Define market targeting and explain the procedure on how to target different markets?

Definition of Market Targeting

Market targeting is the process of evaluating and selecting one or more distinct customer segments or markets based on various criteria, such as demographics, psychographics, behavior, or geographic location. The goal is to concentrate marketing efforts, resources, and messages on these chosen segments to maximize the likelihood of success and effectively meet the needs of those specific customers.

Procedure for Targeting Different Markets

The procedure for targeting different markets involves several steps to identify, evaluate, and select the most viable customer segments for a business. Here is a comprehensive guide on how to target different markets effectively:

1. Market Segmentation

• Definition: Market segmentation is the process of dividing a broader market into smaller, distinct segments based on shared characteristics, needs, or behaviors. These characteristics can include demographics (age, gender, income), psychographics (lifestyle, values, attitudes), behavior (purchase history, loyalty), or geographic location (region, city).

• Procedure:

  1. Identify Market Variables: Determine the relevant criteria for segmenting the market based on the nature of your business and industry.

  2. Collect Data: Gather data and information about your existing customers and potential markets. This may involve surveys, interviews, data analysis, or using market research tools.

  3. Segmentation: Use the collected data to group customers with similar characteristics or behaviors into segments.

  4. Profile Segments: Develop detailed profiles or personas for each segment, including their needs, preferences, challenges, and buying behaviors.

2. Market Evaluation

• Definition: After segmentation, evaluate and prioritize the identified market segments to determine which ones offer the greatest potential for your business.

• Procedure:

  1. Market Size: Assess the size of each segment in terms of the number of potential customers and their purchasing power.

  2. Growth Potential: Examine the growth potential of each segment by analyzing trends, market dynamics, and future prospects.

  3. Competitive Landscape: Understand the level ____ _____ ____ _________ ______ _______ ___ ____ ________.
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