Target Market - Explained
What is a Target Market?
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What is a Target Market?
When we market we want to choose an appropriate target. In other words, we don't expect to sell everything to everybody. This makes sense, as there we have so many options out there in the marketplace that as a consumer we're going to pick and choose what we think is best for us.
A marketer we shouldn't expect that everybody will buy whatever product or service we're selling.
How to Choose a Target Market?
The key in marketing is not to fight uphill battles. in other words, it's rare that we really want to change people's minds about what they need or want.
Now sometimes they don't know what they need or want and then we need to educate them. Generally, we want to target the easiest group to sell to. In other words, we want to target people that already have a reason to like us or to want our product.
Of course, we must determine whether the group that wants or needs our product most is of sufficient size to account for the necessary volume or quantity of sales that the business needs to operate.
- What is a Market?
- What is Target Marketing?
- What is Market Segmentation?
- How Many Segments to Target?
- How Do We Segment Consumer Markets?
- Benefit Segmentation
- How Do We Segment Business Markets?
- Using Data for Market Segmentation
- Buying Power Index
- What is Customer Relationship Management?
- What is Behavioral Targeting?
- What is Positioning?
- What is a Positioning Statement?
- What is a Perceptual Map?
- Cultural Factors Affecting Marketing
- International Marketing is Challenging