Why is selecting appropriate target markets
Why is selecting appropriate target markets important for an organization that wants to adopt the marketing concept philosophy?
Here is a tip:
Target market is that market segment the needs of which are catered to by a marketer.
Target market selection is an important phenomenon for the marketers as:
The right target market will increase the customer satisfaction as there is the synergy between needs and products.
The right target market will lead to an effective adoption of products. Thus, the right market is necessary to be chosen to make the product successful.
If the target market is not selected properly it will lead to product failure and the organization can suffer huge financial losses or experience low sales .
The selection of the target market is important for an organization for the effective adoption of its products and use of the marketing concept philosophy. Unsuccessful targeting will increase the cost of marketing and lead to low sales.