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Advantages of Targeting a Market. Marketing is necessary for products. Increasing sales and profits an effect of a good marketing strategy. There are very many ways to market a product. 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. All the efforts will, therefore, be put on the target market to maximize on them. This method of product promotion is more convenient to the small scale businesses. 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 improvements will, therefore, leave the customers with no choice but to buy the products. This leads to the increase in profits as a result of an increase in sales. 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. Fixing of a raised problem, therefore, becomes easier. These advancements will enable the business to meet the customers’ expectations. 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 advantages of targeting a market are described above. However, some factors should be considered when determining a target market. Geographic target market is one such characteristic. This means that, consumers are located in the same region. The location may be a city, town or even a state. Some products do well in some regions better than others. Another characteristic is the demographic or socioeconomic target. This focusses on the age group, education level, gender and even income level of individuals. The target market of the product is the group that is most likely to purchase their products.
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A target market can also be defined as a behavioral target market. It focusses on the level of loyalty of customers. The business might come up with some ways of awarding the more 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. 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.