Dicussion 1targeting Mainly Provides The Reflection Of Various Concept ✓ Solved
Dicussion 1 targeting mainly provides the reflection of various concepts that are extensively used to choose the target. Targeting is identically considered as the strategy that mainly breaks the large market into smaller segments (Iacobucci, 2016). It will mainly concentrate on the particular groups of customers or individuals within the audience of an organization. In general as per marketing management target easily define segments of customers in relation to the unique characteristics along with targeting a particular segment. To develop the business brand image an enormous number of organizations use the key concept of target marketing.
They mainly place their energy into connecting to a particular group or the individuals within the market. The various methods and terms used in this chapter are accessed based on the marketing framework. This framework is composed of a template that includes different instructions for the execution of the marketing plan of an organization (Camilleri, 2017). This framework plays a vital role in securing the right content for the right audience by providing the right channels when the time limit in order to accomplish their marketing objectives. The Mountain Dew target is effectively discussed in order to identify its targets.
Here the major targets of the mountain dew are youth and teenagers within the age group of 16 to 25 years. In this case, the young are identically considered to be daring as well as challenging sports. Due to this to develop the customer segment and brand image the Mountain Dew develops the carbohydrates. Hence in this way, the organization used its targeting marketing to promote its brand image in sports. Likely targeting is mainly described as the process of selecting one or more segments of the market in order to purchase service and products (Rudiana & Komarlina, 2018).
In order to choose a target, it is very essential to choose bottom-up or profitability along with top-down or strategic fit. The profitability will help in analyzing the functions based on the present market size along with anticipating the growth for various levels of competition. Moreover, the strategic fit will help in identifying the segment along with understanding organizations resources, brand personalities along with weaknesses. Furthermore, the strategic criteria for targeting must mainly include less capable, corporate strengths, attractive market along with the market standard outlook. These are the necessary elements that need to be considered while developing strategic target marketing.
Implementing a SWOT analysis will help the organization in identifying its strengths and weaknesses that need to be considered while targeting the market. This competitive analysis must include the number of competitors to develop strength (Nadube & Didia, 2018). Likely the competitive comparisons can be analyzed through the competitive maps that represent customers perceptions of the organizational strengths and weaknesses in relation to the competitors. The impact on the market can be identified by conducting sensitivity analyses. From the chapter, it is estimated that the possible market for the number of pair of football pants manufactures are 5pairs.
These pairs include every 40 players along with juniors’ teams of 35 players. This market segmentation and variables are obtained through analyzing the target market in order to develop pant manufacturers various strategies that include product, pricing, and promotion. Hence in this targeting will help the organization to exist in a competitive marketplace by fulfilling needs and loyal customer base. References: Iacobucci, D. (2018). Management.
Cengage learning. Discussion 2 targeting is the next step for marketers after identifying multiple market segments. As stated, “Targeting is the selection of ideal customer segments.†In other words, targeting is choosing the market segments to be our customers. There are two approaches to identify a market segment perfect for targeting. The first approach is identifying the profitability and strategic fit of the market segment.
Profitability is the key concern as it is a function of the current estimated market size, the anticipated growth of the market, competitors in the market, and the customer behavior and expectations. Looking at the Company’s capabilities the second approach is identifying the strategic fit of the company. These are internal and external characteristics for a company and the best way to understand these contributing factors is the SWOT Analysis of the company. SWOT analysis stands for studying the Strengths, Weakness, Opportunities, and Threats for the company. It helps to answer all the questions related to the strategic fit of the company concerning the target market segment.
Identifying the company’s Strengths and Weaknesses will give the company a chance to address their shortcomings that the customers care about and is important to the customer’s happiness and loyalty, as well it provides them with a sustainable competitive advantage for their perceived strengths. The changes in the 5 C’s of the marketing framework leads to the Opportunities and Threats for the company. These opportunities and threats can be considered as opportunities to build and grow if taken positively. Another important discussion in this chapter is the comparative analysis, “Perceptual Mapâ€. This map represents the customers’ perceptions of the strengths or weaknesses of the company concerning their competitors.
