Final answer:
To do the targeting for Derrimon Trading Co Ltd's marketing plan in Jamaica, one must segment the market, evaluate and select target markets, and develop tailored marketing strategies. Applying Strategic Management principles is essential throughout this process.
Step-by-step explanation:
Targeting for a Marketing Plan:
To do the targeting for a marketing plan for Derrimon Trading Co Ltd in Jamaica, it is important to identify and segment the potential market based on various criteria like demographics, psychographics buying patterns and other factors that influence purchasing behavior. once segmented, the company should evaluate and select the most viable segments to focus on - this could be based on size, growth potential, competitiveness, or brand alignment. strategic Management principles will guide the company in aligning its resources to effectively cater to the chosen target markets. After targeting, development of tailored marketing strategies and tactics is crucial to meet the specific needs and preferences of each segment to ensure a successful marketing plan.
Key Steps in Targeting for Marketing
- Market Segmentation: Divide the potential market into groups with similar characteristics.
- Market Evaluation: Assess the attractiveness of each segment.
- Target Market Selection: Choose the segment(s) that best align with the company’s objectives and capabilities.
- Marketing Strategy Development: Create specific marketing approaches for each targeted segment.