EOC - Target Market Strategy

Getting various information about targeted audience members who would become customers at the business and allowing general feedback from customers will help provide a successful target market strategy for the business. “In addition to marketing intelligence information about general consumer, competitor, and marketplace happenings, marketers often need formal studies that provide customer and market insights for specific marketing situations and decisions. For example, Budweiser wants to know what appeals will be most effective in its Super Bowl advertising. Google wants to know how Web searchers will react to a proposed redesign of its site. Or Samsung wants to know how many and what kinds of people will buy its next-generation large-screen televisions. In such situations, marketing intelligence will not provide the detailed information needed. Managers will need marketing research.”(Marketing an Introduction, Armstrong/Kolter, 106) It is important to know who your customers are and what they want in life aside from great customer service in order to deliver an excellent product that provides the enrichment in life that they are looking for. It is also important to know information from target markets in order to help understand as much as we can about the buying decisions that consumers make every day. “Consumers make many buying decisions every day, and the buying decision is the focal point of the marketer’s effort. Most large companies research consumer buying decisions in great detail to answer questions about what consumers buy, where they buy, how and how much they buy, when they buy, and why they buy. Marketers can study actual consumer purchases to find out what they buy, where, and how much. But learning about the whys of consumer buying behavior is not so easy—the answers are often locked deep within the consumer’s mind.” (Marketing an Introduction, Armstrong/Kolter, 137)