Target Marketing Term Paper Example | Topics and Well Written Essays - 1000 words

Target Marketing - Term Paper Example Target marketing is not all about breaking a market into various small segments and attracting the attention of the marketers confining their focus on a few key sections of the market. The implication of target marketing suggests that various considerations should be taken into account with the purpose of identifying the customer groups who are to be targeted. It is worth mentioning that ‘Marketing’ is termed as the art of creating wants among people who gradually turns out as the potential customers of the product and/or services rendered. According to Smith (1956), segmentation of markets is focusing on customers with similar interest to that of the marketer, so that it becomes easier for the organization to develop beneficial communication and thus satisfy the customer need effectively. Target Marketing Approach Customers’ demand varies from one group to the other. Thus, the identification of these demands emerges to be quite challenging for the marketers imple menting the target marketing approach. After identifying customer demands, marketers develop the product and various marketing strategies to satisfy the demand of the particular customer group(s) targeted. Thus, target marketing helps the company to identify their most potential customers. With this concern, marketers tend to emphasise on various aspects of market and human psychology which define the satisfaction and demand of targeted customers. Furthermore, with the assistance of target marketing, strategies are developed to offer the products and/or services according to the customers’ demand which in turn boosts customer satisfaction. Therefore, target marketing assists the organisation to attain additional customer satisfaction rewarding higher loyalty and competitive advantages, although it initially deals with a concentrated group of customers (Smith, 1956). The motto of target marketing is to identify most viable segments focussing on which the organization can attra ct maximum number of customers and retain the valuable customers by satisfying their demands. It is in this context that target marketing can assist organisations in gaining sustainable growth (Bragg, 2005). The main reason for focusing on certain specific customer groups who have been targeted is to develop a marketing mix strategic alliance that can satisfy the customer needs in the best possible way. Marketing mix is so prepared that it supports the strategies of target marketing. Target marketing approach can be highly beneficial if marketing mix is prepared with great attention which also helps in enhancing the competency of the organisation to a large extent. Thus, supreme customer value is ought to be achieved with the benefits provided by the marketing mix which further can prove to be very crucial for target marketing approach (Bragg, 2005). It is worth mentioning that customers’ interests are given the maximum preference while preparing target marketing strategies. Marketers pay keen attention in selecting the target market. The process is initiated when marketing experts analyse different characteristics such as demographic and psychographic qualities possessed by the potential customers. Demographic analysis consists of age, geographic location, gender, earning capacity, education level and relationship status that can influence the demand of the customers. Similarly, psychographic analysis includes offering price of the products; convenience provided by the product, how safe the product can prove to be, availability of the product i.e. how far the customers need to travel to make the product available and so on which defined the satisfaction level of the customers (Restrepo, 2008). Target