Question

1. What is a target market?

2. Explain the importance of market segmentation

3. What is a niche market?

4. What is a brand?

5. What re the four elements of the marketing mix?

Answer 1

1. What is a target market?

Target market is referred as the most appropriate group of potential customers to whom a company is planning to its products and services. Indeed, all the marketing efforts of the company are directed towards these customers. A target market is one part of the total market for a good or service.

Consumers who make up a target market share similar characteristics including buying geography, buying power, demographics, and incomes.

2. Explain the importance of market segmentation?

Market segmentation is important because

· It helps marketers to personalize their marketing campaigns. By arranging their company’s target market into segmented groups, rather than targeting each potential customer individually, marketers can be more efficient with their time, money, and other resources.

· Reduces the risk of an unsuccessful or ineffective marketing campaign.

· Market segmentation helps in prioritizing their target audiences. Marketers allocate their attention on those customers more, who have high chances of buying their products.

· Helps in targeted communication

3. What is a niche market?

Niche market is a part of larger market which is defined by its own unique needs, preferences, or identity that makes it different from the market at large. For e.g. Market for all types of watches- Large market and Market for just digital sports watch – Niche Market.

4. What is a brand?

Brand in simple terms is known as perception, feeling etc.

More than simply a name, term, design, or symbol, a brand is the recognizable feeling a product or business evokes. Brands, then, live in the mind. They live in the minds of everyone who experiences them: employees, investors, the media, and, perhaps most importantly, customers

5. What are the four elements of the marketing mix?

The four elements of marketing mix are:

· Product: Product refers to a good or service that a company offers to customers.

· Price: Price is the cost consumers pay for a product. Marketers must link the price to the product's real and perceived value.

· Promotion: Promotion includes advertising, public relations, and promotional strategy for the product or service.

· Place: The place at which the product or service is available. In some cases, this may refer to placing a product in certain stores, but it also refers to the product's placement on a specific store's display.