Target Markets
Target markets are important for a company to define. This allows companies to better target the markets that are more likely to buy their product. While some have to work to capture the attention of their target market, other companies create products that are necessary to their potential customers’ lives. An example of a company who displays this is Resmed. Resmed is a large company that operates in over one hundred countries. They target adults from ages thirty to seventy years old that suffer from sleep disorders, particularly with an emphasis on sleep apnea. While Resmed does have competition in the market, they dominate because they continue to expand into different markets and have a greater reach and larger target market over time.
Another company that has specific target markets is DuPont. DuPont is another large company that over time has expanded into many markets. These markets include agriculture, food and beverage, building and construction, packaging, and finally mining. DuPont does not sell their products directly to customers, but to other companies in these fields. For example, during the visit they discussed how they distribute their innovative agricultural products to farmers.
Product
The product or service a company creates and provides is an extremely crucial part of the marketing mix. It must be a product that consumers would be willing to buy and use over an extended period of time. McGuigan Wines is a prime example of how a product defines a company. McGuigan is a still a young company, only being founded in 1991, but by improving and expanding its product line has allowed for this company to blossom quickly. They provide white, red, personal reserve, and dessert wines all within different price ranges. This allows their customers to have multiple choices and in turn increase customer loyalty.
Another example of a