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Business Explorations

Business Explorations. Target Market. Marketing – The 4 P’s. Product pricing promotion placement. What are we going to sell. How much will we charge. How will we advertise our product or service. How will we get our product or service to customers. Marketing Strategy – 2 Steps.

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Business Explorations

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  1. Business Explorations Target Market

  2. Marketing – The 4 P’s • Product pricing promotion placement What are we going to sell How much will we charge How will we advertise our product or service How will we get our product or service to customers

  3. Marketing Strategy – 2 Steps • Create Marketing Mix • Identify Target Market

  4. Target Market • TARGET MARKET – specific group of consumers that have similar wants and needs • Companies can not meet everyone’s needs with any one product • Focusing on a target market makes it easier to develop products people want

  5. Importance of target markets • No single product can meet everyone’s needs More than 30 different varieties/flavors

  6. Importance of Target Market • “From a marketing management point of view, selection of the appropriate target market is paramount to developing successful marketing programs.” – Marketing Management 9th edition (Peter & Donnelly)

  7. Building a target market • Also called market segmentation • Relies on Demographics • See Moodle link for Sample Market Segments

  8. Determining a Target Market • What customer group will we serve?

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