- Published: November 13, 2021
- Updated: November 13, 2021
- University / College: City University of New York
- Language: English
- Downloads: 6
A target market is a specific, well-defined segment of consumers that a company plans to target with its products, services and marketing activities. Target marketing orients all of the various components of the marketing function toward a single group, maximizing the appeal of brands to specific markets. The term “ target audience” is a bit narrower; it refers specifically to the group of consumers targeted by advertisements. Outside of the context of business, target audience can also refer to the specific group of people targeted by television shows, movies and music products. In marketing and advertising, a target audience is a specific group of people within the target market at which a product or the marketing message of a product is aimed at.
Positioning Statement
Positioning is a marketing concept that outlines what a business should do to market its product or service to its customers. In positioning, the marketing department creates an image for the product based on its intended audience. This is created through the use of promotion, price, place and product. The more intense a positioning strategy, typically the more effective the marketing strategy is for a company. A good positioning strategy elevates the marketing efforts and helps a buyer move from knowledge of a product or service to its purchase.
Positioning in Sales Locations
Reaching the customer is not simply a matter of advertising, it is also a matter of choosing the right channels for distribution. If a majority of your target market lives in an urban area with only public transportation available to them, having your product in rural areas where a private automobile is needed for transport would not equal sales success. Place or position your product or service as close to the target market as possible. Create similar advertisements in store as the ones seen out of store to create an overall identity for your brand. Positioning through Price
It should be noted that there is a large amount of research on the psychology of pricing in marketing. Simply put, the price of an item tells the buyer more about the item than most realize. Many associate a higher price with higher quality and the opposite with a lower price. Additionally, if a product is positioned as a good alternative to high-priced brands, the marketing department must price it in the middle of the market to avoid a comparison to the cheapest end of the spectrum.
