“Know thyself. Know the customer. Innovate.” ~ Beth Comstock
Target Market refers to the set of integrated strategies an organization will use to connect with its customers. Simply put, it is the mechanism to deliver their Value Proposition to their Target Market.
In our generationally diverse marketplace, marketing has become a confusing strategy. Currently you may have an established Target Market that has consistently brought in revenue. What markets are you missing out on? Where can you break into new markets and how do you reach them? You could be sitting on a goldmine of opportunity, with a bit of clarification and direction, you could easily diversify your Target Markets easily.
Target Market – is a group of customers towards which a business has decided to aim its marketing efforts in order to sell its products/services. This is the first step in developing an effective marketing strategy. When we consider the generational transitions that are at play in the market, time and attention must be given to this step of the process. Whether you have an established target market or have been trying to reach many markets at one time, this module will help you crystallize your ideal customer.
Distribution Channels – are defined as the path by which your products/services travel to the customer. It may be as short as a direct transaction between the organization and the customer, or it may have wholesalers, drop shipment points, agents, etc. in the process. Each intermediary receives some part of the pricing until it reaches the final buyer. Think of produce that grows on a farm outside the country, that is sold to an exporter, who sells it to an importer, who sells it to a distributor, who then sells it to a retailer. All of the transporters involved in the process are also paid along the way.
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