Give a brief of the “target market”. Target market refers to the group of specific potential customers who are interested in availing the products or services provided by the enterprise. Deciding the “target market” is a very complex task. Deciding on the target market involves
- Deciding the basis on which the entrepreneurs or general market pursue through market research or analysis of the industry. The industry analysis or market research need to be performed by the entrepreneurs themself or by highly experienced professionals.
- Segmenting the market based on
- Consumer profile or characteristics. Examples are
- Geographic such as city, state, country
- Demographic such as age, gender etc
- Psycho-graphic such as life style, personality, education etc
- Buying situations. Examples are
- Buying conditions (time available etc)
- Desired features and specifications of a product
- Usability
- Choosing the segment that need to be targeted
- Prepare a marketing plan based on the product, sale price, promotion, delivery logistics etc.
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