Target Market

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2.02 Discuss the concept of market identification.
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Target Market
Age
Hobbies
Location
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Market

• The group of potential consumers who share common
  needs and wants.
• The target market has the ability and willingness
  to buy the product.
• Businesses strive to meet the needs and wants of
  their customers.

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Mass Marketing

• A single marketing plan used to reach all
  consumers.

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Target Market

• The group of consumers that a company desires to
  have as customers.

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Market Segmentation

• Dividing the entire market into smaller groups
  (of people) who share similar characteristics.
• Allows businesses to customize products and
  marketing strategies.

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Demographics

• Segmenting the market based on personal
  characteristics such as age, gender, income,
  ethnic background, education and occupation.
• Example middle class, males, ages 20-40, who
  are construction workers.

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Psychographics

• Segmenting the market based on values, attitudes
  and lifestyles.
• Example People interested in professional
  football.

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Geographics

• Segmenting a market based on where a person
  lives. Geographic segmentation can refer to
  local, regional, national or global markets.
• Example A small local store will segment to the
  surrounding area like a town, while big companies
  like Nike market Internationally.

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Behavioral Segmentation

• Dividing consumers into groups according to their
  response to a product. Behavioral segmentation
  divides markets into groups based on what they
  are looking for in a product and why they buy the
  product.
• Example Purchasing Nike shoes because Michael
  Jordan wears them.