Target Market Explanation

644 words | 3 page(s)

The target market can be substantially described as the set of measures that business people tend to employ to attract their target customers. For individuals to establish and effective target market, it is required that they understand their customers as well as their exact needs. Thus, target market requires effective planning and development of strategies for the effectiveness of outcomes. Various market innovations and strategies have been developed lately to aid business people in establishing a strong relationship with their customers but target market has grown into a core tool of marketing products to the consumers basing on their underlying needs, hobbies, and interests. More importantly, the target market is primarily the refinement of the idea of generational marketing as well as cohort marketing that was employed by the advertisers in the past years (Friedmann, 2009).

Market segmentation is the process of grouping potential buyers basing on their individual needs to ensure that they offer similar response regarding specific sets of market actions. Consequently, market segmentation is usually employed by companies in categorizing their buyers basing on how they value specific goods or services. Therefore, the underlying idea behind the operational ability of market segmentation is to establish sets of measures that can be used to develop focus on the prospects for the purpose of perfecting and modifying the goods and services that a business person or company will be offering. If used effectively, market segmentation can be an important tool for necessitating the acquisition of increased returns in business (Friedmann, 2009).

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The marketing mix is a combination of measures, tactics, and ways that a company or a business person might employ to establish their competitiveness in the market. The market mix is primarily described by price, product, place as well as promotion. Price can be described as the value that is attached to a given brand or product. In the contrary, companies and business people should be rational and considerate enough in establishing their pricing methods for the effectiveness of their market competitiveness. The product is primarily the actual product that is being sold to the consumers. The product should be designed to deliver a minimum level of performance for the effectiveness of other elements of the market mix. The place is the location of the point of sale and lastly, promotion refers to all sets of activities that can be employed to make the product known to the user and the market (Friedmann, 2009).

Various strategies can be employed to reach the market targets. Unlike the past couple of years, technology has empowered individuals and companies to nail their psychographics and demographics in a simple and cheap manner. For instance, if you have e-mail addresses of your customers, you can utilize them to contact and reach them. In addition to that, you can conduct a survey to establish your market and meet the needs of the customers. Phone calls can also be used to reach potential customers but more importantly, you can conduct a few conversations that are effective and compelling to the customers. From there you will be able to reach a huge market area through your original customers who will automatically spread information about your brands or products (Friedmann, 2009).

Psychology of target market is a technique that is used to capture the psychological interests of the customers and using them for grouping depending on the levels of their needs. Business people and companies use the attitude and feedbacks that they obtain from their customers during marketing for alienating and segmenting them into groups. Nonetheless, the use of people who are quick in understanding the psychological aspects of the customers during campaigns and initiation of ideas is the best way of gaining much from the psychology of the target market. Therefore, effective planning of niche marketing and direct marketing should be conducted for the efficiency of the psychological aspect of the target market (Friedmann, 2009).

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