Concepts of Target Marketing: Bull's Eye Diagram Assignment Help
The concept of target marketing is key to the success of any strategic marketing effort. It is tempting for new marketing professionals to struggle with identifying any market segment that they do NOT want to purchase their good, service, or idea (the product they are selling). Therefore, they identify an overly broad segment as being their "target market."
Consider the depiction below of a classic bulls-eye diagram.
Assume that the outer rings represent anyone who you hope will be attracted to your product. However, in a world of limited resources, it is most efficient and effective to direct your efforts only toward those market(s) that land squarely in the center of the bulls-eye. While it is possible for an organization to consciously target more than one market, there is typically a primary target market, with secondary markets identified strategically and not accidentally. Your Segmentation and Targeting readings for this week explain the research processes that experienced marketing professional use to determine, as precisely as possible, which segment(s) to actually target with their time, dollars, and expertise. Consider one of your own recent purchases. Broadly speaking, who may have been the target for this product?
- Select a specific company within the country and the industry that you selected for your PEST (political-economical-social-technological) analysis in Business Brief - Business Environment Analysis.
- Assume the role of a marketing strategist for a specific product or product line within that company.
- Conduct secondary research to identify an organization that is a major competitor of your company, in the product category you selected.
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Primary target market of ICICI Bank
ICICI Bank is among one of the leading competitors for HDFC Bank. Both the organisations are among the topmost private sector banks in India. Headquartered in Mumbai, it provides banking and other financial services on a multinational level. Also, in terms of assets as well as market capitalization, it is the second-largest bank in the country.
The bank uses both demographic and psychographic segmentation for compartmentalizing the target market. This enables it to monitor the changing needs and cater to them accordingly. A few variables that are often considered by ICICI Bank are - occupation, income and the social class of its customers. The primary target market of the organisation is the consumers in the urban areas, especially the tier 1 and tier 2 cities of the country. The consumers from the target segment expect value in exchange of price, and require efficient and superior banking services. The need for speedy fund transfer, card remittance, card issue and core banking processes is also high among the target market.
Primary target market of HDFC Bank
HDFC Bank's focus is to increase its market share in the country by expanding its banking and other financial services, which it intends to do by adhering to a growth strategy that is specific and disciplined. The bank focuses on quality instead of quantity and therefore is instrumental in delivering an extremely efficient consumer service.
HDFC Bank considers the demographics variables of location, occupation and age, along with minor psychographic variables such as the lifestyle.The primary target markets are the metropolitan and divisional cities in India, especially those consumers who are working, regardless of the sector they are in (i.e., private or government). Most of the customers in the target market are individuals who require modern banking services with all the digital facilities, such as mobile refill, instant fund transfers and so on.
HDFC Bank also targets the markets for corporate banking, where industries need services to meet their financial needs. The bank also serves those who require retail banking services, providing them with short-term financial credits for their individual or household needs.
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Comparison between the two
The target markets of both ICICI and HDFC Banks greatly overlap. Both the banks cater to more or less the same consumer groups - the residents of urban areas (cities and towns). Both the organisations cater to consumers who need internet banking services, instant transfers and easy banking facilities. HDFC however has a slightly broader market segment, as it also provides numerous retail banking services to the customers.
Conclusion
Thus, it is evident from the above analysis, that the ICICI and HDFC Banks target very similar sections of the market segments. Both the organisations are focused on providing world-class banking and financial services to the people living in the urban areas of India. However, what makes HDFC Bank better in comparison to its competitors (such as ICICI Bank), is that the organisation is adept at providing the right strategy for the specific consumer requirements. Moreover, the customer service that the bank provides is much superior compared to the one that is meted out by ICICI Bank. The unique brand image of HDFC Bank as being one of the most trustworthy and dependable banks in the country adds to its value, mostly since its products and services have been successful in achieving the necessary accreditation. Consequently, the level of customer satisfaction is quite high, and the bank is said to be among the best in the private sector. Furthermore, the dedicated workforce that the bank boasts of leads to a lower waiting time for response, which is exactly what the target market needs.
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