Targeting Strategy!

A Market segment is a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs.
As regards to my response to the third question, I belong to the female segment.
The segmentation variables in this segment includes,

• Demographic Variables which includes age, in the above case, form age 12 and above, gender in this case, female, race is also inclusive but as regards the said products, any body from any race could use it.
• Psycho graphic variables which includes personality, in this case, the person in question should be in need of the said product, value, meaning of what value is the product to the person concerned.

• Behavioural Variables includes the benefit sought, meaning how beneficial will the said product be to the potential consumer, product usage rate, brand loyalty i.e, how loyal the said customer is towards that particular brand, readiness to buy and decision making.

There are also other segments in the company producing the above mentioned product. There are segment for kids or children, for men, and for old people.
With the segments for kids, there are mostly products for kids and children which includes lotions to apply on babies body, face, neck, as well as their hair.
On the other hand, with the segment for men, there are lotions for men to apply on their face after shaving, or to take off pimples in case the have any, and lotions just to keep their face fresh and smooth.
For old people, there are facial lotions to take off wrinkles, sages under the eyes, and stretch marks as well.
A target market is a specific group of buyers on whose needs and wants a company focuses its marketing efforts.
The targeting strategy applied by the company selling my facial lotion is the Differentiated marketing strategy or in other words, multi segment marketing.
In this strategy, a firm decides to target several segments and develops distinct products or services with separate marketing mix strategies aimed at the different groups.
This technique creates greater loyalty and repeat purchase by considering consumer needs and wants.
It is advantageous in that, separate marketing mix are developed for each market segment, thus different markets can be identified.
It creates more sales than other marketing strategies.
In analyzing this strategy, I will say its the best as compared to other strategies. This is due to the fact that, it does not undermined other segments or a particular segment but tries to see into the needs and wants of the groups in need.
By producing lotions for men and women, both young and old, children and babies, it covers almost every group of persons.
The alternative strategies are Undifferentiated, and the Concentrated strategies respectively.
With the undifferentiated strategy, the firm may decide to aim its resources at the entire market with one particular product, mean while on the other hand, with concentrated strategy, the organization concentrates its marketing effort on one particular segment. The firm will develop a product that caters for the needs of that particular group.
The general level of marketing mix used by the said company is the product mix, price and promotion mix respectively. using the product, the producers make sure the product performs its aimed objectives which is mainly to effectively satisfy its consumers. That is, the producers deliver what they promise.
On the other hand, the package of the product has quite some information on how to go about the usage of the product. It also indicates what to do in case of irritations as well as the expiry date of the product.
The price of the product too is less as compared to other products of such nature. Its a little cheaper as compared to that of some competitors.
Promotion too has an important role to play in the marketing of the product. The company in charge advertises its products via various media such as the magazines, display, samples, internet, etc.
The most important tools are the product, and promotion.
The product mix can be manipulated in various way in order to meet consumer satisfaction. This from the product its self, right down to the package.
Promotion too is very vital in the life span of a product in that, it has a great dealt to do as far as the sales of a product is concerned, such as advertisements, sales promotion, etc. Awareness is part of promotion. If people are not aware of the existence of a product, then they will definitely not buy the products due to lack of awareness and information.