Renjith Krishnan
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Transcript of Renjith Krishnan
Renjith Krishnan
Marketing Unit
Target Market
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What is a Target Market?
Target Market - A specific group of consumers at which a company aims its products and services
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Target Market AKA
Market Segmentation
Why is determining a Target Market
Important ?
The better a company is at identifying their potential
consumers; the more successful they will be in delivering products and services that are in demand
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Your target consumers are those who are most likely to buy from you
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Focusing on a target market makes it easier to develop products
people want
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Who is the Target Market ?
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Tina Phillips
Andy Newson
Louise
Ambro
Dan
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Ambro
Ambro
Getideka
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Louisa Stokes
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How do youdetermine who
your target market is?
Ask these questi ons …
Is your product international, national, or local in scope?
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Are your target consumers male or female?
How old are they?
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Are you target consumers single, married, or divorced ?
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What level of education has your target consumers completed: high
school, college, or university?
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Where do they live?
Is geography a limiting factor for any reason?
What do they do for a living?
How much money do they make? This is most significant if you're
selling relatively expensive or luxury items.
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What is there lifestyle like: conservative, exciting, trendy, economical?
Are your target consumers easily led or opinionated?
What are your target consumers activities and interests: sports, physical fitness, shopping, books?
What other aspects of their lives matter?
What are the threebasic reasons
people buy things ?
To satisfy basic needs
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To solve problems
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To make themselves feel good
How do you startto determine
your target market?
Creating the target market may require the use of limited
product roll-outs and focus groups, allowing product managers to get a
feel for which aspects of the product are the strongest
What is a Roll Out?
Roll Out- The process of introducing a new product or service into the marketplace
What is a Focus Group?
Focus Group - A small group selected from a wider population and sampled, as by open discussion, for its members' opinions about or emotional response to a particular subject or area, used especially in market research or political analysis
Does your productmeet your
consumers, needs?
No single product can meet everyone’s needs
More than 30 different varieties/flavors
Not all products and services are meant for all types of consumers
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Resist the temptation to be too general in the hopes of getting a
larger slice of the market
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That's like throwing 10 darts in random
directions instead of aiming just one dead center
of the mark!
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What is the Importance of determining a
Target Market?
The beauty of target marketing is that it makes the promotion,
pricing and distribution of your products and/or services easier
and more cost-effective
Resources
http://www.entrepreneur.com/encyclopedia/term/82498.html
http://sbinfocanada.about.com/cs/marketing/a/targetmarket_2.htm
http://www.answers.com/topic/focus-group#ixzz1HQx89zFu
Information
Imageshttp://www.freedigitalphotos.net/http://www.google.com/imghp?hl=en&tab=wi
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**Please notice pictures are sited with artist name. All pictures not cited with artist name were obtained from Google images.