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A target market, also known as serviceable obtainable market ( SOM ), is a group of customers within a business 's serviceable available market at which a business aims its marketing efforts and resources. A target market is a subset of the total market for a product or service. The target market typically consists of consumers who exhibit ...
In marketing, market segmentation or customer segmentation is the process of dividing a consumer or business market into meaningful sub-groups of current or potential customers (or consumers) known as segments. [1] Its purpose is to identify profitable and growing segments that a company can target with distinct marketing strategies.
v. t. e. In marketing, segmenting, targeting and positioning ( STP) is a framework that implements market segmentation. [1] Market segmentation is a process, in which groups of buyers within a market are divided and profiled according to a range of variables, which determine the market characteristics and tendencies. [2]
Marketing mix. The marketing mix is the set of controllable elements or variables that a company uses to influence and meet the needs of its target customers in the most effective and efficient way possible. These variables are often grouped into four key components, often referred to as the "Four Ps of Marketing." These four P's are :
The target audience is the intended audience or readership of a publication, advertisement, or other message catered specifically to the previously intended audience.In marketing and advertising, the target audience is a particular group of consumer within the predetermined target market, identified as the targets or recipients for a particular advertisement or message.
Marketing is the act of satisfying and retaining customers. [3] It is one of the primary components of business management and commerce. [4] Marketing is typically conducted by the seller, typically a retailer or manufacturer. Products can be marketed to other businesses ( B2B) or directly to consumers ( B2C ). [5]
t. e. Market research is an organized effort to gather information about target markets and customers: know about them, starting with who they are. [1] It is an important component of business strategy [2] and a major factor in maintaining competitiveness. Market research helps to identify and analyze the needs of the market, the market size ...
In marketing, promotion refers to any type of marketing communication used to inform target audiences of the relative merits of a product, service, brand or issue, persuasively. It helps marketers to create a distinctive place in customers' mind, it can be either a cognitive or emotional route. The aim of promotion is to increase brand ...
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