Markets, exchange and target markets

When studying marketing it is important to understand the concept of a market and the exchange process.When we use the term “market” in a marketing sense, there are actually three possible views that we are considering – the overall market, any sub-markets and the brand’s target market/s.Overall marketThe overall market consists of all potential buyers

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Study Notes for target market selection

Outline of the target market selection evaluation criteriaTarget markets should be evaluated on:Financial IssuesSegment sizeSegment growth rateProfit marginsStructural AttractivenessCompetitors (direct and indirect)Competitive rivalryAccess to distribution channelsCurrent channel relationshipsStrategic DirectionFit with the firm’s strategic futureGrowth expectationsMarketing ExpertiseResources (financial position and staff resources)Capability (to develop products and compete)Importance of brand equity (ability to leverage, dilution concerns)Opportunity CostAre

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