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Targeting as One of the Marketing Principles

Introducing

Targeting is one of the main marketing principles, which help companies to reach their audiences and increase sales. Targeting (ethnic) minorities is a sound business practice, which has nothing to do with exploitation, or unfair business practices.

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Targeting

Effective marketing allows managers and marketing organizations to create effective and appealing strategies aimed at consumers. Companies adopt targeting sales models as a core of business operations and product management. The product-and-service mix is a significant force in corporate growth. Profit performance and market adjustment have as their fulcrum new product development, which has been called the lifeblood of a company.

Corporate profitability indicates that the growth industries have been new-product oriented adopted a product life cycle model. New products contribute substantially to profitable sales. The necessity of adding new products that will yield profits to sustain corporate growth is clear. Products also level out seasonal impacts, spread risks, use talents, capitalize on tax advantages, and replace obsolescent items (Perreault et al 2003).

Targeting is not exploitative issue because companies just propose services and product to ethnic minorities in accordance with their needs and wants. Ethnic minorities have a choice to consume these products or choose another category available in their market area. Market segmentation is one of the main concepts used by marketing companies to divide the market between particular target groups and meet needs and wants of target customers (Schaefer, 2006).

Divergent service policies adjust product lines to individual market segments – they implement market segmentation. By assuming that demand is heterogeneous, market-positioning strategy obtains a better match with distinguishable market segments. Service differentiation gives marketers a share of a broad, horizontal market, whereas market segmentation tends to result in cultivation of a market position in depth.

Given the analogy of a layer cake, product differentiation seeks to secure a layer of the cake, whereas segmentation seeks a wedge (Schaefer, 2006). Targeting allows industry to meet the needs of consumers and create effective promotion campaigns. Successful service development requires the utilization of both product differentiation and market segmentation. The former strategy adjusts or bends demand conditions to meet the seller’s conditions. The latter represents a more precise adjustment of products and production to market conditions (Webber, 1998).

Target in market opportunity

Targeting is the best practice of companies it proposes certain products and goods available to ethnic minorities or low-income families. Targeting and sales work together in order to ensure effective service delivery and customer satisfaction processes.

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In lodging industry, business success depends on producing the right product at the right time. New-product development is risky, for market, opportunity is couched in uncertainty and instability, and competitive system and the unpredictability of customer reaction increases the risk. In spite of benefits and opportunities proposed by this model, recent years there is a growing number of research studies proving its limitations and weaknesses for modern business. Applied to consumer behavior, it is possible to say that sales managers give a special attention to importance of channels of distribution and marketing mix (Schaefer, 2006).

Conclusion

Distribution channels are the vehicles for matching companies with customers. They establish the arrangements and paths for the flow of product and title to ultimate users. They move products and information to markets and provide the funnel for the feedback of information to the producer. As networks of marketing agencies, they constitute a system-a loose but formal coalition of independent entities linked together to distribute products and services.

List of References

Perreault, W.D., Cannon, J.P., McCarthy, E.J. 2003, Marketing: Principles and Perspectives. McGraw-Hill/Irwin; 4 edition.

Schaefer, A. 2006. An Introduction to Marketing in Business. Open University Worldwide.

Webber, H. 1998. Divide and Conquer: Target Your Customers Through Market Segmentation. Wiley.

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StudyCorgi. 2021. "Targeting as One of the Marketing Principles." November 30, 2021. https://studycorgi.com/targeting-as-one-of-the-marketing-principles/.

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StudyCorgi. (2021) 'Targeting as One of the Marketing Principles'. 30 November.

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