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Target Market

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Target market is defined as that group of recipients to whom a specific product or service is directed. Originally, the target markets were groups of individuals that were grouped by age, gender or social profile.

At present, the markets are considered sets of potential buyers and the human concept is taken into account, in addition to the above mentioned. Users may have different buyer profiles depending on how they make a purchase or what their decision making is about it. Sometimes the ideal customer profile is also used to know the target market of a company.

Factors to determine a target market:

Three main factors:

- Geographical

The geographical regions are taken into account when determining the products or services that are addressed to them and the citizenship that resides in them. For example: products that are destined for more tropical areas such as Tenerife will be more resistant to heat.

- Age

Age is a factor to be taken into account by the preference changes that consumers have throughout their lives. For example: a teenager may be interested in risky sports and an adult in quieter sports such as swimming. The products will be oriented to this factor taking into account these keys.

- Gender

You can choose to divide the target market by gender to guide the campaigns depends on the article being published or do it in a way that's attractive to both sexes. For example: a perfume oriented to women, but that causes attention in men as a possible gift of value.

Advantages of defining the target market

The following stand out:

1- Resources are optimized: knowing the target market that a company is targeting allows you to select the most appropriate channels to market the products or services. Define the strategy, communication, distribution and promotion for this, saving costs if this step is clearly defined.

2- Create a more efficient service or product: when conducting a previous investigation, the demand will be better known and the offer can be oriented to meet the needs of the specific public.

3- Creation of new products or services: knowing the target market, you can define and create products that meet your needs. Sometimes these products are produced after knowing the market to which a company is directed.

4- Know the potential demand of the product: knowing social, demographic or economic factors, among others, will give a more concrete and clear idea about the potential demand that exists for the created product or service.

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