Final answer:
The three basic strategies for targeting markets are segmentation, targeting, and positioning.
Step-by-step explanation:
The three basic strategies for targeting markets are:
- Segmentation: This involves dividing the market into distinct groups based on similar characteristics, such as demographics, psychographics, or behaviors. By understanding the different needs and preferences of each segment, companies can develop targeted marketing campaigns.
- Targeting: Once the market segments are identified, companies need to select the most attractive segment(s) to focus their resources on. They evaluate different segments based on factors like size, growth potential, competition, and profitability.
- Positioning: After selecting the target segment(s), companies create a unique positioning for their product or service within that segment. This involves establishing a clear value proposition and differentiating themselves from competitors.