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Target Markets

Target Markets. Marketing/Sport and entertainment mgmt. What is a target market?. A specific group of consumers that marketing efforts are being aimed towards. First element towards a marketing strategy. Determines the success of the product in the marketplace.

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Target Markets

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  1. Target Markets Marketing/Sport and entertainment mgmt

  2. What is a target market? • A specific group of consumers that marketing efforts are being aimed towards. • First element towards a marketing strategy. • Determines the success of the product in the marketplace

  3. Strategies to reach target markets • Undifferentiated • Differentiated • Concentrated

  4. Undifferentiated Marketing • Mass marketing • Ignoring individual market segments • Goes after the whole market with one offer • Wide audience • Persuasion • Radio, television, newspapers

  5. Differentiated Marketing • Multi-segment marketing • Providing separate offerings to each target market • Unique appealing to multiple segments • Total sales may increase, but so will costs

  6. Concentrated marketing • One target market • Target market is very specific and defined • Small companies with limited resources • Does not believe in mass marketing

  7. Undifferentiated Example: CVS • Target Market: Women • 80% of the customers • Multitasking women • Shorter wait time, wider and better-lit shopping aisles, and more beauty products ^ Kurtz, Dave. (2010). Contemporary Marketing Mason, OH: South-Western Cengage Learning.

  8. Differentiated example: oreo cookie • Target Markets • US: Double Stuffed • China: Four layers of cookie in a biscuit • Germany: Dark chocolate ^ Kurtz, Dave. (2010). Contemporary Marketing Mason, OH: South-Western Cengage Learning.

  9. Concentrated example: WWE • Target Market: Young Males • WWE Raw - number one entertainment program on primetime cable among male viewers (2 million+) • Male Demographics: 18-49 • Time Slot: 8:00 PM ET to reach its target market World Wrestling Entertainment. (2009, May 28). Strength in Numbers: World Wrestling Entertainment 2009 Annual Report. Retrieved from http://corporate.wwe.com/documents/annual_report_2009/images/WWE-AR2009.pdf

  10. Psychology of target markets • Focused customized message • Consumers are persuaded by the characteristics in the advertisement and those of the consumer • Strategies are constructed from consumer similarities between some aspects of the advertisement and characteristics of the consumer • Create identity and ability to relate

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