"A target market is a group of customers within a business's serviceable available market at which a business aims its marketing efforts and resources."
The group of potential customers that a business aims to sell to, based on demographics, behavior, and needs.
Market Segmentation: The process of dividing a market into smaller groups of consumers with similar needs or characteristics.
Demographics: The statistical data about a population, such as age, gender, income, and education, used to understand consumer behavior.
Psychographics: The study of consumer attitudes, values, and personality traits to identify more comprehensive and accurate target market segments.
Geographic Segmentation: The grouping of consumers based on their location, including zip code, city, state, and country.
Behavior Segmentation: The grouping of consumers based on their behavior, such as loyalty, buying pattern, and purchasing habits.
Unique Selling Proposition (USP): The feature or benefit that sets a company's product or service apart from competitors and meets the needs of the target market.
Brand Positioning: The process of positioning a product or service to resonate with target market needs, emotions, and values.
Competitor Analysis: A study of the strengths and weaknesses of rival companies to identify opportunities and threats and develop effective marketing strategies.
Research Methods: The collection and analysis of data through primary and secondary research to inform marketing decisions.
Buyer Personas: Detailed descriptions of the audience or target market that include demographics, goals, challenges, and motivations.
Customer Journey Mapping: A process that captures the customer's experience across various touchpoints to create a more personalized and effective customer experience.
Metrics and Analysis: The tracking and measuring of key performance indicators (KPIs) to analyze the effectiveness of a marketing campaign and identify areas for improvement.
Demographic Target Market: This refers to targeting customers based on age, gender, income, education, occupation, and other demographic factors.
Geographic Target Market: This involves targeting customers based on their geographic location, such as region, country, state, city, or neighborhood.
Behavioral Target Market: This type of targeting focuses on the behavior of the customers, including their habits, interests, and opinions, as well as their past purchase behaviors.
Psychographic Target Market: This involves targeting customers based on their lifestyle, personality, values, and emotions, as well as their aspirations and beliefs.
Socioeconomic Target Market: This targets customers based on their social class, income level, education level, and job position.
Cultural Target Market: This targets customers based on their cultural background, ethnicity, race, religion, and language.
Niche Target Market: This refers to targeting a specific group of customers with a unique set of needs or preferences, such as vegans, luxury travelers, or fitness enthusiasts.
B2B Target Market: This refers to targeting businesses and other organizations as customers, such as retailers, manufacturers, or service providers.
Generation Target Market: This involves targeting customers based on their generation, such as baby boomers, millennials, or Gen Z.
Benefit Target Market: This targets customers based on the benefit they want to get from a product or service, such as convenience, affordability, or quality.
"A target market is a subset of the total market for a product or service."
"The target market typically consists of consumers who exhibit similar characteristics (such as age, location, income or lifestyle)."
"Target markets are considered most likely to buy a business's market offerings or are likely to be the most profitable segments for the business to service."
"Once the target market(s) have been identified, the business will normally tailor the marketing mix (4 Ps) with the needs and expectations of the target in mind."
"This may involve carrying out additional consumer research in order to gain deep insights into the typical consumer's motivations, purchasing habits, and media usage patterns."
"The choice of a suitable target market is one of the final steps in the market segmentation process."
"The choice of a target market relies heavily on the marketer's judgment, after carrying out basic research to identify those segments with the greatest potential for the business."
"Occasionally a business may select more than one segment as the focus of its activities, in which case, it would normally identify a primary target and a secondary target."
"Primary target markets are those market segments to which marketing efforts are primarily directed and where more of the business's resources are allocated, while secondary markets are often smaller segments or less vital to a product's success."
"Selecting the 'right' target market is a complex and difficult decision."
"A number of heuristics have been developed to assist with making this decision."
"Also known as serviceable obtainable market (SOM)."
"The business will normally tailor the marketing mix (4 Ps) with the needs and expectations of the target in mind."
"Consumers who exhibit similar characteristics such as age, location, income or lifestyle."
"Where more of the business's resources are allocated."
"To aim the business's marketing efforts and resources."
"The identification of a target market influences the market segmentation process."
"To gain deep insights into the typical consumer's motivations, purchasing habits, and media usage patterns."
"Target markets are likely to be the most profitable segments for the business to service."