Definition of Target market: -
Target market comprises of a group of potential customers, whom a business aims to attract by the aid of effective marketing strategies and to turn them into users of their merchandise.
A clear cut target market is the primary step of forming effective marketing strategies, by the aid of the four elements of the marketing mix, product, price, promotion and place for regulating the success of a commodity in the market.
Target markets can be differentiated, according to:
- Locations or climate
- Socio-economic scenarios
- Psychograph and Behavior of Individuals
Textbooks on Target market: -
It is vital to know the basics of target market, before a thorough research. Some informative books on target market are:
- The market segmentation work book, Dibb, Sally. And Simkim, Lyndon, 1996
- Target marketing for small business, Pinson, Linda. And Jinnett, Jerry, 1993.
Examples of Target market: -
Target marketing can be effectively done, as per geographic characteristics. Manufacturers of snow tires, for example, must promote then in Northern United States or similar regions having mountains. Creating the target market, by the aid of geographic conditions will help the marketer to cater to wider audiences or consumers. As in the case of snow tires, anyone who owns a car residing in the region would find it appealing.
Age factors are also very vital while generating the target market. With aging, tastes and preferences of people change significantly. This is why even the television shows use particular time slots to reach out to target audiences. In the same manner, behavior and lifestyle of children too vary from the elders, accordingly. So, target market can also be created on the basis of these differences.
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