29 October 2013

Growing internet users will create economies of scale!!! Back

29 October 2013

A target market is a group of customers that your business has decided to aim your marketing efforts and ultimately your company’s merchandise towards. A well-defined target market is the first element to a marketing strategy. The marketing mix variables of product, place (distribution), promotion and price are the four elements of a marketing mix strategy that determine the success of a product in the marketplace.

The world population is the total number of living humans on Earth. As of today, it is estimated to number 7.121 billion by the United States Census Bureau (USCB). The USCB estimates that the world population exceeded 7 billion on March 12, 2012. Mobile broadband access allows smart phones and other digital devices to connect to the Internet from any location from which a mobile phone call can be made, subject to the capabilities of that mobile network.

There are a few things to keep in mind when devising your company’s marketing plan. First, select a target audience; the customers are grouped based on similar needs and benefits sought by them on purchase of a product or service.

Second, identify clusters of similar needs, demographics, lifestyle, usage behaviour and pattern used to differentiate between segments of your company’s target audience.

Third, apply a valuation approach, you’ll need to consider market growth, barriers to entry, market access, switching, etc. are used. Test the segments – a segment storyboard is to be created to test the attractiveness of each segment’s positioning strategy also called a feasibility study which is an evaluation and analysis of the potential of the proposed project which is based on extensive investigation and research to support the process of decision making.

Always leave room to modify your company’s marketing mix expanding segment positioning strategy to include all aspects of your marketing mix. With a world population passing 7 billion people and with the internet growing at a rapid rate and connecting all corners of the globe, this enables companies to connect with limitless markets that we couldn’t reach before the internet. And so with a well-conceived marketing plan and a targeted program there is tremendous room for growth for many companies in this new economy. Keep in mind that social network Facebook officially hit the 1 billion active monthly users back in October of 2012.

Nexonta Technologies Inc.