Target Marketing
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Target Marketing
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http://www.business.govt.nz/tools-and-templates/educational-resources/target-marketing ACTIVITY 1 Understanding the concept Read through the Target Marketing topic hand out with class before asking students to match the products and services listed in Activity 1 of the student worksheet with appropriate market segments. Students can research the products online, but must describe in writing the target customers for each offering, including any behavioural traits. Students can present their answers individually or in groups for class discussion. There are no right or wrong answers, but if students struggle to identify a target market brain-storm with the class the kind of characteristics a realistic target market would have for the product. ACTIVITY 2 Putting theory into practice Have students read the hypothetical product and target market description in Activity 2 of the Target Market student worksheet and write down an appropriate marketing plan for the product. Answers should address the 4 Ps – Product, Price, Place and Promotion (for more detail see Marketing topic hand out). Answers can be individually marked or presented to class. Resources - www.business.govt.nz/tools-and-templates/educational-resources/target-marketing/Student%20handout.doc - www.business.govt.nz/tools-and-templates/educational-resources/target-marketing/Student%20worksheet.doc - www.business.govt.nz/managing/marketing
Transcript of Target Marketing
Target Marketing
www.business.govt.nz
What is target marketing?
The practice of identifying aproduct’s ideal customer andtargeting them to maximisesales
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- Geography- Income- Age- Sex- Personal interests…anything universal among
the group of customers
Market segments can be defined by:
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Customer research
Entrepreneurs need to research their target markets before launching a business
Many don’t, however, and struggle to realise the potential of their product or service
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Talking to repeat customers can help businesses identify what traits and habits unite them as a market segment…
They can then use that knowledge to attract more people like them to their product
Researching existing customers
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Customer databases
Databases not only help businesses recognise customer segment traits, they can also record buying patterns
These help businesses identify more of their customers’ needs
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Finding more ideal customers
Businesses often export or go online with e-commerce websites to gain access to more of the customers their products target
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Competitor research
Who are your rivals targeting?
Can you do it better than them?
Re-visit unviable markets
Markets are always evolving
What wasn’t a viable idea yesterday might be viable today
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Adapt to untapped markets
Can you apply your product, service, assets or knowledge in a different way to meet the needs of an entirely new market segment?
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Creating a market
Sometimes, an innovative new product isn’t designed with a customer segment in mind
These products can only succeed by creating demand
Find Out More
Facebook.com/business.govt.nzTwitter.com/business_govtNZLinkedin.com/company/business-govt-nzSlideshare.net/MED-Business business.govt.nz
