Market is very
important area where the trading of goods or services takes place. We
all know that business is a very
complex operation, hard work and your product or service aren't enough.
In order to succeed and correctly identify your target market, your
product or service, you need to do careful market research. This is an
organized study of the facts important to your business. These facts
can be gathered from primary or secondary data.
A target market
is a group of customers at whom the organization
specifically intends to aim its marketing effort. Careful selection and
accurate identification of the target market are essential to the
development of an effective marketing mix.
Always set your marketing objectives and
take into consideration the four basic forces that will influence your
product or service (developing the right products or services to be
2. Your price structure (determine the right base price for your
product or service)
3. Your promotional activities (advertising, personal selling and sales
4. Your distribution system (select and manage the trade channels
through which the products will reach the right market at the right
effective marketing program requires an effective marketing mix - that
is, the best possible strategic combination of these four elements. It
is also very important to use many ways to market your products and
services, both online and off. Achieving a balance should be the key.
targeting marketing programs to individual market segments, business
management can do a better job and at the same time make more use of
marketing resources. By dividing big tasks into smaller tasks, each one
is going to be simple enough for you and your business to handle
gracefully and it will give you instant ability to prioritize the
actions you must take. For example, a small firm with limited resources
might compete very effectively in one or two market segments, whereas
the same firm would be buried if it aimed for the total market.
Advertising media can be used more effectively because promotional
messages - and the media chosen to present them - can be more
specifically aimed toward each segment of the market. A company can
segment its market in many different ways, and the bases for
segmentation can vary from one product to another.
One of the
keys to marketing success in this new century is not to learn
everything about anything, but to learn one thing after another. The
best place to start is in the real world, here and now. (Jay Conrad
Read Other Related Articles:
Business Info &