Specialized: Important steps for successful marketing depend on market analysis and the search for excellence
A certified trainer and business development and marketing consultant, Nidaa Al-Nafaie, stressed the importance of studying the market and customers, to achieve success for any establishment, especially small and medium enterprises.
In a workshop organized remotely by Asharqia Chamber on Monday evening, June 12, 2023, entitled "Studying the customer and the target market," Al-Nafaie called for the necessity of evaluating work from time to time in terms of sales, production, customer satisfaction, profits, competitors, and the search for new ideas and excellence in the commodity and service. And it does not preclude the use of experts and experiences, and reconsidering the product mix to suit the needs of customers at this stage.
She said that the target market is "a group of customers that the company or organization is trying to sell its products or services to by targeting them by directing its marketing efforts to sell" and it is the first step in the process of defining marketing plans because it helps understanding the organization's market in determining the potential customer base.
In this regard, Al-Nafiei points out that defining the target market according to this definition does not take place until after knowing the product and what it offers to those customers, calling for "an analysis of this target market, which means an assessment of how the product or service is suitable for the specific market, and where it will gain the greatest amount of attractiveness with customers.
The trainer believes that market analysis achieves several benefits, the most important of which is identifying the most valuable and least valuable markets, developing buyer personalities, finding gaps in the market to fill them, evaluating the feasibility of the product or service, and then finding new markets.
She said that the required analysis and market study proceeds according to several steps, starting with the study of customers (to find out their needs and desires, through conducting interviews and questionnaires), then studying the competitors in the field (to discover the market gap), and then comes the market study step to find out supply and demand.
She indicated that the target markets vary according to demographic division (age, gender, education, marital status), general cultural division (values, beliefs, interests, personality, lifestyle), and behavioral division (purchase or spending habits, user status, and brand interactions).