This comparison is based on the most generic dimensions of price and quality. Most of the buying decisions come to conclusions with these two dimensions of quality and price in a broad range of product categories. Sizing of the market is a very important factor to consider for any target market segment. To get the most optimum size of the market the company needs to research and analyze the required data precisely, how much percent is the targeted customer and how many customers they can focus to market their product? There are many additional factors considered other than just the size of the market like growth, pricing analysis, the study of competitors in a similar area, etc.
In the city of Lexington, there are a total of 24 high-schools with a total student count of 15000 students currently enrolled. Assuming 90% of the high schools have both varsity football team and junior varsity football team. So, our market potential reduces to 90% or 24 which is 22 schools. All 22 schools have both football teams giving us a count of 22 varsity football teams and 22 junior football teams. The total potential market is of (22*40 + 22* players.
Now, assuming each player gets two-game pants and on an average 1.5 pairs of white pants for practice, giving a sum of *2) game pants and (1650*1. white pants which is total of 5775 pants requirement. So the potential size market for pants for school football players is 5575 in my city. But there are many other additional factors needed to be considered such as price-sensitivity, brand preferences. Some students will prefer some other brand over mine because of brand-loyalty. There are some choices based on the quality and price of my product.
For instance, companies selling pants for less price than mine will attract price-sensitive customers, and on the other hand, companies providing higher quality over a higher price will attract similar customers. For identifying the potential size of the market, we also need to study the competitors in the specific area and the customers' attitudes for prices, quality, brand-loyalty, and reluctancy to buy or switch to a new company. 1. Topic: Assume that you have been tasked by your employer to develop an incident response plan. Create a list of stakeholders for the IR planning committee.
For each type of stakeholder, provide the reasons for inclusion and the unique aspects or vision that you believe each of these stakeholders will bring to the committee. DQ requirement: I recommend your initial posting to be between 200-to-300 words. All initial posts must contain a properly formatted in-text citation and scholarly reference 2. Topic: Submit a report that discusses the techniques used by malware developers to disguise their code and prevent it from being analyzed. Give suggestions on how these techniques should be classified and ranked in the disaster recovery documentation.
Assignment should follow all APA rules and include a min. of (1) citation/reference and should be between 2-4 pages long. 3. Select a web application of your choice. Submit a two to three report outlining the company’s password policy relating to password setup and format (include the URL address that can visit the site) at the bottom of the page. Within your report, explain why the current policy is suitable for this company.
4. NOTE : 300 to 500 words; APA style; use at least two in-text citations; use at least two references. 5. PURPOSE The purpose of the Software Needs Assessment assignment is to provide you hands-on experience on how to complete a Needs Assessment for a software. WHAT TO DO?
Your task is to select a software that interests you and conduct a needs assessment using the software. Please note that you MUST have access to the software. Therefore, select a software that you use in your workplace or have access to on your personal computer system is recommended A web site will NOT work or be acceptable. You may not use (MS Word, Excel, PowerPoint, or Access); you cannot use any Google office product. You will have to use this same software for another assignment. Therefore, select your software carefully.
Paper for above instructions
Title: Target Marketing and Its Applications in Business StrategyIntroduction
Marketers face the important task of identifying their customer base, which necessitates the implementation of various concepts and strategies to refine their approach to targeting. As marketing management dictates, targeting is the process of breaking a broad market into smaller segments and concentrating marketing efforts on specific groups of consumers (Iacobucci, 2018). In this discussion, we delve into the intricate methods of targeting marketing through a framework that supports the effective allocation of resources and enables brands, such as Mountain Dew, to tailor their marketing strategies toward specific demographics.
Understanding Target Marketing
Target marketing is an essential part of any comprehensive marketing strategy. It enables organizations to select certain market segments for focused marketing efforts. By concentrating efforts on selected segments, marketers are better positioned to cater to the unique characteristics and preferences of these groups, hence enhancing the organization's likelihood of success in the competitive marketplace (Camilleri, 2017). For example, Mountain Dew's primary target demographic consists of youth and teenagers aged 16 to 25, individuals generally characterized as adventurous and engaged in progressive sports (Iacobucci, 2018). This segmentation plays a critical role in building the brand image and establishing a robust connection with the target audience.
