To market properly a product a company must first figure out whom that target market is. Knowing what age, sex, lifestyle, and working class to market the product is the information required. A company must also understand how to market that product to the buyers and the consumers of its product. A buyer does not have to be the consumer and sometimes both are the same it depends on the product and the target market. Knowing, who the company competitors are, how, and where they sell their products is a key for properly promoting a product. Understanding where to find this information and what to do with this information is a key marketing tool that will make the promotion of a product successful. Target Market Segmentation
The definition of a target market by Armstrong and Kotler (2009) is ‘a set of buyers sharing common needs or characteristics that the company decides to serve.’ For Mars, Incorporated the target market for any of its candy products is anyone who likes chocolate. However, Mars will implement market segmentation for the new sugar-free M&M’s the company is preparing to market. Market segmentation is an approach that divides the larger market into subcategories of consumers with common needs and characteristics. These subgroups may require different marketing strategies (Armstrong & Kotler, 2009). The target market for Mars, Incorporated for the new sugar free M&M’s involves people with diabetes, people who love chocolate but cannot afford the sugar in their diet, and parents who want to give their children healthier candy without the worry.
Mars, Incorporated has a few segmentation criteria options to include in its market segmentation. First, Mars will use both geographic and demographic segmentation for all three subgroups. The geographic segmentation can choose regions, countries and states to focus on whereas the demographic segmentation would focus on specific age groups. According to...