The purpose of marketing is to increase a business’s competitive advantage. A competitive advantage in a more memorable and effective way to attract the consumers. Marketing strategies is a best way to increase the company’s success in terms of sales. Market dominance strategies will to increase a company’s dominance, or ability to beat out its competitors.
A target market refers to the group of potential customers. In other way, target markets are organized and specified according to a number of different factors. These factors include geography, relationship to the product, demographics, socioeconomic, behavior, and psychology. Now i will to introduce a simple example about the geography to target market. Target groups who live in a cold place. A company that manufactures and sells winter apparel or equipment used for winter sports, such as skiing and snowboarding, would market to a target group consisting of people who live in areas that experience cold weather, or mountainous regions in which winter sports are very popular.
When we studying at target market, we have to consider the psychology of potential customers. It includes studying the lifestyles, values, and overall attitudes of the consumers. When companies are marketing electronic products, such as televisions or video game consoles, they must thinking about how their potential customers want to spend their free time, in order to focus their advertising on people who are very interested in entertainment and leisure. So my other example is about the who is the potential customers.
Hasbro is a toy and board game companies, which have a very specific target market. Interestingly, toy companies have a balance between target market, which is parents and children. Their products’ advertise in a specific way, because not only children are interested in the toys, but also parents are willing to buy them. The target market, in terms of adults, includes people of a certain advanced age, since younger people are less likely to have children. Families with children tend to live in suburban areas rather than in large cities or metropolitan centers, so the target market probably also includes those people who live in suburban parts of the country or the world.