Population statistics in regard to socioeconomic factors such as age, income, sex, occupation, education, family size, and the like. Advertisers often define their target market in terms of demographics; thus, demographics are a very important aspect of media planning in matching the media with the market. Each demographic category is broken down according to its characteristics.
Differentiated marketing refers to a strategy that entails customizing products and marketing efforts to meet the distinct needs of different segments of consumers.
A focused factory is a form of production operation limited to a very small number of products aimed at a specific target market. This approach necessitates a smaller investment and facilitates the development of greater expertise compared to a more diversified manufacturing operation.
A group of targeted individuals or organizations identified by a company to be approached for sales presentations or funding requests.
A market segment is one of two or more subgroups within a target market. Different marketing mix strategies can be developed to reach each of the target market segments.
The Marketing Mix is a cornerstone concept in marketing that involves the strategic combination of four key elements—Product, Price, Place, and Promotion—to effectively meet the needs and preferences of a target market.
A niche represents a particular specialty in which a firm or person finds that they prosper. In marketing, a niche strategy involves targeting a small but lucrative portion of the market, ensuring efficient marketing efforts and minimal direct competition.
Reorientation refers to the strategic redirection or adjustment of a property or business to appeal to a new target market. This process involves rebranding, altering the product or service offerings, and sometimes restructuring the business model to better align with the preferences and demands of a different customer base.
A target market is a specific group of consumers at which a company aims its products and services. This group is identified based on various attributes and preferences that align with the company's offerings, forming a crucial aspect of marketing strategy.
A condition that may apply to the point at which an advertisement or advertising campaign is no longer effective. The wearout factor depends on the frequency of communications, the target market, the quality of the advertising copy, the novelty of the campaign, and the variety of messages used.
