Tthis is an essay for target market
Please have a look and please help me with this one aswell, thanks.
Write a 1200-word essay discussing the five major steps in target market selection process. Next, based on the research conducted for the above question, implement target market selection strategy on the Ford Focus (Ambiente Sedan) in Australia and identify the target market for it.
ESSAY - PLAN:
INTRODUCTION:
1. A broad statement about the topic that introduces the topic and generates audience interest in the essay.
2. Briefly define target market 1-3 sentences Cite your source(s)
3. A purpose of the paper /thesis statement
4. A plan/scope for the arguments presented.
BODY:
Paragraphs 1-5:
- Discuss the five steps involved in the target market process - 1 paragraph for each step
- Cite your sources
Paragraph 6:
- Apply the concepts discussed in paragraphs 1 to 6 to the car: Ford Focus(Ambiente Sedan)
- In particular, explain who the target market is
- And, explain what type of targeting strategy Ford has used with this model
CONCLUSION
1. Be sure to refer back to your purpose, as outlined in your introduction
2. Make sure you summarise each of the key points / findings made in each of your paragraphs.
Step 1: Identify the appropriate targeting strategy
A new marketplace is actually a gaggle of persons or agencies which is results in and preserves a new promoting mix specially patterns to meet the wants of a group users. The particular technique used to purchase a marketplace is actually affected by marketplace requires and features, item qualities along with the organization's goals and assets. Undifferentiated, concentrated and differentiated are usually several fundamental targeting strategies.
Undifferentiated targeting strategy
An organization sometimes defines an entire market for a particular product as its target market. When a company designs a single marketing mix and directs it at the entire market for a particular product, it is using an undifferentiated targeting strategy. This assumption enables the organization to satisfy most customers with a single marketing mix, which is a very cost efficient way to market.
Ford range is specifically designed for certain groups of consumers. For those consumers without a family and a passion for performance, there's the option of a FPV ute while for those consumers with a family, the Falcon comes as a sedan or wagon.
Concentrated targeting strategy through market segmentation
The chief benefit of the particular centered strategy will be that it permits an organization to help concentrate. The organization analyses characteristics along with desires of a unique purchaser class after which aims at many their powers along with marketing outcomes on enjoyable of which group's desires. A company may well crank out a large sales level by simply attaining 1 section.
Differentiated targeting strategy through market segmentation
A company may enhance sales inside the mixture market place by using a differentiated method simply because it is promoting blends tends to be targeted at additional individuals. That differentiated method works considering that the sale of products to help extra sectors may soak up excessive volume.
Step 2: Determine which segmentation variables to use
With regard to market place segmentation to have success problems ought to occur, Primary customers' desires for that solution has to be heterogeneous. That may be there should be enough variation across the market place to help segment; or else there is certainly small motive to help team to help team inside the market place. 2nd sectors have to be identifiable in addition to divisible. The business ought to locate a feature as well as changing with regard to effectively removing persons in an entire market place in groupings containing people with fairly standard desires for that solution.
Picking out a number of segmentation variables is a crucial step in focusing on a market. Selecting unacceptable variables restricts the possibilities of making a successful online marketing strategy. When segmentation variables are acknowledged, marketing experts further build a profile of the typical consumers they are planning to focus on. This process is actually called developing marketplace part information.