Marketing Strategy For Nordstrom And Target Customers Essay

809 Words Oct 4th, 2015 4 Pages
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 customers tend to be in the affluent income class with more discretionary income to spend. The size of this market segment is adequate and as the economy continues to recover will have further growth potential. They have higher quality goods and tend to charge a premium for those goods. In addition, Nordstrom provides many brand names that are known for quality and prestige. They use the more for more value proposition when attracting customers. The benefit to this market segment is that they tend to produce higher margin transactions. On the other hand, Target is a discount retailer whose target market is more price conscious consumer. Target’s value proposition is the more for less as they attempt to increase sales volume to achieve…

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