Target marketing uses demographics, psychographics and behavioral research to identify potentially lucrative markets. The major steps to targeting include market segmentation, target choice, product differentiation, and product positioning. Targeting can be selective (based upon a focus strategy, market specialization strategy or niche strategy), or extensive (based upon mass marketing, cost superiority or product specialization).
Customer data management (CDM) enables both marketers and businesses owners to keep track of their customer information and survey their customer base in order to obtain feedback. CDM embraces a range of software or cloud computing applications designed to give large organizations rapid and efficient access to customer data. Surveys and data can be centrally located and widely accessible within a company, as opposed to being warehoused in separate departments. CDM encompasses the collection, analysis, organizing, reporting and sharing of customer information throughout an organization.
- Teacher: Professor Robert Allen