{"id":1087,"date":"2022-04-10T19:18:00","date_gmt":"2022-04-10T17:18:00","guid":{"rendered":"https:\/\/support.centreforelites.com\/an-overview-of-markets-and-target-market\/"},"modified":"2024-03-14T16:23:57","modified_gmt":"2024-03-14T14:23:57","slug":"an-overview-of-markets-and-target-market","status":"publish","type":"post","link":"https:\/\/support.centreforelites.com\/ru\/an-overview-of-markets-and-target-market\/","title":{"rendered":"AN OVERVIEW OF MARKETS AND TARGET MARKET"},"content":{"rendered":"\n

Markets are collections of people or organizations with (a) needs to satisfy (b) money to spend, and (c) the willingness to spend it. You should however understand that, within a total market, there <\/span>is usually some differences among the buyers. For instance, not all consumers who own cars want to buy Peugeot brands, and not everyone who wears skirt suits wants to pay the same price or purchase them from boutiques. While some Consumers visit the beach in order to rest and relax, others do so for adventure and excitement.<\/span><\/p>\n\n\n\n

The illustrations above show that within the same general market, there are groups of <\/span>customers with different needs, buying preferences or product use behaviour. We may discover that in some markets, these differences are relatively minor. Here, the primary benefit sought by consumers can be satisfied with a single marketing mix. In other markets, however, customers’ interests may not be completely satisfied by a single marketing mix. <\/span><\/p>\n\n\n\n

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AN OVERVIEW OF MARKETS AND TARGET MARKET<\/a><\/figcaption><\/figure>\n\n\n\n

Consequently, alternative marketing mixes are required to cover the entire market. <\/span>Whatever its size, the group of customers for whom the seller designs a particular marketing mix is a target market<\/a>.<\/p>\n\n\n\n

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Generally, there are two alternative target-market strategies. The first alternative is to treat the total market as a single unit, that is, as one mass, aggregate market. This strategy is premised on the assumption that, in spite of their differences, everyone in the market can be adequately satisfied with one marketing <\/span>mix. Hence in mass marketing, the seller engages in mass production, mass <\/span>distribution, and mass promotion of one product for all buyers. Thus, the argument for mass marketing is that it creates the largest potential market, which leads to the lowest costs, which in turn can lead to lower prices or higher <\/span>margins. This strategy employs a “short run” approach (i.e. are programme, broad target) in marketing activities.<\/span><\/p>\n\n\n\n

In the second alternative, the total market is seen to consist of several smaller <\/span>segments with differences significant enough to the extent that one marketing mix will not satisfy everyone or even a majority of the market. In situation like this, since the firm typically cannot meet the needs of all these submarkets<\/a>, one or more are often selected as target markets. This is sometimes described as a” rifle” approach (i.e. separate programmes, pinpointed targets).<\/span><\/p>\n\n\n\n

The truth is that the notion of an aggregate market is relatively uncommon. For instance, the proliferation of advertising media and distribution channels is <\/span>making it difficult to practice “one size <\/span>–<\/span>fits all” marketing. It has even been claimed that mass marketing is dying. It is not surprising therefore, that many firms are turning to micromarketing at one of four levels: segments, niches, local areas, and individuals. We shall be looking at these levels of market segmentation <\/span>under the section that follows.<\/p>\n\n\n\n

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Table of Contents<\/p>\n