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Unit 10: Marketing Considerations

Target market includes individuals who have almost similar expectations from the organizations Notes
or marketers.
Obese individuals all across the globe look forward to cutting down their calorie intake. Marketers
understood their need and came up with Kellogg’s K Special which promises to reduce weight
in just two weeks. The target market for Kellogg’s K Special diet would include obese individuals.

Individuals who sweat more would be more interested in buying perfumes and deodorants
with a strong and lasting fragrance.
The selection of a target market is a very important decision for a firm as it requires significant
effort and commitment to implement an appropriate and targeted marketing mix.

!
Caution Target market selection is a key part of marketing strategy and typically involves
significant analysis, discussion and review throughout the firm.
Target marketing can be a particularly valuable tool for small businesses, which often lack the
resources to appeal to large aggregate markets or to maintain a wide range of differentiated
products for varied markets. Target marketing allows a small business to develop a product and
a marketing mix that fit a relatively homogenous part of the total market. By focusing its
resources on a specific customer base in this way, a small business may be able to carve out a
market niche that it can serve better than its larger competitors.

Task Take any company of your choice and discuss its marketing mix.

Identifying specific target markets – and then delivering products and promotions that ultimately
maximize the profit potential of those targeted markets – is the primary function of marketing
management for many smaller companies.

Example: A manufacturer of fishing equipment would not randomly market its product
to the entire U.S. population. Instead, it would conduct market research, using such tools as
demographic reports, market surveys, and trade shows, to determine which customers would
be most likely to purchase what it offers. It could then spend its limited resources in an effort to
persuade members of its target group(s) to buy. Advertisements and promotions could be
tailored for each segment of the target market.
There are infinite ways to address the wants and needs of a target market. For example, product
packaging can be designed in different sizes and colors, or the product itself can be altered to
appeal to different personality types or age groups. Producers can also change the warranty or
durability of the good or provide different levels of follow-up service. Other influences, such as
distribution and sales methods, licensing strategies, and advertising media, also play an
important role. It is the responsibility of the marketing manager to take all of these factors into
account and to devise a cohesive marketing program that will appeal to the target customer.
Small business enterprises are also encouraged to continually examine their marketing efforts
to make sure that they keep pace with changing business realities.

Example: Business start-ups typically accept any kind of legitimate business in order to
pay the bills and establish themselves as a viable entity. But long after the start-up has blossomed
into a solid member of the local business community, it may continue to rely on these early
accounts rather than casting its net for more promising clients.

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