What are the 3 common target markets?

Key Takeaways

The three most common types of target marketing fall into demographic, geographic, or psychographic categories.

What are the different types of target marketing?

There are typically 4 different types of market targeting strategy:
  • Mass marketing (undifferentiated marketing)
  • Segmented marketing (differentiated marketing)
  • Concentrated marketing (niche marketing)
  • Micromarketing.

What are the 4 types of target market?

Demographic, psychographic, behavioral and geographic segmentation are considered the four main types of market segmentation, but there are also many other strategies you can use, including numerous variations on the four main types.

What are the 5 target markets?

Five ways to segment markets include demographic, psychographic, behavioral, geographic, and firmographic segmentation.

What is meant by target marketing?

A target market is a specific group of people with shared characteristics that a business markets its products or services to. Companies use target markets to thoroughly understand their potential customers and craft marketing strategies that help them meet their business and marketing objectives.

How do you define a target market?

What is a target market? A target market is a group of potential customers that you identify to sell products or services to. Each group can be divided into smaller segments. Segments are typically grouped by age, location, income and lifestyle.

Who is your target customer example?

A target customer is an individual that’s most likely to buy your product. And it’s a subset of the broader target market. For example, if your target market is female athletes between the ages of 13 to 25, a target customer could be female athletes in the specific age range of 13 to 16.

How do I identify my target market?

How to identify your target market
  1. Analyze your offerings. Ask yourself what problems your products and services solve, and, in turn, to whom they appeal. …
  2. Conduct market research. …
  3. Create customer profiles and market segments. …
  4. Assess the competition.

Who is your target audience example?

Your target audience might be a board market, or a niche one. For example, if you sell shoes you might focus on a wider market, as everyone wears shoes, regardless of age, gender, and interests.

What is the first step in target marketing?

The first step in identifying your target market is understanding what your products/services have to offer to a group of people or businesses. To do this, identify your product or service’s features and benefits. A feature is a characteristic of a product/service that automatically comes with it.

How do you select your target market?

How to Define Your Target Market
  1. Look at your current customer base.
  2. Check out your competition.
  3. Analyze your product/service.
  4. Choose specific demographics to target.
  5. Consider the psychographics of your target.
  6. Evaluate your decision.
  7. Additional resources.

How is target marketing done?

Definition: Target market is the end consumer to which the company wants to sell its end products too. Target marketing involves breaking down the entire market into various segments and planning marketing strategies accordingly for each segment to increase the market share.

Who is your target customer example?

A target customer is an individual that’s most likely to buy your product. And it’s a subset of the broader target market. For example, if your target market is female athletes between the ages of 13 to 25, a target customer could be female athletes in the specific age range of 13 to 16.

Who are your target customers?

Your target customer is the person you’ve identified as most likely to purchase your products, according to Entrepreneur.com. This is a much more segmented portion of your target market, as you’ve identified certain aspects of this individual.

How do you target customer segments?

How to segment your market
  1. Step 1: Create a list of potential target segments. …
  2. Step 2: Validate current thinking & assumptions with market research.
  3. Step 3: Narrow your list to the most promising segments. …
  4. Step 4: Select the target customer that offers the most near-term potential.

What do you mean by targeted marketing give examples?

For example, a children’s toy may have boys ages 9–11 as the target market and the boys’ parents as the target audience. It may also be defined as the consumer segment most likely to be influenced by an advertising campaign. The target market is also distinct from the buyer persona.

What is an example of a marketing strategy?

Its strategy is to stimulate interest in specific products or brands without directly promoting any brand. It also increases brand awareness and provides valuable information to customers. Example: A dog shampoo company writes a regular blog offering customers dog grooming tips. Read more: What Is Content Marketing?