Marketing91

  • HOME
  • Marketing Concepts
    • Marketing
      • Retail Tutorials
      • Market Research
      • Customer Management
    • Strategy
    • Management
    • Advertising
    • Branding
    • Business
    • Finance
    • Sales
    • Career Guidance
  • Digital Concepts
    • Blogging
    • Search Engine Optimization
    • Social Media Marketing
    • Facebook Marketing
    • Internet Marketing
    • Ecommerce
  • Brands
    • Marketing Mix of Brands
    • SWOT analysis of Brands
    • Brands Strategy Analysis
    • Business Models
    • Brand Competitors
    • TOP 10
  • Courses
Home » Marketing » Target market vs Strategic market

Target market vs Strategic market

February 14, 2018 By Hitesh Bhasin Tagged With: Marketing

The characteristics of both – Target market and Strategic market are different. Hence, when our readers ask us the difference of Target market vs strategic market, than we answer with the point of view of the management of the company. Within the current market, the population which you want to target is known as target market. The focus of the company remains on the target market.

The target market is within the present market where the company is operating and a major challenge for a company is conquering and penetrating the target market. Thus, Honda motorcycles might be present in Mumbai, but now its target market is South Mumbai which may not be showing higher sales.

What is Strategic market

It is a market which you are interested in and you will probably enter when you have the resources to manage that market or when your target market is completely penetrated and saturated. In the above Honda example, Honda might move to Mumbai suburbs after it has conquered south Mumbai. Thus, the suburbs was the strategic market when south Mumbai was the target market.

Once the target market is penetrated, company might concentrate on the strategic market. The strategic market than subsequently takes over as the target market and the company will find a new strategic market.

It is not necessary that a firm is always able to expand to the strategic market. The strategic market might lose value or the firm might not build up enough resources to enter the strategic market. In such cases, the firm has to keep concentrating on target market or think of a different strategic market.

Key criteria differentiating the target market and strategic market are the following,

Product – The current product in the company is used for its target market. The same product can be used for the strategic market or a new product can be evolved.

Pricing – Pricing can be the differentiator for target market and strategic market. Where a products pricing is high for target market, it can be lowered so that the company is able to penetrate the strategic market.

Place – Place is one major component in target market vs strategic market. Target market involves a geography where the product or company is currently operating. A strategic market however denotes a place where the company would like to expand to in the future. Thus many companies who are currently manufacturing products in India will look at foreign locations where they want to expand as their strategic market.

Promotions – Promotions are always made keeping the target market in mind and never for the strategic market. Once a company decides to penetrate a strategic market, that’s when it changes its promotional strategy.

If you look at it from a sales angle, only the national sales manager and the national marketing manager might be involved in the strategic market. However, all positions below the national sales manager, like the regional sales manager and area managers, will concentrate on the current target market.

Thus, there are numerous differences between a target market and a strategic market. When you have a target market in hand, it is necessary that you keep developing a strategic market as well.

Share this post:

Share on Facebook Share on Twitter Share on LinkedIn Share on Email Share on WhatsApp
Digiaide Marketing and Digital Marketing Courses

Related posts:

  1. Pricing Methods – Cost Oriented and Market Oriented Pricing
  2. Pricing
  3. Premium Pricing – Definition, Strategy, Advantages
  4. What is Product Launch – Examples, Types, Advantages
  5. Pricing Strategies
  6. Value Based Pricing – Definition, Advantages, Disadvantages
  7. What is Product Development? Definition, Meaning, Phases
  8. Marketing Communication: Meaning & Types of Marketing Communication
  9. What is Target market?
  10. How to choose a Market segment? 5 approaches to Choosing a market segment.

What Do You Want To Learn About? (Start Here)

  1. Marketing Hub
  2. Management Hub
  3. Marketing Strategy
  4. Advertising Hub
  5. Branding Hub
  6. Market Research
  7. Small Business Marketing
  8. Sales and Selling
  9. Marketing Careers
  10. Customer Management
  11. Top 10 Lists
  1. Internet Marketing
  2. Blogging
  3. Search Engine optimization
  4. E-commerce
  5. Facebook Marketing
  6. Social Media Marketing
  7. Business Model of Brands
  8. Marketing Mix of Brands
  9. Brand Competitors
  10. Strategy of Brands
  11. SWOT of Brands
GET DAILY MARKETING UPDATES

About Hitesh Bhasin

I love writing about the latest in marketing & advertising. I am a serial entrepreneur & I created Marketing91 because I wanted my readers to stay ahead in this hectic business world.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Advertisement
Recent Posts
  • Capital Gain – Definition, Strategies and Examples
  • Board of Trustees Vs. Board of Directors
  • Board of Governors – Definition, Roles and Responsibilities
  • Capital Budgeting – Definition, Methods and Objectives
  • Bid Ask Spread – Definition, Types and Examples
Advertisement

Marketing91

MORE INFO

  • About Marketing91
  • Privacy Policy
  • Cookie Policy
  • Disclaimer
  • Terms of Use
  • Advertise
  • Contact us
  • Sitemap
  • ISO 9001:2015 Certified

LEARNING SERIES

  • What is Communications
  • Types of Communication

WE WRITE ON

  • Marketing
  • Small Business
  • Management
  • Internet Marketing
[email protected]

Copyright © 2022 Marketing91 All Rights Reserved