Market Segments and Targets - Assignment Example

Market Segments and Targets For any serious entrepreneur who hopes to succeed in business, the market is perhaps the most important aspect of their business. There would be no need to do business if markets did not exist. As a term, the market represents the whole model of interaction that incorporates customers, sellers and the goods and services. A business cannot sell to the entire market since they do not offer products that satisfy the needs of the whole market. The markets are in divisions of potions known as segments.

The market segments are developed due to the divergence in the needs of consumers. Market segments are crucial to business success owing to a number of reasons. An understanding of the market segment one serves helps them to understand the needs and wants of their target market thereby increasing their marketing opportunities. The business is also able to create a solid customer base since the customers realize their value to the firm and appreciate the fact that their needs fit consideration.

Segmentation also helps a business focus on the little differences in the market that give them a competitive advantage over their competitors. They are also able to profile their customers and understand the market landscape (Kotler & Keller 2012). In this age of technological advancement, businesses need to stay updated so as to keep up with the upcoming trends in terms of technology. The internet is useful for marketing. It may also be a particularly useful tool for businesses that wish to launch a new product.

The global net has made the world a global village, hence very useful in marketing. However, in marketing by use of the internet one ought to take special care and ensure the target market is in mind when choosing the target market. One cannot use the internet to advertise goods to a remote village with no electricity. The market targeted by an entity will have a significant effect on the outlook of its website. When developing a website the business will consider its target market. One cannot design a sophisticated and complex site when targeting the elderly.

When dealing with the erratic teens, the site needs to be colorful and fun. An entity will also decide on the content of the site depending on the market. One cannot trade using cartoon-like images when targeting the serious corporate market. References.Kotler, P., & Keller, K. (2012). Marketing management (14th [ed.]). Upper Saddle River, N.J.: Prentice Hall.