Marketing

There are many ways to segment a market but not all segments are effective.To be useful market segments must be   Measurable :- The size purchasing power and profiles of the segment can be measured. Assessable :-The market segments can be effectively reached and served. Substantial :-The market segments are large or profitable enough to serve. Differentiable :- Segments are conceptually distinguishable and respond differently to different market elements mix program Actionable:- Effective programs can be designed for attracting and serving the segments.

Target marketing involves breaking a market into segments and then concentrating your marketing efforts on one or a few key segments consisting of the customers whose needs and desires most closely match your product or service offerings. It can be the key to attracting new business, increasing your sales and making your business. BREAKING DOWN ' Target Market ' A company invests significant amounts of time and capital to define and monitor its target market. Not all products and services are meant for all types of consumers, and consumers are often cautious with their spending power. For this reason, target markets are typically segregated by age, location, income and lifestyle. A company defines its target market by the consumers that are likely to have a need for its product. Defining a specific target market allows a company to hone in on specific market factors to reach and connect with customers through sales and marketing efforts. Testing of the target market o...

A product's position is the complex set of positions, impressions and feelings that consumers hold for the product compared with competing products.    Consumers position products with or without the help of marketers but marketers don't want to leave their products position to chance. They must plan position that they give products greatest advantage in selecting target market and they must design marketing mixes to create this planned position.         A products position is the way the product is defined by consumers on important attributes i.e the place the product occupies in consumer minds relative to competing products.