Respond to the post of at least two peers, using 100 words minimum each.
[Your initial post should be based upon the assigned reading for the week, so the textbook should be a source listed in your reference section and cited within the body of the text. Other sources are not required but feel free to use them if they aid in your discussion].
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Tex book: https://drive.google.com/file/d/1qF1lHi5VsYmhxbFEKWCH-KBxyV8fnIye/view?usp=sharing
targeting mainly provides the reflection of various concepts that are extensively used to choose the target. Targeting is identically considered as the strategy that mainly breaks the large market into smaller segments (Iacobucci, 2016). It will mainly concentrate on the particular groups of customers or individuals within the audience of an organization. In general as per marketing management target easily define segments of customers in relation to the unique characteristics along with targeting a particular segment. To develop the business brand image an enormous number of organizations use the key concept of target marketing. They mainly place their energy into connecting to a particular group or the individuals within the market.
The various methods and terms used in this chapter are accessed based on the marketing framework. This framework is composed of a template that includes different instructions for the execution of the marketing plan of an organization (Camilleri, 2017). This framework plays a vital role in securing the right content for the right audience by providing the right channels when the time limit in order to accomplish their marketing objectives. The Mountain Dew target is effectively discussed in order to identify its targets. Here the major targets of the mountain dew are youth and teenagers within the age group of 16 to 25 years. In this case, the young are identically considered to be daring as well as challenging sports. Due to this to develop the customer segment and brand image the Mountain Dew develops the carbohydrates. Hence in this way, the organization used its targeting marketing to promote its brand image in sports. Likely targeting is mainly described as the process of selecting one or more segments of the market in order to purchase service and products (Rudiana & Komarlina, 2018). In order to choose a target, it is very essential to choose bottom-up or profitability along with top-down or strategic fit. The profitability will help in analyzing the functions based on the present market size along with anticipating the growth for various levels of competition. Moreover, the strategic fit will help in identifying the segment along with understanding organizations resources, brand personalities along with weaknesses.
Furthermore, the strategic criteria for targeting must mainly include less capable, corporate strengths, attractive market along with the market standard outlook. These are the necessary elements that need to be considered while developing strategic target marketing. Implementing a SWOT analysis will help the organization in identifying its strengths and weaknesses that need to be considered while targeting the market. This competitive analysis must include the number of competitors to develop strength (Nadube & Didia, 2018).
Likely the competitive comparisons can be analyzed through the competitive maps that represent customers perceptions of the organizational strengths and weaknesses in relation to the competitors. The impact on the market can be identified by conducting sensitivity analyses. From the chapter, it is estimated that the possible market for the number of pair of football pants manufactures are 5pairs. These pairs include every 40 players along with juniors’ teams of 35 players. This market segmentation and variables are obtained through analyzing the target market in order to develop pant manufacturers various strategies that include product, pricing, and promotion. Hence in this targeting will help the organization to exist in a competitive marketplace by fulfilling needs and loyal customer base.
Iacobucci, D. (2018). Management. Cengage learning.
targeting is the next step for marketers after identifying multiple market segments. As stated, “Targeting is the selection of ideal customer segments.” In other words, targeting is choosing the market segments to be our customers. There are two approaches to identify a market segment perfect for targeting. The first approach is identifying the profitability and strategic fit of the market segment. Profitability is the key concern as it is a function of the current estimated market size, the anticipated growth of the market, competitors in the market, and the customer behavior and expectations. Looking at the Company’s capabilities the second approach is identifying the strategic fit of the company. These are internal and external characteristics for a company and the best way to understand these contributing factors is the SWOT Analysis of the company. SWOT analysis stands for studying the Strengths, Weakness, Opportunities, and Threats for the company. It helps to answer all the questions related to the strategic fit of the company concerning the target market segment. Identifying the company’s Strengths and Weaknesses will give the company a chance to address their shortcomings that the customers care about and is important to the customer’s happiness and loyalty, as well it provides them with a sustainable competitive advantage for their perceived strengths. The changes in the 5 C’s of the marketing framework leads to the Opportunities and Threats for the company. These opportunities and threats can be considered as opportunities to build and grow if taken positively.
Another important discussion in this chapter is the comparative analysis, “Perceptual Map”. This map represents the customers’ perceptions of the strengths or weaknesses of the company concerning their competitors. This comparison is based on the most generic dimensions of price and quality. Most of the buying decisions come to conclusions with these two dimensions of quality and price in a broad range of product categories. Sizing of the market is a very important factor to consider for any target market segment. To get the most optimum size of the market the company needs to research and analyze the required data precisely, how much percent is the targeted customer and how many customers they can focus to market their product? There are many additional factors considered other than just the size of the market like growth, pricing analysis, the study of competitors in a similar area, etc.
In the city of Lexington, there are a total of 24 high-schools with a total student count of 15000 students currently enrolled. Assuming 90% of the high schools have both varsity football team and junior varsity football team. So, our market potential reduces to 90% or 24 which is 22 schools. All 22 schools have both football teams giving us a count of 22 varsity football teams and 22 junior football teams. The total potential market is of (22*40 + 22*35) 1650 players. Now, assuming each player gets two-game pants and on an average 1.5 pairs of white pants for practice, giving a sum of 3300 (1650*2) game pants and (1650*1.5) 2475 white pants which is total of 5775 pants requirement. So the potential size market for pants for school football players is 5575 in my city. But there are many other additional factors needed to be considered such as price-sensitivity, brand preferences. Some students will prefer some other brand over mine because of brand-loyalty. There are some choices based on the quality and price of my product. For instance, companies selling pants for less price than mine will attract price-sensitive customers, and on the other hand, companies providing higher quality over a higher price will attract similar customers. For identifying the potential size of the market, we also need to study the competitors in the specific area and the customers’ attitudes for prices, quality, brand-loyalty, and reluctancy to buy or switch to a new company.