Marketing Target Position
When setting marketing objectives, it is important to take into consideration the target audience of the product or service. This ensures that all promotional activities, including advertising, product/service pricing, distribution and merchandising, will all be directed towards a specific audience.
One of the most important aspects of marketing target position is to identify the ideal customer for the product or service. This involves more than just looking at the demographic characteristics of the target market, it also involves researching the audience to get a better understanding of their overall needs. For example, research may indicate that certain customers would be more likely to buy a product due to their education level, age bracket or lifestyle.
When choosing advertising media, it is important to consider how it will be received by the target audience. Different media will reach different types of customers and it is important to select the best advertising medium in order to reach the target market. This might include television, radio, newspapers, magazines, billboards and online media such as websites, apps and social media.
In addition to choosing the right advertising medium and target audience, it is also important to select the most appropriate pricing strategy to reach the target market. Different target markets require different pricing strategies and it is important to research the target market in order to establish the most cost effective pricing strategy.
It is also important to select the most appropriate distribution strategy for the product or service. The distribution strategy must be appropriate for the target market and should include the relevant retail outlets and digital channels. For example, a product targeting young adults may be better distributed through digital channels such as online stores or social media sites.
Finally, it is important to select the most appropriate merchandising strategy to raise awareness of the product or service in the target market. This might include secondary displays, point-of-sale material, in-store promotions and online promotions.
In conclusion, when selecting a marketing target position, it is important to consider the target audience, the most appropriate advertising medium, pricing strategy, distribution strategy and merchandising strategy. All of these strategies should be selected with the target market in mind in order to ensure that the product or service is effectively promoted and reaches the correct audience.