Market Targeting Final Richa Eashani Tanvir

8/3/2019 Market Targeting Final Richa Eashani Tanvir

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Market Targeting

Eashani PrasharRicha Keshari

Tanvir Singh


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Market Targeting:Evaluating Market Segments

Segment Size and GrowthAnalyze current sales, growth rates and expected profitabilityfor various segments.

Segment Structural AttractivenessConsider effects of: competitors, availability of substituteproducts and, the power of buyers & suppliers.

Company Objectives and ResourcesCompany skills & resources needed to succeed in thatsegment(s).Look for Competitive Advantages


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Market TargetingSpecifying segments to pursue

Differentiated Marketing

The organization pursues

several different market

segments simultaneously

Organization

Market


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Target Market Decisions:

DifferentiatedIdentify or create market segments desiringdifferent product benefits and target eachsegment with a different brand anddifferent marketing strategiesExample: Procter & Gamble


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Brands by type of Products byProcter and Gamble

Coconut-based cleaning and food productsLaundry and personal cleansing productsHealth careHair care and laundry categories

Dishwashing and fabric careLaundry personal care and hair care


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Target Market Decisions:Undifferentiated

Aim the product at the market with a singlestrategy regardless of the number of

market segmentsstrategy that ignores market segmentdifferences and attempts to appeal to allprospective customers with a single, basic

product line through mass advertising anddistribution. Also called mass marketing.See also concentrated marketing anddifferentiated marketing.Example: milk, beans


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Concentrated Marketing

The organization focuses

on a single market

segment

Organization

Market

Market Targeting


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Target Market Decisions:Concentrated

Select only one market segment and

target it with a single brandExample: Mont Blanc pens


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Segment 1

Segment 2

Segment 3

Segment 1

Segment 2Segment 3

CompanyMarketing

Mix

CompanyMarketing

Mix

CompanyMarketing Mix 1



Market

A. Undifferentiated Marketing

B. Differentiated Marketing

C. Concentrated Marketing


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Target Market Decisions:Micromarketing

Micromarketing is the practice of tailoringproducts and marketing strategies locallywithin a smaller region such as city and/orcounty.

This practice of marketing is common withsmall business establishments that cater tolocal audience.

Micromarketing includes the practice ofindividual marketing where a marketingmessage is crafted more personally to abuyer.


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True Micromarketingincludes:

Who are your ideal customers?

Where do they live? What products do they buy? What products will they buy?


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Local Micromarketing

Local marketing involves tailoring marketingprograms to the needs and wants of local

customer groups-cities, neighborhoods andeven specific stores


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Individual Micromarketing

The individual marketing concept holds thatthe key to effective marketing is to useinteractive communications to developindividual relationships with consumers basedon providing superior value throughpersonalised products and services. It is alsocalled customized marketing, markets -of-one marketing, and one -to-one marketing. .


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Choosing a Pattern of TargetMarket Selection


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Socially Responsible TargetMarketing

Target Marketing may generatecontroversy and concern.

Targeting of vulnerable ordisadvantaged consumers withcontroversial or potentially harmful

products. E.g. cigarette, beer, fast food ads Sometimes Marketing of adult products

spills over onto the kids segment. 4-20


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References :Principles of Marketing - Philip Kotlerhttp://www.learnmarketing.net/segmentation.htmhttp://www.thequickten.comhttp://pn2media.comhttp://wikipedia.comhttp://populationcommission.nic.in/facts1.htmhttp://www.marketingcharts.comhttp://www.crmtrends.com/analytics.htmlKimberly Clark Professional


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Thank You!!!

Documents

Market Targeting Final Richa Eashani Tanvir