1. Definition
1.1 Marketing
Marketing is all about “creating” a satisfied customer. Marketing activities touch and shape people’s lives everyday everyplace. Another, marketing activities are often the most visible decisions in a firm because marketing takes place at the “cutting edge” between an organization and its customers. Customers are notoriously lacking in fore sight. Ten or fifteen years ago, how many of us were asking for cellular telephones, fax machines and copies at home, 24 hour discount brokerage accounts, multi valve automobile engines, compact discs players, cars with onboard navigation systems, hand held global satellite positioning receivers, automated teller machines, MTV, or the home shopping network(1)
1.2 Target marketing
target marketing refers to the identification of a set of buyers sharing common needs or characteristics that a company decides to serve. Targeting marketing has been a commercial custom since centuries. The souvenir shop situated on the main street of a tourist resort and the car rental facilities at a major airline terminal are present day models of target marketing. It has become increasingly impossible to satisfy the needs, wants and desires of a customer in our contemporary world. This is due to the fact that most customers have access to enormous information about the product they want to buy. It has led to the greater emphasis on defining the characteristics of reachable and financially possible consumer group in order to target the unique benefits of an existing product and rationalise production and marketing cost in the process.
The Term Paper on Micro Marketing Customer One Customers
... without the proper technology. A highly targeted and customised marketing strategy requires a profile of each individual customer. Such vast amounts of data ... in customer lifetime value, micro marketing uses profiling tools to build a careful picture of the target audience for the product. Micro marketing recognises ...
1.3 Minority
Minority is simply defined as a certain group or sub-group who are interested in certain products. We can say that targeting minorities is to meet demands of specific customer with common needs and characteristics because it will be a group of users who will derive similar values from using a particular product/service. The results of 2000 census of the U.S.A.1 indicated that nearly three in every ten Americans consider themselves a member of minority group (2).
With the growth in numbers and purchasing power of minorities, minority-owned businesses will be likely the fastest-growing market point in the foreseeable future.
2. Targeting minorities is not exploitative, because that :
2.1 it has been proved to be successful in most business.
One of the reasons behind the success of many famous cosmetic brands like Lakme and Revlon is that they study the market and provide the right product for right customers. The new airlines company like South West Airlines in the U.S.A. are making more profits than established old players in airlines industry nowadays. Is this bad if asked, we would say no, at least those customers who used to travel on train are now flying on an aircraft saving much of their time by paying same amount.
2.2 it creates choices at different levels.
At this juncture may we ask these fundamental questions about taste and preferences. Does everybody support Arsenal Football Club? Do all of us eat same food as everyone else does? If answers to these questions vary then we beg to defer that targeting minorities is not exploitative.
2.3 it helps to improve marketer’s products and services.
By developing targeting minority strategies, companies can put energy into small business. No one can operate in every market and satisfy every need. Nor can it always do a job within one broad market. In airlines industry, almost all have the first class, business class & the economy classes. The facilities provided in each are as per the type of the traveller. Furthermore, in order to satisfy the increasing demands, markers need to be able to expand their business constantly. Like Nationwide Group, the fourth-largest auto and home insurer in the United States, opened offices in 19 inner-city markets in 1999 to attract the Hispanic market and is planning to sponsor events in those states. According to the spokesman of Nationwide Group, this minority market is a vital element in their communities (3).
The Business plan on Market Segmentation, Targeting & Positioning
Market segmentation, targeting and positioning are very important terms in marketing. To discuss about market segmentation, targeting, positioning, first of all we need to know about market and marketing Market: Market is combination of actual and potential buyers of a product. Marketing: Marketing is the process of communicating the value of a product or service to customers, for the purpose of ...
3. Conclusion and Recommendation
3.1 conclusion
As we have discussed above, targeting minorities relative to a certain consumer group, is effective and efficient business practice. It generally leads to greater profitability because it better satisfies the diverse demands of the market place. General speaking, marketers can generate more revenue by appealing to the needs of the specific consumer segments and reallocating the resources for it. In addition, it is worthy to mention that the total market is often made up of submarkets which has been classified on the basis of geographic, demographic, psychographic and behavioural variables.
3.2 recommendation
Where there is money there is the question of ethics which each business has to follow. In our perspectives, targeting minorities strategy is just an important aspect of target marketing and can be employed in most business. However, it doesn’t make sense in some area. For example, in terms of the needs of rice, gas and electricity, targeting majorities or mass marketing strategy should be developed because those are the basic needs of consumers. According to Kotler, P., target marketing issue is not who is targeted but rather how and for what. Socially responsible marketing calls for segmentation and targeting that serve not just the interests of the company but also the interest of those targeted (4).
The Essay on Marketing Consumer Business Research
Marketing is the basis to business. Even though it is very expensive to do all the research necessary for a good marketing strategy it is worth it. Marketing can make or break a company no matter what the product is. If the advertisements relate to a buyer the consumer will by it. Understanding consumer buying behavior entails marketing, relationships, and consumer behavior. Consumer behavior ...
In sum, we can say that marketing remains possible wherever it is not exploitative and legal.
References
(1)Gary Hamel and C.K. Prahlad, (1994) Seeing the future first, Fortune, sep 5th.
(2)Source: U.S. Census Bureau, Economic Census – http://factfinder.census.gov/
(3)
(4)Kotler, P. Marketing Management: Analysis, Planning, Implementation and Control, Prentice Hall: New Jersey