Presentation on theme: "Target Market A target market is the market segment (group of potential customers) which a particular product or service is marketed (advertised) to.market."— Presentation transcript:
Target Market A target market is the market segment (group of potential customers) which a particular product or service is marketed (advertised) to.market segmentmarketed Cartoon Back Pack Example: Kids 6-12, boys/girls, students, like cartoons
More on Target Market A target market is often defined by age, gender and/or socio-economic grouping (Social classes or socio economic groups are the arrangements of people in society as economic (money) or cultural (culture) groups)socio-economic groupingeconomic cultural Girls, ages 15-17, not culturally diverse Boys, ages 14-16, culturally diverse Young adults, boys/girl, culturally diverse
More on Target Market A target market is usually found after segmenting (dividing) and analyzing the whole market.
More on Target Market Target market selection depends on- Ask yourself the following ?s before you choose – 1. Number of competitors in the market Are too many other companies already trying to sell products/services to this group? – 2. The preference/choice of customers Do I really like this group, will I enjoy working with them? – 3. Value attached to the product which company wants to convey to the market Is the price Im asking a good price for the target market Im focusing on?