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Targeting-Identifying Target Customers - A Marketing Strategy, Assignment Help
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Targeting Concept - Identifying the Target Customers
Targeting simply means to identify the target customers for particular goods or services. It defines the age group, the demographic profile, the geographic location, the needs and demands of the target customer. Targeting is basically done by the people of marketing or a sales person and this is done after marketing research which is done by a marketer or a sales people.
Thus Targeting defines:
T- Tastes of the target customer
A- Age group / profile of the target customer
R- Reality of the target customer
G- Geographic location of the target customer
E- Experience of the customer
T- Time and preferences of the target customer
I- Influencing factor
N- Number of customer to be targeted
G- General approach / information
Targeting requires the effort of marketing strategies and it applies to the target customers. Targeting is very important concept of marketing by which a company defines their customer which also helps to design the product and services according to the customer in the market. Innovation process also affected from targeting because our product and services should be designed as per the requirement and needs of the target group.
For example: in mobile sector, consumers usually look for different varieties, style, looks and new trends as per the requirement. Every mobile represents unique group and likes the personality for example Blackberry, Nokia E-series and other use mega pixel camera mobile phones always prefer by the youth ages and premium group of customers where in the other hand, RIM, Tata indicom which are simple function of mobiles preferred by small group of people which are not preferred by high segments so the target group has been defined by the marketer to identify the segmenting and targeting part.
There are three processes in marketing. First market segmenting second market targeting and third market positioning comes in marketing. When we define the opportunities that exists in market and segment that opportunities then we focus on targeting part where we focus on two things.
1. How many?
2. Which one?
Group, we have to target.
Targeting is basically does to understand the potential customer before developing or manufacturing a new product because it helps in understanding the people who will use our product. It is basically done for the importance, advantages and benefits of a purchase. When we defined our target group, there are several factors which comes under it for example: life style of the people, taste and preference of the target group, benefits from the products or services, features of products and services, value creation from the product or services, income of the target group, market competition for that product or services, and other valuable things defined for targeting a customer or a target group.
Market can be targeted in four levels which are as follows:
1. Niche marketing
3. Local area and
In niche marketing, the target group will be more specific and narrower as compare to segmenting. For example: in case of Harley Davidson bikes, our target group is very specific and narrow that is known to be the premium segment.
In segments, the markets are large and identified. For example: toothpaste has special features where children brush longer and more often. It should be measurable and identified, it should be communicated through different channels and communications strategies, and it should be justified the resources used for segmenting the markets, it should require the unique needs because a good market segmentation is necessary in achieving the goals / success.
The age groups, the profile of the customer are used in segmentation. The geographic location that is the climatic regions, the surroundings and location all matters lot in targeting if the product or service will exist or not? The region the size the sample size the population and climate which should prescribed as per the customer.
The demographic profile such as age, gender profile, family size, income and education, occupation, nationality, religion, social class and many more which has standard variables that defines about the person’s background.
In case of Tata Company in automobiles sector Tata have introduced the car named TATA Nano which targeted those group of customers who has average incomes who are unable to purchase a car but they have needs and able to spend at least two lakhs of rupees to fulfill their desires. So this is basically targeted for the lower segment of people and the keyword for this target segment is average income group which is of lower segment car, ready to spent money on car, unable to buy costly or luxurious and premium segments car so it is basically introduced for these types of people.
Maruti is also planning to introduce same type of car in Indian markets with more features, additional benefits but cater or target customers are same for this as well. These are the live and current examples of targeting and also define the elements of targeting that is segmentation life style tastes and preferences of the customers as well as the needs of the customer.
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