Basic Marketing- Discussion 1
Marketers need to consider their target market before changing parts of the marketing mix like price and product for various reasons. Firstly, being aware of the target market enables marketers to be mindful of where to situate the outlets selling the product. The product needs to be located in areas where more potential customers are likely to get access to the same. The approach is vital in helping to improve the chances of profitability of the company, based on the focus which it puts a lot of considerations on (Pride & Ferrell, 2020). For instance, when selling expensive jewelry, it is necessary to place an outlet in an affluent area. The approach is likely to increase the chances of more appropriate people visiting the outlet. Also, being aware of the target market is essential in determining the pricing model which the market needs to apply. The pricing model needs to commensurate the ability and willingness of customers to purchase the product. Through the process, they can contribute positively towards the profitability which the company is likely to attain. They are expected to contribute positively to the success of the entity.
Also, being aware of the target market is vital in determining the kind of product promotion which marketers can use. Marketers must focus on using the right models of product promotion which are likely to create the best effects. These models need to be those which increase upon the chances of potential customers getting access to the relevant information (Pride & Ferrell, 2020). Through the process, marketers can attain the desired levels of success which are essential for them. They are bound to focus on the specific areas of concern which are critical in line with improving their outcomes and ensuring that they increase the chances of having high levels of sales. A right promotion approach is crucial in enhancing the levels of success of the organization.
Reference
Pride, W. M., & Ferrell, O. C. (2020). Foundations of Marketing. Cengage Learning., 20th Edition