What is the Target Market?
The country's consumers can be divided into so many different consumer groups. Based onwhich consumer groups they lie in, the consumers will have different needs. Also they will finddifferent things that appeal to them. So before we launch a marketing campaign, we need toidentify which set of people does our business cater to?What we mean by this is, that we need to know who are our customers? What kind of life dothey live? Who influences their buying decision? What kinds of media are they exposed to? Howmuch purchasing power do they have? Etc.Knowing this information, we can target our marketing campaign to appeal especially to thisgroup of customers we have chosen.Many a times, we may find that the product or service we are offering is consumed by not onlyone group of people. We may find that our product has many varied uses and hence has manyvaried possible consumers. Because of this we may want to choose more than one group of people as our target market. DO NOT DO THIS! I repeat DO NOT DO THIS!Our marketing strategy will fail if we try to be everything to everybody. When we make amarketing strategy we have to choose only one group of people and design our marketingstrategy so that it appeals to the group we have selected.If we have many groups of people to choose from, choose only the group of people that we can best cater too and will offer the best opportunities to grow.
if we are a small firmthat makes women’s perfumes, our target market could be teenage girls, housewives, rich womenwho can afford to spend highly on perfumes and other such accessories etc. We could chooseany one of these customer groups as our target market. Suppose we choose the rich womengroup then our marketing plan will be designed to appeal to rich women. The price of our