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Word Count: 501
3The major steps in the target market selection process are 1 identifying the appropriate targeting strategy The strategy used to select a target market is affected by the target market characteristics product attributes and the organizational objectives and resources There are three basic targeting strategies They are undifferentiated target strategy which an organization defines an entire market for a particular product as its target market Then there is the concentrated targeting strategy which is a strategy that organizations use to target a single marketing segment using one marketing mix The purpose is to design a marketing mix that matches the needs of consumers Next there is the differentiated targeting strategy which is where an organization targets two or more segments by developing a marketing mix for each Step two is determine which segmentation variable to use Segmentation variables are the characteristics of individuals groups or organizat ions used to divide a market into segments Some of the variables to consider are the geographic psychographic and behavioristic variables Step three is to develop market segment profiles which describes the similarities among potential customers and explain the differences among people and organizations in different segments Step 4 is to evaluate relevant market segments This happens after analyzing the market segment profiles that the marketer is likely to identify several relevant market segments In the evaluation several factors like sales estimates competitors and estimated costs associated with each segment should be determined and analyzed And finally step 5 is to select the specific target market An important initial issue to consider in selecting a target market is whether there are enough differences in customer needs to warrant the use of market segmentation 6Concentrated targeting strategy is a strategy in which an organization targets a single market segment using one marketing mix as compared to differentiated targeting strategy which targets two or more segments by developing a marketing mix for each The advantages of a
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