Target Market - Review What is a market? ◦ People who share similar needs and wants and have the ability to purchase a given product are a market What are two broad market categories? ◦ B2c (consumer) and b2b (organizational) What is market share? ◦ A company’s market share is its percentage of the total sales generated by all companies in a given market What is a target market? ◦ The group identified for a specific marketing program is the target market How does a company identify a target market? ◦ Businesses create a customer profile which lists information about the target market (market segmentation approaches - demographics, geographics, psychographics, behavioral)

Marketing Mix After marketers have clearly defined each target market, they can develop marketing strategies The marketing mix includes four basic marketing strategies called the four P’s: ◦ Product ◦ Place ◦ Price ◦ Promotion

Product Product decisions begin with choosing what products to make and sell A product’s features, brand name, packaging, service and warranty are all part of the development In addition to developing new products, companies must decide what to do with current products – update, improve, find new uses, identify new target markets

Place Means getting the product into the customer’s hands Marketers must know where the target market shops Marketers need to determine whether the product can be sold directly to the customer, over the internet, through catalogs or through a reseller Other place decisions include deciding which transportation methods and what stock levels are most effective

Price Price strategies should consider ◦ what customers are willing and able to pay ◦ competition ◦ specific goals such as gaining market share ◦ the product’s branding

Promotion Includes activities related to advertising, personal selling, public relations, direct marketing, and sales promotion Strategies include: ◦ message ◦ media ◦ timing of campaigns