Marketing

Segmentation helps you decide who a firm’s target customers should be, while targeting helps you zero in on the best method for reaching those targeted customers. Your targeting strategy helps you set priorities for making an impact on your target segments and on the market as a whole. Your targeting strategy also helps you determine which combination of product, promotion, place, and price—i.e., which marketing mix—will best fit the segments you are trying to capture.

Take a moment to watch the following video, which explains how the car company Toyota used segmentation and a new targeting strategy to improve a product (the first P of the marketing mix) and give it genuine family appeal. (14) https://www.youtube.com/watch?v=zUjsfqDZnO8&feature=youtu.be

Once target segments are identified, the marketing manager selects a targeting strategy that will be the best fit for reaching a firm’s target market. Targeted marketing enables the marketing and sales teams to customize their message to the targeted group(s) of consumers in a focused manner. The targeting strategy is where the marketing-mix comes together to create the right offer and marketing approach for each target segment. (1, 14)

Question prompt: Think about a friend who routinely purchases products and services that are substantially different from what you would purchase. How might a company distinguish you from your friend in terms of its targeting? More specifically, how might an attractive marketing mix for your friend differ from an attractive marketing mix for you? Please discuss the different marketing mixes in terms of each specific component (the 4Ps). (1)