Importance of Target Markets to a Marketing Plan
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Importance of Target Markets to a Marketing Plan

Target marketing approach is important to a marketing plan because it allows the company to focus on the needs and wants of its target audience and enables them to plan of what they want to accomplish and achieve in the future.

A marketing plan summarizes the tactics, methods or strategies a business follows to reach its target sales and profits. To come up with these strategies and tactics, a business needs to gather information about the wants and needs of its potential customers. A market research will enable a company to learn and identify who among its potential customers will most likely purchase its products and services. The individual consumers are the target audience for the company’s marketing campaign and product and sales development. The target audiences comprise segments of the whole market most commonly known as the target markets. A company without a clear vision of its target markets will hardly make it to the top of the industry.

Target markets represent the people or the consuming public who may consume of purchase your products and services, have the capability to purchase it financially and can be easily reached by marketing campaign or advertisements. Behavioral, socioeconomic and demographic data enables company to identify what messages will attract the best and positive response among its target markets. Stiff competitions among businesses are unavoidable and to remain competitive, businesses must invest in advertisements to increase market awareness and focus on their target markets to create a long lasting and good relationship with the consumers.

In order for a company to come up with an effective marketing plan, it should put into consideration the importance of its target markets. Businesses should concentrate on the demographic factors of its target markets such as age, gender, income, family status (married, single, married with kids or retired), ethnicity and educational level. Likewise, possible criteria to be included are recreational tendencies, geographic and time constraints.

Among the advantages of using target markets in making a marketing plan are for easy identification of more opportunities and right product positioning. Selecting the appropriate or correct target market allows advertising to come up with ads focus on a specific target audience and use the most effective and cheapest media.

Target marketing has also its own drawbacks. Since this approach needs a solid research to be more effective, some small businesses are also reluctant to invest in this type marketing. Marketing through this type will require higher administrative and promotional cost for several audiences. This is proven to be very effective but also very costly.

Target markets are important to a marketing plan because it gives the company a direction of what it wants to achieve and accomplish in the future.

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Comments (1)
Sandy Barris

Great Factoidz a lot of hot, hot hot marketing plan tips.

Keep em coming, great stuff.

Thanks for sharing that in order for a company to come up with an effective marketing plan, it should put into consideration the importance of its target market

And you are so right on that the advantages of using target markets in making a marketing plan are for easy identification of more opportunities and right product positioning.

By the way, if it’s OK with you I’d like to add that no marketing plan or marketing calendar should be set in stone!

If history has taught us anything, no matter how effective your plan may be, chances are, it will have to be altered at a given time; due to what your competitor(s), clients, future clients or suppliers are doing.

Here’s the kicker, don’t feel as if you have to be a psychic.

Don’t feel overwhelmed at the thought of needing a business and marketing plan so flexible that it takes away from the overall aim and goals that made you ‘hungry’ to market your particular business, product, service or idea in the first place!

No doubt about it, there’s an easy way to be sure that you can continue to have success in the future – if you just start off with flexibility in mind!

The best way to do so is to have a marketing plan and marketing calendar that is flexible and built to adjust itself when the time comes to do so.

Respectfully,

Sandy Barris

Fast Marketing Plan.com

http://www.FastMarketingPlan.com

P.S. Once you have your Marketing Plan complete, you may want to plug it into Fast Marketing Plan and you'll get Monday Morning Email Marketing reminders about your marketing tactics you’ll want to get done during the week. Plus you'll also get links for help getting most of those tactics done for you, if needed.

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