Quick Answer: What Is The Target Market Selection Process?

Who is your target audience example?

This group includes attributes, such as age, income, education, gender or geographic location.

Using demographic data you can target your campaign for example at young people (eg.

age 18-24), both female and male from towns with a population larger than 20,000..

How do you classify customers?

Take the time to examine your customer base to identify those who provide most of your income as well as those who contribute much less. Classify your customers into four categories: A, B, C and D customers. An A customer is among your best. They are loyal to your services, pay on time, and buy from you regularly.

Why is it important to know your audience?

Why is it important to know your audience? Knowing your audience helps you figure out what content and messages people care about. Once you have an idea of what to say, knowing your audience also tells you the appropriate tone and voice for your message.

How do you identify your target market?

Step One — Identify Why A Customer Would Want To Buy Your Product/Service. The first step in identifying your target market is understanding what your products/services have to offer to a group of people or businesses. … Step Two: Segment Your Overall Market. … Step Three: Research Your Market.

What are targeting strategies?

The selection of potential customers to whom a business wishes to sell products or services. The targeting strategy involves segmenting the market, choosing which segments of the market are appropriate, and determining the products that will be offered in each segment. Also called targeting. …

What factors are important in selecting a market target?

These include gender, age, income levels, race, education, religion, marital status, and geographic location. Consumers that fall into these groups tend to value the same products and services, which is why narrowing down these segments is one of the most important factors to determine target markets.

How do you target customers?

10 Steps To Target And Connect With Potential Customers…Survey Customers. … Research Your Competitors And Find Out Who Their Customers Are. … Target Ads. … Smart Social Media. … Respond To Every Email, Tweet, Facebook Comment, And Phone Call; Adjust Yourself As Necessary. … Affiliate Marketing. … Establish Trust In Your Community: Publish User Reviews, Get Likes, Syndicate Articles.More items…•

What are the 4 methods of targeting?

There are typically 4 different types of market targeting strategy:Mass marketing (undifferentiated marketing)Segmented marketing (differentiated marketing)Concentrated marketing (niche marketing)Micromarketing.

What are the four characteristics of a target market?

The four main types of market segmentation are:Demographic segmentation: age, gender, education, marital status, race, religion, etc.Psychographic segmentation: values, beliefs, interests, personality, lifestyle, etc.Behavioral segmentation: purchasing or spending habits, user status, brand interactions, etc.More items…

Why is a target market important essay?

Importance of Target Market: Target market is highly important as it caters the needs and the requirements of those customers which are segmented and targeted on the basis of their needs and demands. … Best Approach for my Product: For my product I would prefer undifferentiated market.

What are the major steps of the target market selection process?

Terms in this set (6)Target Market Selection Process. … Step 1: identify the appropriate target strategy. … Step 2: determine which market segmentation variables to use. … Step 3: develop market segmentation profiles. … Step 4: Evaluate relevant market segments. … Step 5: Select specific target markets.

What is meant by target market selection?

Target market represents a group of individuals who have similar needs, perceptions and interests. They show inclination towards similar brands and respond equally to market fluctuations. Individuals who think on the same lines and have similar preferences form the target audience.

What are the 3 target market strategies?

The three activities of a successful targeting strategy that allows you to accomplish this are segmentation, targeting and positioning, typically referred to as STP.

Why is it important to have a target market?

A target market is a group of consumers identified as likely purchasers of a company’s product. … Choosing a target market is important because it enables the firm to direct its resources to those customers with high potential for sales growth, interest in the product and loyalty to the brand.

What is a target market example?

Small businesses often target customers by gender or age. For example, a women’s clothing retailer directs its promotional efforts at women. Conversely, a large and tall men’s shop focuses its marketing efforts on tall and heavier men. Similarly, some small companies market to specific age groups.

How do we analyze market need?

How to conduct a market analysis: 7 stepsDetermine the purpose of your study. There are many reasons why businesses might conduct market research. … Look at your industry’s outlook. … Pinpoint target customers. … Compare your competition. … Gather additional data. … Analyze your findings. … Put your analysis into action.

Who are my competitors?

To find out who your competitors are, ask your customers where they came from or if they’ve used other businesses in the past. You may also ask them why they switched to your business. … Market research is an important part of growing your business and satisfying your audience.