Target Marketing and Market Classification Systems
In order to market more effectively there is a growing need for suppliers to tailor their product and service offers not to the marketplace as a whole but to those segments of the market that they have identified, for whatever reason, as being particularly attractive to them. One of the most important changes that has occurred in markets in the last 20 years has been the replacement of the ‘herd instinct’ by a need for individual expression. This is being achieved in part through purchasing and consumption patterns and has resulted in a fragmentation of markets into segments of ever-reducing size. In response, segmented, or target marketing has gradually replaced mass marketing as the standard method of structuring a marketing plan.
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