A target market is a group of people considered likely to buy a product or service. A target market consists of customers that share similar characteristics, such as age, location, income and lifestyle.
Target markets can be separated into primary and secondary target markets. Primary target markets are those market segments to which marketing efforts are primarily directed and secondary markets are smaller or less important. For instance, the primary target market for a jewellery store might be middle aged women who care about fashion, and their secondary target market could be middle aged men who may want to buy gifts for the women in their lives.
Target markets or also known as target consumers are certain clusters of consumers with similar or the same needs that most businesses target their marketing efforts in order to sell their products and services. Market segmentation including the following:
- Geographic – Addresses, Location, Climate, Region
- Demographic/socioeconomic segmentation – Gender, age, wage, career, education.
- Psychographic – Attitudes, values, religion, and lifestyles e.g. Socially Aware; Traditionalists, Conservatives, Active ‘club-going’ young professionals.
- Behavioral segmentation – (occasions, degree of loyalty) e.g. Tech-savvy (aka tech-heads); Heavy users, Enthusiasts; Early adopters, Opinion Leaders, Luxury-seekers, Price-conscious, Quality-conscious, Time-poor.
- Product-related segmentation – (relationship to a product)
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