What you’ll learn to do: explain how targeting influences each element of the marketing mix
Segmentation helps you decide who your target customers are, while targeting helps you zero in on the best method for reaching them. Your targeting strategy helps you set priorities for making an impact on your target segments and on the market as a whole. As you’ll see in this section, your targeting strategy also helps you determine which combination of product, promotion, place, and price—i.e., which marketing mix—will best fit the segments you are trying to capture.
Take a moment to watch the following video, which explains how the car company Toyota used segmentation and a new targeting strategy to improve a product (the first P of the marketing mix) and give it genuine family appeal.
The learning activities for this section include the following:
- Reading: Targeting Strategies and the Marketing Mix
- Case Study: Red Bull Wins the “Extreme” Niche
- Simulation: Segmenting the Ice Cream Market
- Self Check: Targeting and Marketing Mix