Find more info at http://www.eraeo.com
We have given different kinds of definitions to the word "market". I refer to it as a specific location where products are bought and sold."Market" is also referred to as the relationship between demand and supply of a specific product.
Markets fall into two categories:-Consumer markets and organisational or industrial markets.These categories are however, based on the characteristics of the individuals and groups that make up a specific market and the pride and ferrrell explain that a consumer market consists of purchasers.
An organisational or industrial market on the other hand, consists of individuals or group of people who purchase a specific kind of product for resale.
A target market is a group of people or organisations for which a company designs, impliments and mentain a marketing mix intended to meet the needs of a group, resulting in mutual, beneficial and satisfying exchanges.It might be understood that there is no company in this competitive world that can be proud of serving all consumers in a broad
market.The compelling reason is that customers are too numerous and diverse in their buying requirements.As a result of this,every customer-oriented company consciously has to identify it's market segments,which it can effectively serve.To them,segmentation involves identification of groups of individuals or organisations that have significant implications for determination of a marketing strategy.It is about dividing a diverse market into a smaller, more similar sub-markets.
You know the objective?It is aimed at identifying groups of customers with similar requirements,so that they can be served effectively while being of a sufficient size for the product to be supplied efficiently.It is the basis by which marketers understand their markets and develop strategies for serving their chosen customers better than competition.
A very important thing that marketers and marketing students need to understand is that segmentation provides the basis for selection of target markets.We will say that a target market is a chosen segment of the market which a marketer or company has decided to serve.
- Related Articles
- Related Q&A
- 5 Steps to Massive Profits - A Business Marketing Tip
- How You Can Boost Your Profits With Business-To-Business Marketing Online
- 7 Steps to Creating a Successful Small Business Marketing Plan
- Small Business Marketing Tip: Conduct A Marketing Crusade
- Do’s and Don’ts in Local Business Marketing
- Business Marketing: The Most Important Aspect Of Your Business
- Basic Small Business Marketing Principles
- How Virtual Assistants Can Amplify Your Business Marketing
Overview of Search Engine Ranking and Optimization Strategy
By: Dan Atkins | 17/12/2009Just imagine and think of the Internet as the biggest library-like source of information in human history, with one major difference from an actual library. Actually, the Internet is not organized, nor is all the information out there credible. In a fact, this is where search engines come into play and...
Direct Mail Marketing - Top 6 Tips to Make Your Advertising Campaign Successful
By: Daljeet Sidhu | 17/12/2009Marketing is an age-old strategy used by businesses to increase sales. Marketing methods range from traditional advertising such as newspaper and magazine ads to web marketing, pay-per-click and banner ads. The traditional methods of marketing are still effective and businesses are using direct mailing services to get the most out...
Why Small Business Needs To Market Itself Now More Than Ever
By: Michael Delpierre | 17/12/2009When you turn on the TV or listen to the radio, you get bombarded with the words, recession, TARP, unemployment, foreclosures, and other less than positive descriptors. No wonder small businesses are fearful of their long-term viability. But there is one thing small businesses can do to take control of their future. They should increase their marketing efforts. They should spend money on marketing because that is the one thing that will increase their chances of surviving the recession.
Online Advertising – Essential Email Marketing Tips
By: Justin Mark | 17/12/2009Email marketing is one of best method of marketing because of less setup cost, rapid feedback and better monitoring.
Handheld Signal Level Analyzer Designed for CATV Systems
By: GAOInstruments | 17/12/2009This signal level meter measures CATV TILT, C/N and Trunk Cable Voltage. Its simple operation and light weight design makes it ideal for field use.
Animal Wristwatches—Ideal Gifts for Kids in Christmas
By: cloriswong | 17/12/2009The animal wristwatches sold in the wristwatches wholesale market in Yiwu International Trade Mart, enjoying rich varieties in styles and designs, are ideal Christmas gifts for kids.
Radiation Proof Maternity Dress as Patron Saint for Expectant Mothers
By: cloriswong | 17/12/2009The main function of radiation proof maternity dress is radiation defends and proof. Especially in the new era of information world, most expectant mothers have to work with computers, so radiation proof maternity dress is the necessity.
Hot Industries in Yiwu Wholesale Market in December
By: cloriswong | 17/12/2009As the latest research of the business clients by Onccc shows, currently many industries, such as skin care products, electric & electronic appliances, warmth-keeping products, jewelry, toys, festival products, etc. are in hot sale in Yiwu commodities wholesale market.
Preconditions of Entrepreneur
By: eric opong | 18/12/2008 | EntrepreneurshipThe entrepreneur has to take care of many things.This may be one reason why not many individuals are willing to become one.If the business succeeds or fails, it is all because of the entrepreneur.
Danger of Smoking
By: eric opong | 09/11/2008 | Diseases & Conditionsmy aim is to help mankind reduce unneccesary premature deaths.