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International
Marketing MKT630
VU
Lesson
# 32
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
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International
Marketing MKT630
VU
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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