marketing - target market

Renjith Krishnan

Marketing Unit

Target Market

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What is a Target Market?

Target Market - A specific group of consumers at which a company aims its products and services

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Target Market AKA

Market Segmentation

Why is determining a Target Market

Important ?

The better a company is at identifying their potential

consumers; the more successful they will be in delivering products and services that are in demand

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Your target consumers are those who are most likely to buy from you

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Focusing on a target market makes it easier to develop products

people want

Renjjith Krishnan

Who is the Target Market ?

Photostock

Tina Phillips

Andy Newson

Louise

Ambro

Dan

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Ambro

Ambro

Getideka

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Louisa Stokes

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How do youdetermine who

your target market is?

Ask these questi ons …

Is your product international, national, or local in scope?

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Are your target consumers male or female?

How old are they?

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Are you target consumers single, married, or divorced ?

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What level of education has your target consumers completed: high

school, college, or university?

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Where do they live?

Is geography a limiting factor for any reason?

What do they do for a living?

How much money do they make? This is most significant if you're

selling relatively expensive or luxury items.

Scott Chan

What is there lifestyle like: conservative, exciting, trendy, economical?

Are your target consumers easily led or opinionated?

What are your target consumers activities and interests: sports, physical fitness, shopping, books?

What other aspects of their lives matter?

What are the threebasic reasons

people buy things ?

To satisfy basic needs

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To solve problems

Filomena ScaliseRenjjith Krishnan

To make themselves feel good

How do you startto determine

your target market?

Creating the target market may require the use of limited

product roll-outs and focus groups, allowing product managers to get a

feel for which aspects of the product are the strongest

What is a Roll Out?

Roll Out- The process of introducing a new product or service into the marketplace

What is a Focus Group?

Focus Group - A small group selected from a wider population and sampled, as by open discussion, for its members' opinions about or emotional response to a particular subject or area, used especially in market research or political analysis

Does your productmeet your

consumers, needs?

No single product can meet everyone’s needs

More than 30 different varieties/flavors

Not all products and services are meant for all types of consumers

Photostock

Resist the temptation to be too general in the hopes of getting a

larger slice of the market

Renjjith Krishnan

That's like throwing 10 darts in random

directions instead of aiming just one dead center

of the mark!

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What is the Importance of determining a

Target Market?

The beauty of target marketing is that it makes the promotion,

pricing and distribution of your products and/or services easier

and more cost-effective

Resources

http://www.entrepreneur.com/encyclopedia/term/82498.html

http://sbinfocanada.about.com/cs/marketing/a/targetmarket_2.htm

http://www.answers.com/topic/focus-group#ixzz1HQx89zFu

Information

Imageshttp://www.freedigitalphotos.net/http://www.google.com/imghp?hl=en&tab=wi

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**Please notice pictures are sited with artist name. All pictures not cited with artist name were obtained from Google images.