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Product and Target Report

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Updated: Dec 8th, 2019

Market Targeting

Market targeting is particularly crucial in marketing of products because it enables marketers to come up with strategies aimed at reaching all sections of the target market. Market targeting and segmentation is tremendously valuable because customers have different tastes and preferences hence calling for organizations to come up with ways of addressing these needs (Applegate, 2001). For instance, some sections of the target market may require gums with strong menthol while others may prefer sweetened gums.

In order to win everyone in the market, products must be differentiated in order to meet tastes of all customers. Market targeting guides marketers on how to carry out their marketing promotions in order to maximize sales in the target market. In addition, it helps them to come up with advertisements covering all segments in the target market.

Market targeting guides marketers on how to position their products effectively in order to have a competitive advantage over their competitors (Bussing-Burks, 2009). This means that organizations need to understand factors that influence consumer behaviors and this can be known after carrying out a market research. Targeting helps marketers to narrow down needs of different market segments. Then they design products to fit into various segments of the market.

Target for Eclipse gum

The best market segment for Eclipse gum is youths since they chew gums more than old people. This means that considering demographic factors the company should ensure that they design products to capture youth’s attention in order to maximize their market coverage. In addition, Eclipse company’s marketers should make sure that they consider psychographic factors since they contribute to consumer buying behavior in a great way.

This means that they should target young people who are getting information regarding their health hence preferring chewing gum. This is because gums are believed to help people in relieving their muscles whenever they feel stressed (Kuratko and Hodgetts, 2008). They should target the working class because these are the people who work hard in their offices hence requiring gums to relieve their nerves after some time of hard work.

Psychographic factors are concerned with personality and lifestyles of people and these play key roles in market targeting and segmentation. For instance, the company should come up with gums designed for each class of people in order to capture all potential consumers in the market. Eclipse Company should differentiate its products in order to meet psychographic requirements of customers in the target market.

This makes consumers feel that they are appreciated by the company that provides products that reflect their social class. In fact, there should be Eclipse gums decided for people living in various places with different senses of class. For instance, there should be significant packs for the rich who should be available in jumbo supermarkets and chemists.

On the other hand, there should be eclipse gums designed for the common people hence being sold at any outlet even in slums. The company should also not neglect behavior segmentation factors. These are loyal customers who have to carry a pack of company’s product all the time.

Eclipse should carry out a research to find out who are in behavior segments and learn what they like about the products (Kyle, 2008). Then they should come up with a product designed for that segment. In fact, they can design a presentable pack so that people in the behavior segment can enjoy carrying their favorite gums in diverting packages. This can encourage consumers to buy more of these products in order to get the beautiful pack.

Target for Nike Runners

Nike enjoys goodwill in global market hence it covers many parts of the world as its geographical segmentation. In fact, the company cannot be able to explain geographical factors that influence its market segments. This means that people in the world purchase sport shoes from Nike Company regardless of their location (Ouwersloot and Duncan, 2007).

There are no specific factors that can be used to explain how geographic locations influence buying of these products. In fact, Nike shoes are purchased mostly by sportsmen and sports lovers from all parts of the world. Demographic factors influence purchasing behaviors of Nike products among consumers in target markets.

For instance, in places where women are more active than men in terms of sports, Nike shoes tend to be bought by women more than men and vice Versa. This means that the company should understand which gender is more active so that they can come up with different types of shoes designed for the active gender. In addition, demand for Nike runners among youth is higher compared to that of old people because as people grow old their activity level reduces (Shimp, 2008).

The company marketers should come up with various products designed to fit each segment to ensure that they maximize from the target market. They should target youths more since they are the greatest consumers of Nike runners, but they should also not neglect old people.

The company should also target people who chose their products just for style and fashion. These are psychographic segmentation factors and they should not be neglected because a majority of people who buy Nike runners are just driven by fashion and style.

Therefore, the company should make sure that they come up with new products for their clients to change with the fashion (Tuckwell, 2010). This can help the company to retain most of its loyal consumers in the markets because they cannot shift to other manufacturers if they can get latest styles and fashions from Nike.

References

Applegate, J. (2001). 201 Great Ideas for Your Small Business. New York: John Wiley & Sons.

Bussing-Burks, M. (2009).Starbucks. New York: ABC-CLIO.

Kuratko, D. F., & Hodgetts, R. M. (2008). Entrepreneurship: Theory, Process, and Practice. New York: Cengage Learning.

Kyle, T. (2008). Small Business Ideas: 400 Latest & Greatest Small Business Ideas. London: Terry Kyle.

Ouwersloot, H. & Duncan, T. (2007). Integrated Marketing Communications. London: McGraw-Hill.

Shimp, T. A. (2008). Advertising, promotion, and other aspects of integrated marketing communications. Michigan: Cengage Learning.

Tuckwell, K. J. (2010). Integrated Marketing Communications: Strategic Planning Perspectives. New York: Renouf Publishing Company Limited.

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IvyPanda. 2019. "Product and Target." December 8, 2019. https://ivypanda.com/essays/product-and-target/.

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IvyPanda. (2019) 'Product and Target'. 8 December.

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