Final answer:
The market targeting process for expanding a company's customer base involves market segmentation, evaluation, choosing a targeting strategy, and developing a positioning strategy. Product differentiation, customer service enhancement, and leveraging B2B platforms are ways to increase demand. Globalization and technology advancements have expanded market definitions and competition.
Step-by-step explanation:
The market targeting process for a company like the Carolina Biological Supply Company, which wants to expand its customer base beyond public education systems, involves several steps. The process typically begins with market segmentation, where the company identifies distinct groups within a larger market that could potentially be customers. After segmentation, the company then moves on to market evaluation, assessing the attractiveness of each segment based on factors such as size, growth potential, and competitive landscape. Subsequently, the company would decide on a targeting strategy, choosing which segments are the most viable to pursue. Finally, it would develop a positioning strategy for its offerings that resonates with the selected target markets, using differentiation strategies such as product features, customer service, and marketing communications.
To increase demand for their products, monopolistically competitive firms like Carolina Biological Supply Company can focus on product differentiation, improving customer service, engaging in product innovation, and leveraging business-to-business (B2B) platforms to reach a wider audience both on national and international levels. Improving the quality and features of their products can make them stand out in the marketplace, thus attracting more demand.
Globalization and technology are two significant shifts that have redefined markets. With the advent of the internet and B2B websites, suppliers and buyers can connect globally, increasing competition. For a company like Carolina Biological Supply Company, utilizing these platforms can help identify new market opportunities and enable the company to compete on a larger scale.