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Companies & Market Needs: Importance of Marketing to Target

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I wrote that, a marketer should know who the target audience is, before developing a marketing program, which includes decisions about the vehicles used for promotions and advertising. The target audience is made up of a group or groups of common characteristics, such as buying habits, income, age, gender, and level of education, lifestyle and other demographics. Some of those demographics influence the types of media or vehicles used for marketing, because members of the target audience may be more comfortable with specific types of media. Each segment of the target audience may prefer a different type of media, to receive marketing messages.
A target segment that uses the internet for socializing and social networking may feel more connected to an advertising vehicle such as a video on a social networking site. A segment that does not use computers may relate better to television or print ads. Each vehicle has unique, associated cost. Employing a vehicle that does not reach specific market segments is poor management of the marketing budget. Tailoring the marketing message, using vehicles that related to specific market segments, within the target audience, is a more efficient and cost-effective use of the marketing budget. It also produces better results, because the message is designed to reach specific audiences, who will be receptive to the message and the way in which the message is presented.

a) How do you think the company's needs and the market's need work together or coexist?

What the company needs or wants to do and the market they go after is a very important aspect of marketing, and you hit on a very real world problem

b) What do you think?

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https://brainmass.com/business/marketing/companies-market-needs-importance-of-marketing-to-target-402134

Solution Preview

A company's needs and the market's needs coexist since they are interdependent. Just as some segments are more comfortable utilizing social networking and thus will feel more connected to an online video, some products are better showcased in some formats. With video you may be able to show off special features of the product, but with a heavy bond paper you can get a rich feel and dramatic presentation that might enhance a luxury item advertisement. The key is for a company to figure out the best way to show off their product/service and then connect with target customers in the manner that is most comfortable for the consumer. It ...

Solution Summary

THis solution discusses how a company's needs and the market's needs work together and coexist and the importance of knowing the target market to address so that the proper form of communication is used. It gives examples of companies, their target audience, and the way which they market to that audience.

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Introduction to and Fundamentals of Strategic Marketing

You are to define each of the factors your VP of Marketing asked you to review analyze how your Company's products respond to changes in those factors, then defend your position in terms of the current market(s) for the product.

Company is Burberry or Coach

You need to consider the ways in which the market for your designer's/brand's products/goods are segmented. The key to building a case for or against what your designer/brand is doing is to present the market structure for the products/goods your designer/brand sells including how that market is segmented, the target markets served, and who competes in those markets.

If you define the target market based on demographic, socio-psychographic, and/or geographic factors; be careful to cite substantial differences in behavior (clothing chosen) of shoppers by age, income, gender, marital status, and family life style. If you don't define the target market based on demographic, socio-psychographic, and/or geographic factors; you need to explain why those factors are not applicable for your designer/brand.

What is the socio-economic class of the buyer of your clothing? In other words, in terms of the marketing environment for clothing, you need to comment on the current socio-economic environment.

Is that buyer affected by swings in the economy?

Is there competition for your current, potential, or prospective buyers' business? If so, how competitive is it, out there? In other words, you also need to consider the ease with which competitors can duplicate your products (goods), your methods and content of promotion, your methods of distribution, and your prices.

Is the buyer/wearer:

A Man or Woman
A child or adult
Big or small
Short or tall
Need Slim or regular or husky
Need Pleats or no pleats

Does the buyer want cotton, wool, blend, polyester, microfiber?

In terms of price points:

1. Is there any competition at the low end?
2. Is there any competition at the mid range?
3. Is there any competition at the high end?

You will find instructions on how to get into databases that will help you find information on companies and products at the following url
http://sites.google.com/site/zaydeealan0/tui-unviersity/searchingbrandproductcountryinformation

This does NOT require a detailed essay. Instead use section headings for each of the topics you address in your paper followed by a discussion of each of those topics. Possible section/topic headings are:

Introduce the issue -- what designer's (brand, product, or good) are you analyzing, what are the problems that designer's (brand, product, or good) faces?

(1) Analyze the environment
(2) Target Market - current
(3) Products - current
(4) Promotion - current
(5) Distribution - current
(6) Pricing - current

Evaluate the importance of the following factors by current, potential, and/or prospective customers
(1) Marketing environment factors
(2) Target Market
(3) Products
(4) Promotion
(5) Distribution
(6) Pricing

Come to a Conclusion regarding the relative importance of the factors driving choice
(1) Marketing environment factors - defense of position
(2) Target Market - defense of position
(2) Products - defense of position
(3) Promotion - defense of position
(4) Distribution - defense of position
(5) Pricing- defense of position

Available on 12 May 2010 at
http://www.fastcompany.com/1627908/a-6-step-guide-to-brand-transformation

Latest luxury-retail reports illustrate spending upswing
Coach and Burberry reported solid sales growth, bearing out predictions that luxury-retail spending is recovering. "During the recession, it was not considered 'cool' to shop. So right now, people with money are spending because of that pent-up demand," says consultant Patricia Pao. "And interestingly, so are people with less money, not just because of pent-up demand, but also due to the new merchandising direction of prints and bright colors."

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