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Identity Target Marketing Identify Target MarketIdentify Target Marketing
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Identify Target Market

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The target market is that group of people to which you aim all your marketing efforts. The more statistics you have about a target market, the more precisely you can develop your marketing strategy. Some examples of market segments (or groups) are:
  • Identify Target MarketDemographic Segment- Measurable statistics such as age, income, occupation, etc.
  • Psychographic Segment- Spending habits, emotional characteristics, brand loyalty patterns, and political position.
  • Use-based Segment- Frequency of usage such as recreational drinking, traveling, etc.
  • Benefit Segment- Desire to obtain the same product benefits such as luxury, thriftiness, comfort from food, etc.
  • Geographic Segment- Location such as home address, business address, etc.

Demographics is the study of the characteristics of a group of people including their interests, ages, heritage, income level, education, sex, family status, occupations, etc.

Identify Target MarketOnce you understand who your demographic is you can learn more about how they respond to your product or service by using a focus group. A Focus groups is usually between seven to twelve people who meet for a few hours to discuss your product or service. Focus groups are usually conducted by specialized research firms. Information gained from this type of research includes perceptions, emotions, issues and ideas.

Effective market research helps you determine:

  • the need for your service
  • a product's likelihood to sell
  • your target-market demographics

Your efforts are rewarded with increased sales and higher profits.

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