What is Target Marketing
Focusing all your marketing mix decisions on the specific group of people you want to reach.
Customers vs. Consumers
Customers are the people who purchase the product you're selling. Consumers, however, actually utilize the product. For example, A parent buys a pair of shoes for their child; The parent is the customer but the child is the consumer because they're the one wearing the shoes.
Role of market segmentation
Market segmentation is having specific groups of people that share the same interests and are willing to buy your product. The importance of market segmentation is to keep your business going. Your business relies on your customers and how much you sell, so deciding how to target them with effective marketing is the key to your business' success.
First you use market segmentation to separate the people your selling to from the people you're not. Then you should probably determine the price by comparing the prices of similar products. To sell these socks we could use Bandwagon. Bandwagon is basically someone or a group of people doing something just because another individual is doing it. We can find someone that has alot of influence on the community you're trying to sell to and get them to basically advertise the product for you. You could also use Direct Marketing by advertising and promoting your product directly to the specific group of people you're trying to sell to. If you were selling to the community of younger individuals like teens you could sell your products at stores like Khol's or a store that teens shop at.