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Advantages of Targeting a Market. Proper marketing is essential for a product. Good marketing skills increase the profits by increasing the sales. There are very many ways to market a product. These methods have different success rates. Targeting of a market is one good example of a marketing strategy with a higher success rate. The customer most likely to purchase the products is the main target. All the efforts will, therefore, be put on the target market to maximize on them. This form of marketing is more reliable to the small business enterprises. Target marketing has a very high success ratio. This type of marketing has a number of benefits to the businesses that use this strategy. First, it is possible to put more emphasis on the features that are more important to the customers. These advancements provide the customers with all the reasons to purchase a given product. The ultimate effect of this, is the increasing sales and therefore leading to increase in profits. Secondly, communication is enhanced once a business has spotted their target market. This communication may be in terms of writing or verbally. Through these communications, the business might address queries raised by the customers. They can also ask for feedback from the customers concerning a given product. This makes it possible to fix any problem. The customers’ needs and wants can, therefore, be fully met. This will promote loyalty of customers. Other customers can be influenced by the increasing number of loyal customers.
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Some of the benefits of targeted marketing are mentioned above. However, some factors should be considered when determining a target market. An example is the geographic target market. This means that the consumers of a given product are located in the same location. This may be a city, town or even a country. Performance of products differ in different regions. Another characteristic is the demographic or socioeconomic target. Age group, gender, level of income and education level falls under this category. A given product might be well-suited for a specific group; hence this group becomes the target market of the company producing that product.
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A target market can also be defined as a behavioral target market. The degree of loyalty is a major concern in the behavioral target market. Awarding of loyal customers may be a mechanism used by a business. This may include measures such as giving discounts to the customers depending on how much they spend on their purchases. Lastly, it is the product related segmentation. It mainly focusses on the customers that possess other specific products. A good example business specialized in computer accessories usually consider the computer owners as their target market. Creation of a more specific target campaign, decreasing the number of competitors and increasing sales are the importance of product related segmentation.