Target Market

A Target Market is a customer group that ...

• Context:
  • It can be identified by a Target Market Selection Task.
  • ...
• Example(s):
  • Candidate Employee Market, for employer branding.
  • ...
• See: Direct Marketing, Market Research, Branding Process, Serviceable Available Market, Marketing, Market Segmentation, Brand Management.

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References

2022

• (Wikipedia, 2022) ⇒ https://en.wikipedia.org/wiki/Target_market Retrieved:2022-5-2.
  • The target market typically consists of consumers who exhibit similar characteristics (such as age, location, income or lifestyle) and are considered most likely to buy a business's market offerings or are likely to be the most profitable segments for the business to service by OCHOM

    Once the target market(s) have been identified, the business will normally tailor the marketing mix (4 Ps) with the needs and expectations of the target in mind. This may involve carrying out additional consumer research in order to gain deep insights into the typical consumer's motivations, purchasing habits and media usage patterns.

    The choice of a suitable target market is one of the final steps in the market segmentation process. The choice of a target market relies heavily on the marketer's judgement, after carrying out basic research to identify those segments with the greatest potential for the business.

    Occasionally a business may select more than one segment as the focus of its activities, in which case, it would normally identify a primary target and a secondary target. Primary target markets are those market segments to which marketing efforts are primarily directed and where more of the business's resources are allocated, while secondary markets are often smaller segments or less vital to a product's success.

    Selecting the "right" target market is a complex and difficult decision. However, a number of heuristics have been developed to assist with making this decision.

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