We all know that when you try to search something from Google, you need specific details to get what you really want. This is similar in marketing. Narrow down your target market and focus on your target audience, just like How to Define Your Target Market wrote “is a much more affordable, efficient, and effective way to reach potential clients and generate business.”
In the video of “Target Market vs Target Audience” it briefly introduced about what Target Market and Target Audience is. Target market, which refers to a specific group of consumers at which a company aims its products and services. For example, Miller Brewing Company had launched a new type of beer which is low calories and targeted to people who like beers but worry about weight or want to keep fit. This is a great example of target market because this company definitely had found their customer’s needs and did their best to fits this lack of market.
For example, if an American organic supermarket (such as Whole Foods) wants to build their brand in China, I would do following steps to help them.
First of all, clarify the brand positioning and customer groups. Since this would be an organic (high-price) supermarket, the aimed customers would be the group with high-consumption ability. Customers might have higher demands for their food quality and life quality and willing to pay more for them. Thus, I will suggest this company chose Beijing or Shanghai as their first step to China because normally people in this cities having better incomes and used to high level of consumption.
Secondly, since genetically modified food and food safety are all hot topics in China and the public lack faith in government’s food safety supervision, organic food could be one of the biggest sales point for this supermarket. In my opinion, the best timing for the supermarket to open a new store is while there is a food safety issue was exposed by the media. By that time, within all media discussing about how bad quality food in the market are, this organic supermarket could use this timing to promote for itself. Organic vegetables, high quality dairy products, imported meat and seafood and etc., these could all be great sell points even when their pricing might be higher than normal.
There are many big company might be developing their business in different careers. After I read Chapter 3: The New Business Models for News Toolkit, I realized that since we are startups, it would be better if we could concentrate ourselves in one focus point. And after you successfully build your own brand, you could start to invest in different field.