Target Market and Positioning
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This solution describes the process of choosing a target market and highlights the factors that play a role in such decisions. The topic has been explained with the example of an online hat store. Considering the nature of product and the business model of an online store, how target market decision should be made.
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Solution Summary
While choosing a target market first you need to decide one of the three marketing strategies, namely, undifferentiated, differentiated and concentrated marketing. The decision to choose one of these options depends upon the nature of the product or service, competitive positioning, consumer buying preferences and habits, size of business and similar other factors.
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Online Hat Store
Target Market Strategy
While choosing a target market first you need to decide an overall marketing strategy out of the following three options:
1. Undifferentiated marketing
Under this approach you will offer your product(s) to the total market without differentiating between different customer groups and try to attract maximum number of customers from this market. This may apply to both geographic coverage and other elements of target market such as customer taste and preferences. For a hat store this may not be an appropriate strategy as you need to have a range of product line which appeals to different market ...
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