How to Establish Market Segments Free Essay Example, 1750 words

Target markets do not exist but are created by establishing the wants, needs, and demands that are being inadequately or not at all met by other organizations. Once these are identified, the business and delivers products that meet the unsatisfied needs. According to the business dictionary (par. 1), target marketing is dedicated to becoming, in a small pond, a big fish as opposed to becoming a small fish in a big pond. When establishing target markets, it is important to describe them as vividly as possible based on the knowledge one has on the service or product on offer. In order to succeed with a market niche, it is important that the business does what it needs to do to meet their specific needs. In this respect, the benefits that the business promises must be especially appealing to the target market (Ferrel Hartline 67). This begs the question: what can be business provide that is compelling and new? By answering the question, the unique needs of the potential target are identified so that the business can tailor its products to meet these needs. It is also very important for the business to communicate positively and effectively to the new target group. We will write a custom essay sample on How to Establish Market Segments or any topic specifically for you Only $17.96 $11.86/page Change of slogan may be necessitated, for example, in the event that the original slogan poorly translates in a different language. If a business markets leather products and targets men who are working decides to target a new niche that comprises working women online, it will have to make certain changes to its website to remain relevant to the new market segment.