For any business a marketing strategy is very important because it can help capture potential customers and increase market share. A company’s marketing team must be able to identify one or many target markets in order to make the best use of advertising. When evaluating a market segment, marketers must be able to check whether the segment meets three criteria. Criteria one, is the market segment’s size and growth adequate? Criteria two, evaluating segment attractiveness which consist of business competition, and other preexisting or new products? Criteria three, does the segment meet the company’s business objectives? The following paragraphs will discuss these factors and how they are utilized at Nordstrom and Target.
Nordstrom’s target …show more content…
The main difference is where products are placed. Nordstrom loves to display the products it wants shoppers to buy at the forefront of the store and display them in showcases and on mannequins. This is done to help persuade buyers to make more costly purchases when walking through the stores. On the other hand, target will put impulse buys near the front of the store and the necessary purchases in the back. This strategy makes it so shoppers are required to walk through the entire store before getting to the items such as milk, cleaning products, and other consumer staples. By guiding their customers unknowingly through isles Target is able to increase the volume of their sales. One strategy seeks higher priced sales and the other seeks increased volume, making the two unique to the intended market …show more content…
Nordstrom is for the higher income consumer which tends to pay up for quality and Target is a discount retailer who targets a wider range of the population when it comes to socio economic classes. Furthermore, Nordstrom’s strategy is intended to produce sales of higher price per item, whereas, Target’s strategy is intended to increase the volume of goods sold in order to increase revenue. Both strategies have their benefits, but Nordstrom is uniquely good at capturing their intended customers as they tend to be highly satisfied and loyal to the company. In the end, this will benefit Nordstrom’s business greatly and provide customer value for both the company and the customer going forward in
Nordstrom’s target …show more content…
The main difference is where products are placed. Nordstrom loves to display the products it wants shoppers to buy at the forefront of the store and display them in showcases and on mannequins. This is done to help persuade buyers to make more costly purchases when walking through the stores. On the other hand, target will put impulse buys near the front of the store and the necessary purchases in the back. This strategy makes it so shoppers are required to walk through the entire store before getting to the items such as milk, cleaning products, and other consumer staples. By guiding their customers unknowingly through isles Target is able to increase the volume of their sales. One strategy seeks higher priced sales and the other seeks increased volume, making the two unique to the intended market …show more content…
Nordstrom is for the higher income consumer which tends to pay up for quality and Target is a discount retailer who targets a wider range of the population when it comes to socio economic classes. Furthermore, Nordstrom’s strategy is intended to produce sales of higher price per item, whereas, Target’s strategy is intended to increase the volume of goods sold in order to increase revenue. Both strategies have their benefits, but Nordstrom is uniquely good at capturing their intended customers as they tend to be highly satisfied and loyal to the company. In the end, this will benefit Nordstrom’s business greatly and provide customer value for both the company and the customer going forward in