Explain in detail why market analysis and determining the target market is so important to maketing?

Question

Be specific. Give a lot of information.

Answer 1

You mean do your homework?

Answer 2

Different target markets will have different desires and expectations from the things they buy. For an ideally marketed product, everything that the customer interacts with should make that product more desireable/useful for target customers. That means that the product features should be designed to match what the target market want the product to do, the price should be set at the amount that the target market values the product (and at the price they can afford to pay), the product promotions should use messages that are meaningful to the target market and they should appear in places where the target market is, and the product should be sold in places where the target market is likelt to shop. (The four P's of marketing-- product, price, promotion, & place)

As an example, let's say that a Chilean wine company wants to start selling one of its wine in the US. The marketing manager starts by thinking about who is likely to buy the wine. Research says that the Americans who buy the most Chilean wine are adventurous types; they tend to be in their 30s & 40s, and they enjoy exploring the world and learning about new things, including wine. Now the manager faces a strategic question: should the company go after the established Chilean wine-drinking market or try to develop some untapped market? The former taregt has an established desire for the product, but the market may be crowded with competitors. While the later market is untested, which would require a lot more work to figure out how to proceed, but there may be new opportunities where the company could make huge profits without competition. Let's say that the manager decides to go after the established market for reasons we don't need to consider at this point. Now that he knows his target market, he can conduct market research with people in that market to figure out what makes them tick. The research tells him that people in the target market feel like they should know about wine to be educated consumers, but when they get to the store and see the 100s of bottles to choose from, they feel overwhelmed by all the options and don't know how to choose between one bottle and another.

Knowing this, the manager then has the packaging of the bottle designed to tell a story about the wine in order to create some connection between the customer and the product. The packaging is designed to talk about how the place where the wine is grown is the perfect wine growing region in the world because this place in Chile has perfect wine grape growing weather and it is protected on all sides by mountain, desert, and ocean, so grape diseases that affect other regions never reach here. And other aspects of the packaging can be designed to appeal to the adventurous people who want to become more educated about wine-- our target market. The product price is set at what these people are willing to pay for an everyday drinking wine, and research can tell us what that is. The manager decides to distribute the wine through grocery stores, mainly, because that's where the target market buys most of its wine. But establishing a presence in wine stores is also important because the target market often goes there for special occasions and they look to the wine shop to help them become more educated about wines. And the promotion should be done in places where the target market would be receptive to the message. In this case, research says that people in the target market most often make their wine buying decsion right in the store, so promotion resources should mostly be spent there-- maybe with in-store discounts and/or co-marketing campaigns with things that adventurers would be looking for like a Chilean cheese or a book on Chilean travel.

I hope that gives you a picture of how the target market is important and how information about the target market guides the decsions that a marketer makes. To get that information, you need to decide who the target is in the first place.

Answer 3

Hi,

Okay, I will answer your question.

Most people think backwards because they are not properly trained in marketing. You must research the Internet and read. Think of it this way . . . don't sell the product sell the people. Your product or service don't mean a hill of beans, if you don't have what people want.

You need to test the market to see what people want and need. You need to know your competitors, where they are located, the products/services they sell similar to yours, and how much, etc.
The Internet is a great learning tool.

You must understand who and where is your niche (high demand low supply). Don't think of large sums to people to target. Think of smaller somes of people to target. This is not about you or your product. People could care less, if the product/service does not scratch their itch, sort of speak, then its a waste of peoples times. Its alway about what people want. People must be made to feel as if they are getting a bargain. Hence, look at ebay (auctions). People are buying/selling like crazy at bargain prices.

You may have a produc/service but you got competitors everywhere, perhaps right in your neighborhood. You have to find out how you improve your product or service that people need and want, whereas your competitors are not providing. Are you getting this . . . You simply have to figure what your niche is, .

(1) In demand (product/service
(2) supply.(no/less competitors)

The way to do this is to learn Internet Marketing and/or Affiliate Marketing. Learn how to advertise on Google and Yahoo including other search engines. Some of them are free or low cost or pay per click. Look up Internet Marketers on the Internet. A lot of free ebooks are available that you could download to your computer.
You have sign up to their newsletters which free but it would be worth your while to do this.

If you are a newie which it appears that you are, I suggest you learn all you can from Internet Marketers. And start with Mintjobs. Not only will you make money from their affilate program selling products, you will learn step-by-step how to market., advertise products on Google and Yahoo. If want the BIG bucks, I highly suggest you learn Internet marketing and affiliate marketing. I will also give some additional links to make money while at home.

Mach90 is another great money maker.

Mintjobs offers Multistreams of income sources that you can learn and earn a great deal. So check it out!

Take Care and Good Luck!

Answer 4

You want to get the right product to the right market. You want to tailor the product specifically to your market.
How silly would it be for a 30 something announced that he/she relied on 'depend' undergarments?? for those little problems that happen to 60+ yeal olds?

You need to know demographics and psychographics to sell and Profit profit profit.