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Selecting the target market is the second step in the STP approach. Selection of a target market (or target markets) is part of the overall process known as S-T-P (Segmentation→Targeting→Positioning). Before a business can develop a positioning strategy, it must first segment the market and identify the target (or targets) for the ...
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Market segmentation is the process of dividing mass markets into groups with similar needs and wants. [2] The rationale for market segmentation is that in order to achieve competitive advantage and superior performance, firms should: "(1) identify segments of industry demand, (2) target specific segments of demand, and (3) develop specific 'marketing mixes' for each targeted market segment ...
Internally-focused business plans target intermediate goals required to reach the external goals. They may cover the development of a new product, a new service, a new IT system, a restructuring of finance, the refurbishing of a factory or the restructuring of an organization.
Audience segmentation strategy is driven by the goal of developing criteria that can be used to form homogeneous clusters. The most common criteria used are demographics (age, level of education, income, ethnicity and gender) and geography (region, county, census tract).
The target audience is the intended audience or readership of a publication, advertisement, or other message catered specifically to the previously intended audience.In marketing and advertising, the target audience is a particular group of consumer within the predetermined target market, identified as the targets or recipients for a particular advertisement or message.
Market Segmentation divides markets into smaller segments by which they can match their needs and requirements. The smaller segments are then turned into target markets. [9] (P. Kotler, S. Burton, K. Deans, L. Brown, G. Armstrong, 2013) End users are known as the key targeted consumers who are the main users of the product.
Food marketing systems differ worldwide due to the level of development in the particular country, economically and technologically. [7] Understanding and interpreting a particular countries food marketing techniques also requires taking into account the socio-economic, cultural, legal-political and technological environment of that country. [7]