Most Markets are Heterogeneous

Type
Essay
Pages
4
Word Count
796
School
CUBT
Course
BA550
Most Markets are Heterogeneous
How can a company find their target market, positioning, and the formation of successful
marketing strategy? Give a specific and detailed example.
In “How to Define Your Target Market: A Guide to Audience Research”, Newberry
defines target market as ‘the specific group of people you want to reach with your marketing
message. They are the people who are most likely to buy your products or services, and they are
united by some common characteristics, like demographics and behaviors.”
Defining the target market serves as the foundation in building a successful marketing
strategy. It is the one of the most important, if not the most important, task of any marketer. It
doesn’t matter if you find the coolest name for your product or you find the most effective
marketing channel to promote it. All efforts will be in vain if you don’t have a clearly defined
target market.
A company trying to market their products or services to everyone is wasting their time
and resources. It is impossible to sell to everyone. You won’t be able to sell even the best steak in
town to a strict vegetarian. The key here is to identify a particular group or segment, understand
them well and focus all your effort with the aim of dominating that group or segment. The more
specific the target market is the better. You want to be very effective and very efficient in getting
your message out to your target market.
Based on your knowledge of your product or services, you then perform an audience
market research. If you are already in the business, you can analyze your current customer base.