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Benefits of Targeting a Market. Proper marketing is essential for a product. Good marketing skills increase the profits by increasing the sales. Marketing a product can be done in very many ways. The results of the different marketing strategies differ a lot. Targeting of a market is one good example of a marketing strategy with a higher success rate. This strategy concentrate more on the most likely customers to buy certain products. Therefore, maximizing the target market is where all the efforts will go. Small businesses find this strategy to be very effective to them. Returns are always assured by this mode of marketing. This type of marketing has a number of benefits to the businesses that use this strategy. First and foremost a business can concentrate more on the features of their products that are more important to the target market. This will provide this group with all the reasons to purchase the products since they are specific to their needs and desires. The overall effect of this strategy is the increase in profits. Secondly, communication is enhanced once a business has spotted their target market. Communication is majorly in written form or verbally. Addressing of the customers queries can be done via these channels. Feedback from the customers can also be received. If there are any troubles, the business might go ahead and fix them. The customers’ needs and wants can, therefore, be fully met. This enables a business to establish a stable and reliable fan base of customers. At the end, the number of customers influenced by the loyal customers will increase.
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Some of the advantages of targeting a market are described above. However for this strategy to work, there are certain characteristics that are associated with targeting market. An example is the geographic target market. This means that, consumers are located in the same region. It may cover a town, a city or even a state. Performance of products differ in different regions. Another characteristic is the demographic or socioeconomic target. This focusses on the age group, education level, gender and even income level of individuals. 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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Another characteristic of a target market is the behavioral target market. This type of a target market mainly focuses on the degree of loyalty of the customers. Businesses just use ways to award loyal customers. Giving out of discounts on the goods bought is one such example. And finally, a market can be targeted by product related segmentation. It mainly focusses on the customers that possess other specific products. Selling of computer accessories to people who own computers is a very good example. Creation of a more specific target campaign, decreasing the number of competitors and increasing sales are the importance of product related segmentation.