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Target marketing is the art of dividing the market into parts or segments and then concentrating your marketing energy and efforts on new or one key segment. Businesses should be aware that not all people benefit from their products or services. Due to this, it is possible to…
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Target Marketing Target marketing is the art of dividing the market into parts or segments and then concentrating your marketing energy and efforts on new or one key segment. Businesses should be aware that not all people benefit from their products or services. Due to this, it is possible to target the wrong people (Moehlman 39). This could in turn create resistance from the wrong market segment. Therefore, it is important to understand market target of particular products such as Pradaxa.
It is very significant to identify what types of people are interested in purchasing Pradaxa. When the correct market for Pradaxa has been identified, the product would be easily sold. In case, the company is attracting few people who are in dire need of Pradaxa, it is important to search for a remedy by focusing on large and correct market segments. In addition, it is good to have a clear understanding of the target market who in this case are patients with atrial fibrillation. The more the market is understood, there is high possibility of developing trust in customers who purchase the product. In addition, it is important to identify the age of your market so as to avoid targeting wrong age (Moehlman 46). For instance, Pradaxa product would target people aged sixty and above because most people of this age in U.S suffer from atrial fibrillation. The company should make an assessment to establish if the customers are satisfied with the product, if not, then the company should attempt to find a solution to their needs by improving on its product.
Another important aspect of target market is that the company needs to look at the available competition. By doing this, Pradaxa product should be supplied to under-served markets. It is prudent to assess the strength and weakness of your competitors and try to find mechanism that can be different from them. Pradaxa has for long time faced competition from Warfarin. There is need to utilize opportunities such new uses in surgery patients and eliminate threats such as bad publicity dealing with side effects so as to compete favorable with Warfarin and attract more customers.
Work Cited
Moehlman, Mark. Target Market. New York: Bewrite Books, 2010. Print. Read More
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