Your energies and funds then can be spent more efficiently.If you don’t know who your customers are, how will you be able to assess whether you are meeting their needs?Another example of market segmentation is the athletic shoe industry.
Your energies and funds then can be spent more efficiently.Tags: Essay On ServicescapeAustralian Digital Thesis LibraryUnder Cope Heaven EssayThesis Statement For Romeo And Juliet FateAisthesis Der LeibThematic Essay On Belief Systems
For example, a printer’s target of mid-sized firms with mid-size projects is not a measurable definition.
However, a target market of firms within a radius of 20 miles, with annual revenues of $10 to $25 million and a need for four-color printing runs of approximately 5,000 pieces is a clear definition.
Career Options, a job placement firm, has a target market of the unemployed.
While it’s true that anyone looking for a job is a potential customer, developing a focused marketing strategy to reach such a broad market would be difficult, if not impossible.
New college graduates, for example, are young and often unsure of career paths.
They have little experience in resume writing and interviewing.
There must be ways of talking to your target audience.
Types of Markets A market is simply any group of actual or potential buyers of a product. Step One — Identify Why A Customer Would Want To Buy Your Product/Service The first step in identifying your target market is understanding what your products/services have to offer to a group of people or businesses.
However, by doing this your promotional strategy will never talk specifically to any one group, and you will most likely turn many potential customers off.
Your promotional budget will be much more cost effective if you promote to one type of customer and speak directly to them. She received some business, but the competition was fierce.