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Advantages of Targeting a Market. Marketing is necessary for products. Proper marketing is important since it increases the sales of products and hence increases the profits. There are very many ways to market a product. The results of the different marketing strategies differ a lot. One good example of an effective marketing strategy is targeting a specific group of customers in the available market. Emphasis are focused on the customers most likely to purchase the products. Therefore, maximizing the target market is where all the efforts will go. This form of marketing is more reliable to the small business enterprises. It is a very effective strategy since there are an assured returns unlike the other broad marketing mechanisms. Targeted marketing has various advantages to the business. First and foremost, a business can improve the products to suit the specificities of the customers. This improvements will, therefore, leave the customers with no choice but to buy the products. This leads to the increase in profits as a result of an increase in sales. Additionally, and there will be good communication as a result of this marketing strategy. This communication may be in terms of writing or verbally. Queries raised by customers are therefore addressed by the business. Feedback from the customers can also be received. This makes it possible to fix any problem. These advancements will enable the business to meet the customers’ expectations. This enables a business to establish a stable and reliable fan base of customers. Other customers can be influenced by the increasing number of loyal customers.
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Above are some of the benefits of targeting a market. However for this strategy to work, there are certain characteristics that are associated with targeting market. One of them is the geographic target market. This implies that the customers are found in the same locality. It may cover a town, a city or even a state. Some products record very good performances in some areas than others. Another characteristic is the demographic or socioeconomic target. Age group, gender, level of income and education level falls under this category. The specific group linked with the product becomes the target market of the product.
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Behaviorial target market is another characteristic of this strategy. The degree of loyalty is a major concern in the behavioral target market. The business might come up with some ways of awarding the more loyal customers. This may include measures such as giving discounts to the customers depending on how much they spend on their purchases. And finally, a market can be targeted by product related segmentation. The focus is on customers owning certain products. Selling of computer accessories to people who own computers is a very good example. Creation of a more specific target campaign, decreasing the number of competitors and increasing sales are the importance of product related segmentation.