Target marketing is the practice of aiming goods and services at a specific group of consumers. Rather than take a shotgun approach, for example, selling to 18- to 49-year-olds, companies try to narrow their marketing as much as possible, finding only the consumers who are likely to buy from them.Know More
Companies use this strategy because they see how differentiated the marketplace has become, and how it's no longer productive to market to everybody in general.
Companies must drill down and ask themselves relevant questions to create a profile of their ideal customer. They must ask about the customers' age, gender and salary, and where they live, for example.Learn more about Marketing & Sales
Market segmentation allows a company to target its products or services to a specific group of consumers, thus avoiding the cost of advertising and distributing to a mass market. A disadvantage of segmentation is that it sacrifices economies of scale in production, distribution and communication, according to NetMBA. Segmentation is effective for small businesses that match marketing strategies with core customers, according to the Houston Chronicle.Full Answer >
The seven P's of marketing are the service marketing mix, which addresses seven key characteristics in building a complete marketing strategy. The service marketing mix extends the original product mix of product, place, price and promotion by adding three additional service components: people, processes and physical evidence.Full Answer >
A target market is a business' ideal customer base. Having a target market helps a business leader direct marketing funds to the customers most likely to buy from the business.Full Answer >
Multinational marketing, also known as international marketing, is when a business directs products and services toward potential consumers in other countries. Seeking new markets helps to offset domestic saturation and increase revenue.Full Answer >