To Stacy, from StacyMarketing and Stacy's Pita Chip CompanyMarketing isn't just about selling and advertising products and services. In general, marketing is associated with identifying the particular wants and needs of a target market of customers, and then working to satisfy those customers better than the competition. This involves carrying out market research on customers, analyzing their needs and then making strategic decisions on product design, pricing, promotion and distribution or location (Bethel, 2007). Understanding how to identify your target market is fundamental in developing your market strategy. This document aims to define target marketing and examine a market analysis of Stacy's Pita Chip Company. Many factors should be addressed when defining a target market. These factors include market segmentation, product life cycle, and the four “Ps” that make up the marketing mix. Market segmentation is the process of dividing a total market into market groups consisting of people who have relatively similar product wants and needs. There are four main segmentation variables: geographic, demographic, psychographic, and behavioral. Geographic segmentation includes world region, country region, city, density, or climate. Demographic segmentation may consist of age, gender, income, occupation, education, race, religion, or nationality. Social class, lifestyle and personality fall into the psychographic segment. The behavioral segment divides buyers into groups based on their knowledge, attitudes, uses, or responses to a product (Bethel, 2007). Once you have identified the market segment, you can target that market. The backbone of marketing is the target market (Vest, 2007). Target marketing is the specific group of people that a company tries to reach with its marketing activities. The target market is a set of buyers who share common needs or characteristics that the company decides to serve (Bethel, 2007). When identifying your target market it is important to know who buys your product and who your customers are. Intelligent targeting benefits both the consumer and the business. It allows the company to be more efficient and effective by focusing efforts towards that segment; thus maintaining the most profitable result. The consumer is rewarded by receiving the product or service customized for him. Target market Once the target market has been identified, it is important to develop a marketing strategy. In today's fast-paced and information-overloaded society; conveying a message about a product seems to be more difficult than ever. The consumer is bombarded with advertising everywhere they look. Today, advertising not only exists on television, radio, magazines and newspapers, but can be found on billboards, park benches, in our mailboxes, on buses, in taxis, at sporting events and on clothing...
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