UNDERSTANDING MARKETS : MARKETINGIntroductionThe principal purpose of food market is to uphold and at the same time facilitate exchange . Individuals and groups secure what they strike and want by exchanging products and services with other parties with merchandising . With egress these parties , exchange is unable to happen since these parties ar the ones communicating al more or less and delivering what they commode offer . All parties should be able to freely bring or reject what others are offering . and then , market is diametric from other modes of acquiring goods much(prenominal) as through upshot , theft , begging , or br self-productionMarketing is said to be diversified , which means it does not mend to any cross type of economy since goods should be bartered and marketed in alone types of economies a nd societies . In addition marketing is not trammel to profit-oriented business (Abell and Hammond , 1979 ,.78 ) different institutions including hospitals , schools and museums also make use of different forms of marketingThe consumers of today part determined themselves as having unique of necessity and wants . In situation , roughly consumers demand that businesses understand and come upon those said ineluctably . In to satisfy consumers , major marketers have shifted from casting a wide marketing net everyplace a grand crowd to selling to a large number or notwithstanding off millions of case-by-case(a) consumers . This shift practic entirelyy leads to tar smart specific consumer segmentsTar compensate MarketingTarget marketing is a process where a market is broken into segments in for a company to guidanceing on one or a few key segments . most businesses obtain advantages and benefits from target marketing as it provides focus to all aspects of marke ting processes . Target marketing makes the! basic marketing processes such as promotion , pricing distribution easier and cost-effective (Cornwell and Drenan , 2004 leger of Macromarketing , vol . 24 , no . 2 , pp .
108 ) Say , if one plans to sloping trough a small business such as a catering business , instead of doing advertisements with a news , the individual could start targeting a market with a direct illume campaign , which only goes to specific residents rather than using the newss that goes fall out to everyoneSome of the most common types of target marketing include geographic division , psychographic breakdown , and demographic segmen tation Geographic segmentation pertains to locations such as home addresses psychographic segmentation pertains to lifestyle preferences such as pet lovers , health buffs , or urban dwellers and demographic segmentation pertains to statistics that are measured such as income or ageTarget marketing has several advantages when applied to businesses These include the following (Cornwell and Drenan , 2004 , journal of Macromarketing , vol . 24 , no . 2 , pp . 117-121Targeted Communication - As a business plans to apply target marketing it is important to acknowledge how to communicate in a segment-specific way This is true even if the product or service being offered is identical in all market segments . Target marketing stimulates targeted communication to focus the features of a product or service that are most relevant to a particular segmentHigher Market Shares - Target marketing allows marketing activities to be targeted at attractive market...If you want to get a full essay, order it on our website: OrderCustomPaper.com
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