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Lesson#32
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INTERNATIONAL TARGET MARKETING
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INTERNATIONAL TARGET MARKETING
International target marketing … why?
Products & selling methods do not appeal to all buyers in the
same way. Buyers for most products are
too numerous, too widely scattered, too varied in their needs
and buying practices. Different companies
vary widely in their abilities to serve customers.
Since the foremost marketing objective of firms has been to
satisfy the needs and wants of target
customers better than competition, firms need to focus and align
their resources and efforts to suit the
target customers to succeed.
The point of target marketing is to identify consumer groups
that are most likely to purchase specific
goods and services. Research into consumer behavior shows that
marketing targeted at certain
demographic segments can influence that group's spending habits.
The best thing about using target marketing techniques is that
sellers have a biographical sketch of their
customers. This sketch allows businesses to implement the
marketing strategies that will most impress
their intended audience. Another benefit of target marketing is
that it saves money. With a knowledge of
who their target is, companies save on advertising dollars and
postage costs because they're sure to
receive more of a response from those who need their products.
Target Marketing is a Better Use of Resources:
A marketer’s marketing budget is going to be most effective when
he effectively reaches the selected
target market. When we look at the big picture and sort through
the marketing jargon, the benefit of
target marketing is simple—efficiency. Solid target marketing is
a method to more efficiently reach the
international customers. Target marketing is a better use of a
marketer’s most valuable resources, i.e.
time and money, to generate additional revenue. It is as
straightforward as that. Now, let’s talk more
about how to get there.
A marketer’s goal is to get to know as much information as he
can about his existing or prospective
customers. The more he knows about his customers, the better he
will be able to make decisions that
will enhance his ability to communicate and connect with them.
As a marketer who do you consider will benefit the most from
your products and services? Think of the
people and their most common characteristics and attributes. One
of the best ways to identify your
target market is to look at your existing customer base. Who are
your ideal clients? What do they have
in common? If you do not have an existing customer base, or if
you are targeting a completely new
audience, speculate on who they might be, based on their needs
and the benefits they will receive.
Investigate competitors or similar businesses in other markets
to gain insight.
Steps in target marketing:
Target marketing is a three step process;
Market segmentation
– dividing a
market into distinct groups of buyers with different needs, characteristics, or
behavior
who might require separate products or marketing strategies
Market targeting
– the process of
evaluating each market’s attractiveness and selecting one or more segments to enter
Market positioning
– arranging for
a product to occupy a clear, distinctive, and desirable place relative to
competing
products in the minds of target consumers
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