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What is a target market

Definition

A target market is a group of customers towards which a business has decided to aim its marketing efforts and ultimately its merchandise. A well-defined target market is the first element to a marketing strategy. The marketing mix variables of product, place (distribution), promotion and price are the four elements of a marketing mix strategy that determine the success of a product in the marketplace.
via Wikipedia

Types of target markets

Now that we addressed what is a target market on a high-level, it’s useful to also understand the different factors that can be used to define a target market within your context.

There are mainly 5 types of target market factors:

  1. Geographic segmentations – addresses (their location climate region)
  2. Demographic/socioeconomic segmentation – (gender, age, income, occupation, education, household size, and stage in the family life cycle)
  3. Psychographic segmentation – (similar attitudes, values, and lifestyles)
  4. Behavioral segmentation – (occasions, degree of loyalty)
  5. Product-related segmentation – (relationship to a product)

Knowing what is a target market is easy, the tricky part is knowing how to identify your target market.

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