Too many marketers fail to define their target markets and positions clearly. They try to have “something for everyone” and end up satisfying ho market well. In contrast, successful marketers define their target markets well and position themselves strongly.
We define Market Targeting as follows: Market targeting decides which segment presents a greater opportunity. In addition, positioning represents for each chosen market develop market offering- the offering is market positioning in the minds of customers. The market is segmented using certain bases, like income, place, education, age, and life cycle, and so on. Out of them, a few segments are selected to serve them. A target market is one part of the total market for a good or service.
Market targeting means the process of evaluating the attractiveness of each market segment and selecting one or more segments to enter. Once the firm has identified its “market-segment opportunities, it has to decide how many and which ones to target. A target market is a homogeneous (similar) group of customers to whom a company wishes to appeal. It is a picture of what” a firm will do in some market. Target marketing says that a marketing mix is tailored to fit some specific target customers.
We define positioning as follows: Positioning is the act of designing the company’s offering and image to occupy a distinctive place in the mind of the target market. The result of positioning is the successful creation of a customer-focused value proposition, a cogent reason why the target market should buy the product. Market positioning refers to the procedure of establishing the illustration or characteristics of a brand or product so that consumers observe it in a positive way. The objective of market positioning is to ascertain the image or identity of a brand or product so that consumers perceive it in a definite way.
This is debatably the most significant step in the procedure. Market positioning of a brand or product must be maintained over the life of the brand or product. It’s vital to point your product, service, or brand to petition to your target market in order for the customer to have any attention in what you’re present.