Posted in Marketing and Strategy Terms, Total Reads: 640
Definition: Target Market Identification
A target market is a one which should be focused while making campaigns and strategies by a marketers in order to gain maximum profits. A target market is the first factor which should be considered while designing a market campaign. Segmentation usually helps in identifying a target market.
While carrying out segmentation of the market to target these groups, certain criteria is usually followed by the marketers. For instance, age is one of the criteria while carrying out segmentation. A product like a toy or a Barbie is likely to be sold in the age group of below 14 or 15. Hence a marketer can target their efforts to this age group while selling that specific product. Similarly, segmentation can be done on the basis of location, income, education, gender, etc.
This is one of the ways of how a target market can be identified and focused. The other way to do the same is to find out about the product what is being sold and what makes it so unique from the other products in the market. The next is the question why would people buy the product from the producer. Such in depth analysis should be made before deciding the target market.
Identifying the target market helps as the marketer can then concentrate his/her efforts to the target market. The expense required to carry out promotional campaigns, advertisements, and other efforts can be controlled by doing so. If the marketer tries to expand to outer markets other than target market his/her efforts would yield result but at a lot of costs.