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Determining Your Target Market -estate marketing real

When you want to market your products or services, the first thing you need to do is to determine your target market. Once target market is determined, you can then use the four P in marketing to decide how to approach your target market. The Four P referred here is product, price, place (distribution) and promotion.

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So, why is target market important? The main reason is that company exists for a reason. It needs to differentiate itself from competition in order to survive. For example if you have decided to sell bottled water to the general mass in the urban area, then good luck with that. In the US, Pepsi and Coke has widespread distribution of bottled water consumption through its Aquafina and Dasani brand. If you still insists on selling bottled water, then you need to narrow your target market.

For example, instead of selling to the general mass, your target market for the bottled water can be physically active individuals who avoids thirst quenchers such as Gatorade when they exercise. Once you identify this target market, you would then use the four P to differentiate yourself from regular bottled water. For example, in terms of place (distribution), you can avoid places such as fast food restaurants or lounges. Statistically, people who are exercising, seldom visit these places. You would then concentrate your distribution on places such as the school’s sporting facility.

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