Target Marketing

TARGET MARKETING
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Target Marketing: Rolls-Royce Company
Target marketing is one of the major strategies sued by companies that produce certain products or services, meant for a certain type of market or customer. Understanding the market is an important aspect for any business, especially which relies on the use of the business to customer (B2C) strategy, and which relies on target marketing. This study analyzes the Rolls-Royce Company, as one of the companies that focus on target marketing in doing its business. In this study, the focus shall be on the analysis of the four bases for segmenting consumer markets, the five bases for segmenting business markets, and the segmenting markets used by Rolls Royce and how the factors influence the promotional strategies of the Rolls-Royce Company
* Brief Introduction Of The Rolls-Royce Company
The Rolls-Royce Holding Company owns the Rolls-Royce Company, which was established in 1904. The company focuses on the manufacture, designing, and distribution of power systems for the aviation industry (Pugh, 2015). Although the firm has focused on the production of aviation power systems, it has also ventured into the production of cars, producing high-class cars, for target customers within the market. Some of the major car models produced by the company and which have sold for the highest price in the market include; Ghost 4-door sedan, Ghost Series II, Wraith coupé, Phantom among others (Smith, 2013). The company has, however, produced cars targeting a certain market in the market, especially the rich and the wealthy, with their cars going for hundreds of thousands of dollars or millions.
* Basis for segmenting consumer markets
There are four major bases for segmenting consumers in any market. The segmentation bases include geographic segmentation, demographic segmentation, psychographic segmentation, and behavioral segmentation (Menzly & Ozbas, 2010). The demographic market segmentation focuses on the analysis of the customer’s; age, gender, levels of income, location, family situation, income levels, education levels, and ethnicity (Wells et al., 2010). Psychographic segmentation focuses on the factors related to the customer's characters and personality, such as; personality traits, personal values, attitudes, personal interests, lifestyles, psychological influences, individual's subconscious and conscious beliefs, personal motivations, and priorities (Narang, 2010). Behavioral segmentation focuses on the actions of the customer and the personality of the customer. Through behavioral market segmentation, companies focus on purchasing habits, the spending habit, user status as well as brand interactions. Geographic segmentation focuses on the actual location of the customer by analyzing the customers through; ZIP codes, cities, county, climate as well as the rural and urban location. However, some companies categorize their customers based on the benefits sought by the customers (Houpis et al., 2011). The businesses focus on the reasons the customer is seeking a certain product and the benefits associated with the product, such as its convenience, status, and the value attached (Almeida et al., 2014).