02:46
Faizan
Understanding Your Target Market
Understanding the target market is a crucial aspect of the communication process. When companies launch a new product or change a current product, they try to promote this particular product to increase/maximize profits. Marketers can do that through a marketing communication process. Through mass media, such as television, newspapers or internet advertisement, a target market can be reached by the communication. The Marketing manager acts as the sender and with his/her form of the communication (it could be for example the advertisement on television), the "message" is encoded. The people who view the commercial on television (which is the message channel), decode the message by using their own interpretation. Interpretations can vary from individual to individual, because everyone's personal experiences and current circumstances influence the way one interprets the message. Thus, messages can even be interpreted differently by the same person at different times.
Feedback
The only way that marketers (and essentially also companies) can know how their message has been received is by the feedback of the viewers. Because selling is only emphasized on the target market, it is most crucial for companies and marketers to understand the target market's feedback in this communication process.
This however is not an easy task. The target market starts a new communication process when leaving feedback by encoding their message, sending it through a message channel until the company or marketers receive the message and decode it, which has the risk of being misinterpreted as well. Hence, the communication process is quite difficult to understand correctly.
Because the target market determines the sales performance of a company, it is very important to understand the target market correctly. Feedback such as the words "I agree", positive comments on internet web sites, many recommendations and a high sales rate of a product mean usually that the target market is providing positive feedback.
If the target market sends negative feedback, in the form of negative comments about the product or no sales activity for a given product, the marketers have to not only interpret the feedback as being negative, but also analyze and understand why the target market does not like the product.
In addition, marketers need to understand the target market in regards to consumer surveys. The answers/results need to be closely analyzed so that marketers can understand and predict purchasing behavior and develop products and services that will meet customer's wants and needs and thus be high in demand, which in turn would lead to high profits.
Understanding the target market is a crucial aspect of the communication process. When companies launch a new product or change a current product, they try to promote this particular product to increase/maximize profits. Marketers can do that through a marketing communication process. Through mass media, such as television, newspapers or internet advertisement, a target market can be reached by the communication. The Marketing manager acts as the sender and with his/her form of the communication (it could be for example the advertisement on television), the "message" is encoded. The people who view the commercial on television (which is the message channel), decode the message by using their own interpretation. Interpretations can vary from individual to individual, because everyone's personal experiences and current circumstances influence the way one interprets the message. Thus, messages can even be interpreted differently by the same person at different times.
Feedback
The only way that marketers (and essentially also companies) can know how their message has been received is by the feedback of the viewers. Because selling is only emphasized on the target market, it is most crucial for companies and marketers to understand the target market's feedback in this communication process.
This however is not an easy task. The target market starts a new communication process when leaving feedback by encoding their message, sending it through a message channel until the company or marketers receive the message and decode it, which has the risk of being misinterpreted as well. Hence, the communication process is quite difficult to understand correctly.
Because the target market determines the sales performance of a company, it is very important to understand the target market correctly. Feedback such as the words "I agree", positive comments on internet web sites, many recommendations and a high sales rate of a product mean usually that the target market is providing positive feedback.
If the target market sends negative feedback, in the form of negative comments about the product or no sales activity for a given product, the marketers have to not only interpret the feedback as being negative, but also analyze and understand why the target market does not like the product.
In addition, marketers need to understand the target market in regards to consumer surveys. The answers/results need to be closely analyzed so that marketers can understand and predict purchasing behavior and develop products and services that will meet customer's wants and needs and thus be high in demand, which in turn would lead to high profits.
Posted in: business
