Target Market

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					 2.02 Discuss
the concept of
    market
identification.
Target Market
               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.
         Mass Marketing
• A single marketing plan used to reach
  all consumers.
          Target Market
• The group of consumers that a
  company desires to have as customers.
     Market Segmentation
• Dividing the entire market into smaller
  groups (of people) who share similar
  characteristics.
• Allows businesses to customize
  products and marketing strategies.
          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.
        Demographic Categories
•   2-12           •   Gender (M/F)
•   12-17          •   Ethnicity
•   18-24          •   Education level
•   18-34          •   Income level
•   18-49
•   25-54
•   55+
         Psychographics
• Segmenting the market based on
  values, attitudes and lifestyles.
• Example: People interested in
  professional football.
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.
 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.

				
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