Tuesday, June 14, 2011

Target Market Strategy

In order to perform the Target Market Strategy, you need to segment the market.
"Market segmentaton: Dividing a market into smaller segments with distinct needs, characteristics, or behavior that might require separate marketing strategies or mixes." (Marketing: An Introduction, Armstrong/Kotler, page 175) 
Once you take a look at the various segments and decide which road you want to follow, you then develop the Target Market Strategy.
"Market Targeting: The process of evaluating each market segment’s attractiveness and selecting one or more segments to enter." (Marketing: An Introduction, Armstrong/Kotler, page 175)
At Lave', we have decided to go to the pond with the most fish.  Meaning to enter the market world with the largest amount of consumers.  We want everyone that enjoys alcohol to try Lave'.  From the college student, to upper class aficionado, it pleases any tier of pallet. 

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