Difference between Target Marketing and Market Targeting
The concept of target marketing is the refinement of the basic philosophy of marketing. It is an attempt by companies to relate the characteristics or attributes of the goods and services they provide more closely to customer requirements. Target market is defined as “A set of buyers sharing common needs or characteristics that the company decide to serve.” When mass production techniques were first introduced, out of necessity they imposed a large degree of uniformity upon customers. However such techniques also brought improvement in most people’s standard of living. Many products that were considered luxuries of the rich became available to the ordinary people at affordable price. But he consumers wanted a particular type of product with specific characteristics that suited their requirements more accurately.
By targeting to specific groups of consumers or ‘market segments’, instead of attempting to serve the demand requirements of an entire population for a particular product category, the firm is able to develop more effective marketing programs.
The process of target marketing needs to be carried out systematically and scientifically to be effective. The process of target marketing has three distinct stages:
1- Market Segmentation
2- Market Targeting
3- Market Positioning
Market Targeting: -
Market targeting is not to be confused with the overall process of target marketing. Market targeting is the process whereby one or more of the market segments previously identified are evaluated and selected. The market targeting is defined as “The process of evaluating each market segment’s attractiveness and selecting one or more segments to enter.” Market segmentation is only the first essential step in the overall process of target marketing. The firm also has to evaluate each segment and decide how many of the segment to serve. We need not only an indication of the size of the segment, but also estimates of likely turnover and profit and an indication of where the segment is going.
For example, the overall demand for cigarettes in the U.K. is declining, whereas the demand for ‘low –tar’ cigarettes is on the increase as consumers switches to less harmful form of smoking. Tobacco companies also exploiting the low-tar segment of the market in reaction to consumers’ change in taste and in order to retain their share of the cigarette market.
micro marketing is a market which is related to small market business is called micro marketing ,But macro marketing is a market which is telling about huge market means it hibernation I market.
A target market is the group of people that marketing efforts are directed towards.
sale is a costumers and that buy what you sale and marketing is what you get in the market like food
In a consumer market the consumer uses the product for personal use but in an industrial market the industry uses the products as supplys or/ and to do operations
deference between market and marketing
marketing targeting
micro marketing is a market which is related to small market business is called micro marketing ,But macro marketing is a market which is telling about huge market means it hibernation I market.
A target market is the group of people that marketing efforts are directed towards.
Micro marketing is a market which is related to small market business is called micro marketing.Macro marketing is a market which is telling about huge market means it hibernation l market
sale is a costumers and that buy what you sale and marketing is what you get in the market like food
Standardization is remaining the same in all circumstances. For an example, in marketing it could be explained as selling the same products in the same way. Adaptation can be seen as adjusting to each situation accordingly. Again, using marketing as an example, this could be seen as changing the way you market depending on the type of market you are targeting.
I think There is a little difference between consumer marketing and bussiness marketing. Which is mainly depend on their purpose of business and the business size. Business marketing is essential for growing up their product where consumer marketing is quite different which is realated their daily needs.
link between corporate objectives and marketing objectives
Well in marketing terms, concentrated marketing is targeting a large share of a specific segment (ie group of the population). For example, targeting a niche market, and trying to be the leader in that niche market. Undifferentiated marketing is targeting everyone with the same offer, and ignoring the different segments. So trying to sell your product to anyone that will listen, without worrying about if everyone will be interested.
In a consumer market the consumer uses the product for personal use but in an industrial market the industry uses the products as supplys or/ and to do operations
deference between market and marketing
When you decide on which criteria to segment the market i.e. demographic,physographic,geographic etc ,segmentation phase is over. On analyzing the segmented market, when you decide which segment to actually offer you product/service ,you have finished targeting. manishmakhija69@gmail.com for comments