Gaining The Competitive Advantage : Identifying The Target Market

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Gaining the Competitive Advantage Identify the target market. Marketing strategies will differ with various audiences and it is essential the the longevity of a business to know who their clients are, what they want to purchase, what are they willing to pay, and if there is potential for custom loyalty to develop between the store and the customer. If a company intends to sell their product to a wide array of people, they may miss out on further developing their actual target market and will not only lose customers who aren’t interested in the product, but also customers that could be interested because they are not getting the specific marketing required in order for them to initiate a purchase transaction. Grayston once said in one of…show more content…
With emotional product differentiation, the product being advertised needs to be strongly associated with an added emotional feeling that is derived from advertising. For instance, if a company were to sell high-end dress shoes, in order to separate their brand from the competition, they would need to advertise that their shoes are “comfortable, unique, and trendy”. These are feelings that the marketer wants the customer to think about when they are interested in buying their particular brand of shoe. Whereas, another shoe the customer may have tried on earlier at another company’s outlet store might have been considered “uncomfortable, expensive, or dull” due to their personal experience in the shop. Whether the company develops a completely new product or a new desired emotion, both are important strategies that are incorporated in order to increase revenue, customer interest, and repeat purchases. Consistency. A business that is successful is usually founded on a set of ethical principles that they maintain, whether obvious or not; and they will probably also have a very detailed, well-organized mission and vision statement. In order to have a clear understanding for the entire organization, these statements may even be posted on
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