting any of the different 9P’s© to your customers, suppliers, wholesalers, retailers, sales force, marketing intermediaries, clients, employees, and/or partners. They are symbols or images that represent something; a descriptive or persuasive account (as a sales person of the product). Retailers including Walmart, JC Penny's, Banana Republic, Tiffany's, Neiman Marcus, Macy's want a better integration of its retailing in store and online.
The Internet changed everything especially in the “presentation” of the different P’s. Two of the Nine P’s/Nine P’s ©2007 in Marketing and the study of Marketing are “Presentation” and “Partners/Alliances.” Others are “Product,” “Price,” “Promotion,” “Passion,” “Planning,” “People”/Targeting, and “Place.”
For more on ideas and Marketing concepts: Go to www.LondreMarketing.com and look under resources and the 9P's/Nine P's ©2007. Specifically find: http://www.LondreMarketing.com/stimulating_articles.php
Or for more fun, marketing strategies/tactics and facts: Go to http://www.LondreMarketing.com/trivia.php
Here to help you better understand. All the best.