Is Market Targeting the Same as Target Marketing?
Market targeting and target marketing are the two processes which are used by businesses to market its products to its potential customers. Market targeting is the making of the decision as to the type of market to invest in like the telecom, education, manufacturing, consumer, or even automobile. Target marketing, on the other hand, is the going after the specific areas in a market like car owners, carpenters, high schools, or even universities. Target marketing is a set or group of buyers who share common characteristics whom the company or the business intends and has decided to serve.
Market targeting involves the adaptation of the different features of a product like the design and the pricing policies so as to be able to suit the various market categories. Target marketing includes the developing and the identification of products which are required for a specific target market which are the customers that the business aims to market its merchandise to (Kurtz, 2010). Identifying the target audience for the products of a company will enable the company to plan and execute an efficient marketing campaign, which can only be possible after the company has identified the target market, and it enables the company to penetrate into the already existing market segment.
Target marketing is a marketing concept which explains the attempt by companies and businesses to be able to relate to the attributes and the characteristics of the products that they provide to the customers so as to satisfy their needs. Target marketing has three stages which ensure that all the needs of the target market are systematically and effectively carried out: market segmentation, market targeting, and market positioning. Market targeting is the second stage in the target marketing overall process. This shows for the whole process of target marketing to be completed; it has to involve the stage to market targeting after the business has been able to come up with the market segments of their customers signifying that market targeting and target marketing are two different processes in marketing. Market targeting is determined by the attractiveness of the market segments, competitor’s impacts, size and growth of the segments, and resources and objectives of the company.
Market targeting involves a process where an identified market segment is evaluated and selected. It is a process of evaluating the attractiveness of each market segment and making of a selection of the market segments to enter into (Procter, 2005). Market segmentation is one of the initial stages of target marketing. It is very important for a company to get to know the type of customers that it has to mainly concentrate on as it will have to position all its products for the specific group. The reason as to why a company has to specify in a specific group of people is because it is very hard to please all the people as people have needs and wants which greatly vary (Jobber, 2009).
Market targeting can be used by a company or a business to give the brand more power as the company is able to determine the consumption behavior patterns of the customers and what influences the repetitive purchasing behaviors of the customers (Procter, 2005). If a business has been doing business to a certain market segment for a long duration, then it would eventually have no new customers which show that the market targeting has to be reviewed so as to be able to keep the profits and sales of the company growing. This can be done through the use of modified advertisement campaigns for the targeted groups as the needs of people keep on changing with time.
In conclusion, I strongly believe that market targeting is very different from target marketing as the product or the service is already established in the market and decisions have to be made so as to determine the right market for the product or service. In target marketing the company or business has to determine the market it is interested to serve, and then come up with a product or service which is appropriate for the selected market. Market targeting is a process which is flexible as compared to target marketing as it requires re-evaluation on a periodical basis. Market targeting is the making of the choice of the market which is appropriate for the company’s product while target market is the outline of the market segmentation basics.