Explaining a Technical Concept or Management Issue Essay

Explaining a Technical Concept or Management Issue - Essay Example Some of them note that our target include home owners and business owners, answers that are all too general to define our real target customers. Being an interior design company that has recently been established, it is important that our marketers exactly know who to target during market campaigns and in all marketing activities. Having been in the market for a relatively short duration, the company needs to establish a niche for itself especially if it has to succeed in the competitive household goods market. It is for this reason that I saw the need to prepare this report; to discuss what target marketing is and to recommend how we can apply it in the business. Definition of Target Marketing Target marketing, micro-marketing or niche marketing involves portioning a market into segments and concentrating marketing efforts on a few main segments or just one segment according to Kurtz (6). Target marketing does not mean that the business excludes individuals who do not fit into the e stablished criteria from purchasing the business products. A target market comprises a group of customers that an organization has decided to concentrate its marketing efforts on and therefore its products towards. ... Demographic segmentation on the other hand involves segmenting the market according to age, gender, education, stage in life, income or other demographic features. Psychographic segmentation on its part involves segmenting the market based on individuals’ lifestyles, values, and attitudes. While there are several other factors that can be used in segmenting a market, the aforementioned factors are most commonly considered. Target marketing is different from general marketing in which case the entire market is targeted by a business in its marketing endeavors (Cohen 27). As an example, Hewlett-Packard, the multinational company that makes electronic devices and computers targets its all-in-one (fax, scan, print) machines at segments of the home office market. The company on the other hand targets more expensive single function units at larger organizations. Importance of Target or Niche Marketing Establishing a well-defined target market is key to an organization’s marke ting strategy according to Pinson and Jinnett (52). Better stated, target marketing can be key to an organization’s success. When an organization engages in target marketing, pricing, promotion, distribution of its products becomes easier and more effective in terms of cost. This it does by focusing all the marketing activities that the business engages in. When an organization markets its products or services to a general market hoping to get a bigger slice of the market, it is as good as firing 10 bullets randomly in different directions when hunting game. This is dangerous and extremely expensive. On the other hand, when target marketing is applied, the situation is analogous to aiming a single mark which is cost effective and potentially gainful.

Global Trade Distribution Processes Dissertation

Global Trade Distribution Processes - Dissertation Example The company continues to enter new geographical markets is expanding its presence in already existing markets. The company use a distinct strategy concerning entry into a market for every new market and aims to promote the sale of its jewelry products and establish itself in a very short time with efficient brand positioning in the market. In markets that are well developed, PANDORA develops its market presence by using the current retail outlets that are available to it. However, in emerging markets, the company uses branded points of sale of the company, which are directly operated, and franchise in nature. For example, in 2009, PANDORA was able to gain access to a variety of markets and also prepared an entry into other markets. The markets included-Croatia, Indonesia, China, UAE, Turkey, Taiwan, Serbia, South Korea, Ukraine, Philippines, Japan, Malaysia, Italy, and Russia. A number of the markets were recorded to have high market potentials. In each of the potential markets in the different countries, PANDORA adopted different strategies to enter the market. In Russia for instance, PANDORA gained entry into the market by entering into a Master Distribution and Franchise Agreement with the country. It was programmed in such a way that the expansion of the retail market was based on a cluster strategy linked to geographical locations with an aim of optimizing the exposure of the brand. The focus was initially placed on St. Petersburg and Moscow and in 2010, 6 other concept stores were unveiled. PANDORA gained entry into the Italian market in July 2010.This was a big step because by doing so, it had gained entry into a market that is termed as Europe’s biggest market for fine jewelry. The company was based in Milan, their strategy involved visual merchandise and a team of sales representatives with an aim of covering the market through the use of points of sale that are a multi-brand. PANDORA was planning to sell products through 362 white stores, 70 silver stones, 7 gold stores, 1 concept store, and 12 shop-in-shops.