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Chapter 5: Targeting Markets

Chapter Summary:

In this chapter we examine decisions affecting the selection of target markets. This is a critical point in marketing planning since all additional marketing decisions are going to be directed toward satisfying customers in the markets selected. We explore what constitutes a market and look at basic characteristics of consumer and business markets. We see not all markets are worth pursuing and marketers are often better served developing a plan identifying specific markets to target. In particular, we look at the process of market segmentation where larger markets are carved into smaller segments offering more potential. Our discussion includes methods used to identify markets holding the best potential. Finally, we discuss the important concept of product positioning and how this fits into target marketing strategy.

Key Issues:

  • What is a Market?
  • Consumer and Business Markets
  • The Need for Target Markets
  • Selecting Target Markets through Segmentation 
  • Positioning Products and Services

Links to Cited References:

(note: Some links may no longer be active, if this is the case check Assessing Marketing Stories for hints on accessing.)

  1. "Bank of America Strategist Sees Coming Slump in Global Consumption," MSN Money, June 11, 2008. http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=ACBJ&date=20080611&id=8760365
  2. "Consumer Expenditures in 2006," Bureau of Labor Statistics - United States Department of Labor, October 26, 2007. http://www.bls.gov/news.release/archives/cesan_10262007.pdf
  3. Visa Inc. website. http://www.corporate.visa.com/md/fs/commercial/cce.jsp
  4. Beirne, M., "Adults-Only Strategy Drives Halloween Sales to $5B," Brandweek, October 15, 2007. http://www.brandweek.com/bw/news/recent_display.jsp?vnu_content_id=1003658333
  5. Hillard, G., "Industry Embraces, Caters to Biker Chicks," All Things Considered - National Public Radio, October 12, 2007. http://www.npr.org/templates/story/story.php?storyId=15236977&ft=1&f=1006
  6. For a list of links to business directory services see the Market Research section of KnowThis.com. http://www.knowthis.com/topic-areas/market-research.htm
  7. NikeID website. http://nikeid.nike.com/ 
  8. H. Deutsch, C.H., "Xerox Hopes Its New Logo Doesn't Say Copier," New York Times, January 7, 2008. http://www.nytimes.com/2008/01/07/business/07cnd-adco.html

 

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