Framework for Targeting
A systematic framework is vital for executing effective target marketing. This framework consists of instructions and principles that guide organizations in marketing their products correctly. Not only does it outline how to reach specific market segments, but it also emphasizes the importance of timing, content, and channel selection to achieve marketing objectives (Camilleri, 2017). The strategic considerations often revolve around profitability and strategic fit.
Profitability and Strategic Fit
Understanding profitability is essential for target marketing. Organizations must evaluate the current market size, projected growth, competition, and consumer behavior (Rudiana & Komarlina, 2018). On the other hand, strategic fit involves aligning the marketing strategy with the organization's capabilities, resources, and brand personality. Conducting a SWOT analysis aids in identifying strengths, weaknesses, opportunities, and threats, thus facilitating a clearer understanding of the environment in which a company operates (Nadube & Didia, 2018). By analyzing both profitability and strategic fit, marketers can effectively select target segments that enhance brand performance.
Application of Target Marketing: The Case of Mountain Dew
To illustrate the principles of target marketing, consider Mountain Dew and its established demographic targeting. Since the brand primarily aims at young individuals with a penchant for adventure, the marketing strategy encompasses high-energy events like extreme sports competitions and sponsorships. Such initiatives not only promote the product but also align with the active lifestyle of its consumers, thereby fostering brand loyalty and strengthening its market presence (Iacobucci, 2018).
SWOT Analysis for Target Marketing
Utilizing a SWOT analysis can aid organizations in refining their target marketing strategies. The strengths of an organization can serve as a foundation for drawing in the desired demographic, while any identified weaknesses can inform strategic adjustments (Nadube & Didia, 2018). Further, understanding opportunities in the market can spawn innovative approaches to reach consumers, while being aware of potential threats ensures that brands remain competitive. Hence, leveraging insights garnered from the SWOT analysis feeds directly into the overall strategic targeting plan.
Competitive Analysis: The Perceptual Map
Comparative analysis is another management tool that can provide insight into an organization's market position. A perceptual map outlines consumers' perceptions related to competitors based on key dimensions like price and quality. This visualization enables marketers to determine the organization’s standing relative to its competitors, which is crucial for devising effective marketing strategies (Iacobucci, 2018).
Market Sizing Considerations
In determining potential market size, quantitative analysis plays an essential role. For instance, consider a hypothetical market for football pants in Lexington, Kentucky, where market potential can be calculated through enrollment figures, the distribution of sports teams, and average purchasing habits (Camilleri, 2017). Such detailed evaluation, while specific to the case being analyzed, reinforces the significance of rigorously researching target demographics to inform production and marketing strategies.
Addressing Competitive Threats
Market competition requires constant vigilance from organizations. They must remain aware of shifting consumer preferences towards competitors who might offer similar products at different price points, or those that harness superior quality (Rudiana & Komarlina, 2018). By actively studying the competitive landscape, organizations can adjust their marketing tactics to mitigate threats and capitalize on opportunities.
Conclusion
In conclusion, target marketing provides organizations with a strategic avenue to carve out their niche in the market landscape. By identifying specific demographics, conducting thorough analyses, and leveraging insights like SWOT assessments and perceptual mapping, organizations can effectively optimize their targeting efforts. Mountain Dew serves as a clear example of effective targeting strategies that resonate with youthful consumers, thereby establishing a loyal customer base. As the marketing landscape continues to evolve, organizations must remain agile and informed to remain competitive.
References
1. Camilleri, M. A. (2017). Strategic Marketing: Theory and Practice. Green Pal.
2. Iacobucci, D. (2018). Marketing Management. Cengage Learning.
3. Nadube, A., & Didia, J. (2018). Strategic Target Marketing: A Review of Frameworks. Journal of Marketing Research.
4. Rudiana, R., & Komarlina, R. (2018). Targeting and Positioning Strategy in the Marketing Mix. International Journal of Marketing Studies.
5. Kotler, P., & Keller, K. L. (2016). Marketing Management. Pearson Education.
6. Aaker, D. A. (2014). Building Strong Brands. Free Press.
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8. Dolnicar, S., & Sit, J. (2013). Target Market Selection: The Role of Direct and Indirect Competition. Journal of Marketing Theory and Practice.
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