Simplifying "Target Market" Definition
Posted 02-09-2009 at 06:30 PM by TimeForLife
People chatter about marketing to your intended customers base, but how often do they tell you how to identify such a group of people? A target market refers to a market segment at which your firm directs a marketing program. In essence people tend to be too broad in their definition of a “target market”. For example if the your company is to intrigue the large transportation market the first step is to identify the market segments (or subgroups) within the larger transportation market.
Are you looking for air travelers or boat passengers or something else? If you are targeting customer to fill a cruise line then it is essential to aim for the transportation market that share similar wants, preferences and product use behaviors. Therefore you as the cruise ship marketing manager (or whatever your title) need to develop a plan that is consistent with the ideas, beliefs and wants of customers seeking to vacation on a boat. You may also want to target those individuals who want to travel to the locations you offer via the boats.
Keep in mind that a separate marketing plan should be developed for each target group to get the most effective response from your efforts.Never forget to do your research to make sure there is a demand to your product or service in your desired target market. Your view must be unique and attractive to potential customers so your product will stand out among others singling out the same market segments.
Are you looking for air travelers or boat passengers or something else? If you are targeting customer to fill a cruise line then it is essential to aim for the transportation market that share similar wants, preferences and product use behaviors. Therefore you as the cruise ship marketing manager (or whatever your title) need to develop a plan that is consistent with the ideas, beliefs and wants of customers seeking to vacation on a boat. You may also want to target those individuals who want to travel to the locations you offer via the boats.
Keep in mind that a separate marketing plan should be developed for each target group to get the most effective response from your efforts.Never forget to do your research to make sure there is a demand to your product or service in your desired target market. Your view must be unique and attractive to potential customers so your product will stand out among others singling out the same market segments.
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Nice concise definition of a term that gets batted around a lot but not pinned down often enough. I think that simply having that definition clear in your mind can bring more success. After all, how can you find success if you haven't really defined the steps that are needed to get there? Nice post!
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