It doesn’t matter what you are trying to sell. The most important thing to take in to consideration is what your market is. You should first define what a market is. In our text the authors Mullin and Walker defines a Market consist of (a) individual and organization who (b) are interested and willing to buy a particular product to obtain benefits that will satisfy needs or wants, and who (c) have the resources (time and money) to engage in such a transaction.” (p.12) A product or service is not standard to any particular market, but when it comes to consumers buying they normally look at the product that is reasonable costing when searching for a item that they need or want, rather they are looking at other competitors, or even various brands the end results is they must find a item that meets their needs. No matter what you are selling there is a total market for a given product category even though it is often fragmented into several distinct market segments. “Each segment contains people who are relatively homogenous in their needs, their wants, and the product benefits they seek.” (p. 13) when strategic marketing management is trying to determine the target markets here are four things that our text state they should look at.
1. Which customer needs and wants are currently not being satisfied by competitive product offerings.
2. How desired benefits and choice criteria vary among potential customers and how to identify the resulting segments by demographic variables such as age, sex, lifestyle, or some other characteristics.
3. Which segment to target, and which product offerings and marketing programs appeal most to customers in those segments.
4. How to position the product to differentiate it from competitor’s offerings and give the form a sustainable competitive advantage.
While trying to answer the question what impacts the change