How do you define a target market?
How do you define a target market?
A target market is a group of potential customers that you identify to sell products or services to. Each group can be divided into smaller segments. Segments are typically grouped by age, location, income and lifestyle.
What 4 characteristics define a target market?
These include gender, age, income level, race, education, religion, marital status, and geographic location. Consumers with the same demographics tend to value the same products and services, which is why narrowing down the segments is one of the most important factors to determine target markets.
What are the 4 types of target market?
Demographic, psychographic, behavioral and geographic segmentation are considered the four main types of market segmentation, but there are also many other strategies you can use, including numerous variations on the four main types.
What are examples of target markets?
Target Market Examples
- Nike Target Market. Nike sells apparel, equipment, shoes, and accessories to athletes and people who play sports.
- Netflix Target Market.
- Lego Target Market.
- Vans Target Market.
- Dior Target Market.
- Coachella Target Market.
What is another word for target market?
What is another word for target market?
| public | audience |
|---|---|
| aficionados | buyers |
| consumers | devotees |
| fanbase | followership |
| market | patronage |
What are the five characteristics of an attractive target market?
A market worth targeting has the following characteristics: (1) It’s sizeable enough to be profitable, given your operating costs; (2) it’s growing; (3) it’s not already swamped by competitors, or you have found a way to stand out in the crowd; (4) it’s accessible, or you can find a way to reach it; (5) you have the …
What is target market and its types?
The four main types of market segmentation are: Demographic segmentation: age, gender, education, marital status, race, religion, etc. Psychographic segmentation: values, beliefs, interests, personality, lifestyle, etc. Behavioral segmentation: purchasing or spending habits, user status, brand interactions, etc.
Who are target customers examples?
Gender and Age Small businesses often target customers by gender or age. For example, a women’s clothing retailer directs its promotional efforts at women. Conversely, a large and tall men’s shop focuses its marketing efforts on tall and heavier men. Similarly, some small companies market to specific age groups.
What do you call a target audience?
Your target audience refers to the specific group of consumers most likely to want your product or service, and therefore, the group of people who should see your ad campaigns. Target audience may be dictated by age, gender, income, location, interests or a myriad of other factors.