Define Place Target Market from "summary" of Marketing Places by Philip Kotler
A place target market is a group of people who are likely to buy a product or service from a certain location. It is important to understand the characteristics and needs of this group to be able to create a successful marketing strategy.- Place targeting is an effective form of marketing, where potential customers are selected based on geographical location. It involves identifying the most receptive market segment and positioning or developing a tailored service to them in that area.
- Companies need to consider a range of factors when deciding upon a place target market such as the country’s population size, current economic conditions, local preferences, accessibility to transport network, and also the availability of competitors in the same area.
- Location-based marketing aims to identify geographic areas with the highest concentration of people likely to be interested in taking up products or services being offered. This method enables businesses to allocate resources more effectively when it comes to targeting their intended consumer base.
- Geographic targeting is particularly beneficial for companies with limited budgets as they can precisely pinpoint those parts of the world and demographics which are the most lucrative targets.
- Place-targeting offers businesses various competitive advantages; when strategically employed, firms may reach high revenues by enabling them to concentrate on core markets with maximum efficiency, as well as create a localized identity and gain better control of overall region-specific demand.
