The process of analyzing opportunities, selecting the targeted audience, developing the marketing mix and managing the marketing effort is called, marketing process.
The first things needed to be done in a firm are to decide which consumers they will serve in their target audience, by segmentation of the market, targeting and positioning, these methods help the firm to decide which customer to serve and which not too, these factors have a lot of influence in the marketing strategies of firms
Profitable process marketing segmentation, positioning and targeting, is a process of marketing for businesses, whether online or offline business. It helps in identifying, price, product, place and the promotion. However, for finding the best and most profitable marketing process a firm should engage in marketing analysis, planning, ways of implementing and controlling
Market consists of different types of buyers, products and different needs of people. Marketing firm or department has to identify which is the most rewarding segment for achieving the business objectives. Consumers can be grouped and served in various different ways, on the basis of culture and behavioral factor. The process of finding different consumer groups, who have different, needs, and wants is called market segmentation.
The purpose for segmenting a market is to focus on marketing programs, for a target market that are "most likely" to purchase, what you're offering. If marketing program is appropriate for your audience it can rake in a good amount of profits. The marketing program should be chosen according to your customer type, meaning whether you are selling to business or public.
Target Marketing creates strategies that target your current and potential customer group. It's a process of, engaging and influencing groups responsibly using many different ways like social media, digital marketing, advertising and public relations. Targeted Marketing Is a way only reaches to the most appropriate audience, which matches with business objectives.
Positioning yourself in the market is a powerful tool and critical for success. Positioning yourself can lead to personal fulfillment, thus reaching the level of self-actualization. Being positioned by someone else restricts your choices and fades your ability. It's important for entrepreneurs to convert their passion into a market position, so that they love what their market position is. Your position in the marketplace evolves from the defining characteristics of your product. Some of the elements which help you in deciding your market positioning are Price, quality, distribution, packaging and service.