Market Segmentation
Targeting in marketing is a process whereby an entrepreneur only focus on a certain segment at the marketplace is divided into several segments; in this segment, it’s where most of his or her customers live. Thus, one must focus on and develop that market to get good profit returns. Many companies in the world use targeting as a strategy of marketing their products. According to researchers, target marketing is important as it helps the entrepreneurs and companies to identify and target a market using less time and cost. Therefore, this task will review the importance of concepts, terms, and market of market targeting in estimating the number of products (football pants) a manufacturer would sell in a targeted marketplace.
The manufacturer should first understand different concepts that are normally used in the marketing field. For instance, he should start planning for some activities which are normally connected with marketing. For example, he should focus on market segments, positioning, and customer targeting (Gillen & Lall, 2018). To ensure that the business will operate effectively, even in the future, the manufacturer should identify an area where there are many schools and football games that are part of their co-curricular activity. This will help the manufacturer to identify the market of his products. Also, through the marketing segment, the manufacturer will understand what to produce in the market. Simply because, segmentation concept has already shown that the consumers require football pants, and he should focus on positioning his products (Armstrong, Kotler, Harker & Brennan, 2018). Thus, the manufacturer needs to know marketing concepts as it helps identify the location where a business of selling football pants can operate well, and profits will increase.
According to researchers, manufacturers, as well as sellers, should apply different types of marketing segmentation. The segmentation method ensures that the right products are produced to the right consumers (Brotspies & Weinstein, 2017). For example, in this case, the manufacturer is expected to produce football uniforms for senior and junior high school players and not primary school players. Also, this strategy would help the manufacture to produce different uniforms of different genders as it works with the geographical method, thus identifying girls and boy’s high schools.
When identifying a certain market target, the manufacturer needs to understand the terms in the marketing field, i.e., sales and marketing. For example, to ensure this particular business is performing well, the manufacturer should produce and sell high-quality products (Weinstein, 2018). This will retain its customers, and more clients will be attracted to purchase these unique products. Although the manufacturer has been given the number of pairs that are required for each player at each school, he should produce more game uniforms. For example, in one school, the number of uniforms that should be supplied is; 263. Thus, in the whole estimated city, the manufacturer should produce more than 26,300 uniforms as there are more than 100 high schools.
In conclusion, all the manufacturers and sellers of certain products should ensure that they produce the consumers’ needs and wants in the marketplace. Also, they should understand that customers are retained if they are satisfied with what is being produced. Thus, high-quality should be the key in their daily operation, and this will increase the profit returns. Also, more clients will be attracted, leading to the expansion of the business.
References
Armstrong, G. M., Kotler, P., Harker, M., & Brennan, R. (2018). Marketing: an introduction. Pearson UK.
Brotspies, H., & Weinstein, A. (2017). Rethinking Business Segmentation: A New Conceptual Model and Perspective.
Gillen, D., & Lall, A. (2018). Commoditization and segmentation of aviation markets. In Transportation Policy and Economic Regulation (pp. 53-75). Elsevier.
Weinstein, A. (2018). Superior Customer Value: Finding and Keeping Customers in the Now Economy. Routledge.
Replies or Responses
Hi
Most sellers and manufacturers only focus on what they will earn in their current project rather than on the future market. According to researchers, an entrepreneur can make a lot of profit in a given period. Still, it’s upon him or her to look for strategies to maintain these profits are flowing in even in the future. For example, marketing segmentation is one of the strategies that should always be adopted as it helps in identifying, targeting as well as the positioning of products in the market (Weinstein, 2018). Thus, focusing more on profit made in the business might result in negativity towards business operations.
Regards,
Hi
Every manufacturer or a seller should set his or her mind on the idea of producing high-quality products. To ensure this, the manufacturers should use high-quality raw materials when manufacturing the products. Also, the sellers should ensure that the right products are produced and supplied to the right customers in the right area or location. If these strategies are applied will, both the seller and manufacturers will be able to maintain the market as well as their customers. After ensuring that the customers are getting what they want, the business is likely to expand at a high rate, simply because these customers will refer their friends towards using that particular product being produced; thus, more and more customers will be attracted. Therefore, the business’ operation, as well as the profits, will be expected to go up.
Regards,