What is meant by “target market”?
The focus of marketing effort is people. The goal is to reach a subset of the population who may be interested in your particular product. That group of people is your target market. The term target market is used because that market is the target at which you aim all your marketing efforts. The markets you are trying to reach are people with common characteristics that set them apart as a group. The more you know about a target market, the more precisely you can develop your marketing strategy. Describe the probable demographic characteristics of the target market for the following products (Measurable statistics such as age, income, or occupation): Jaguar: Definitely the wealthy, upper class or higher middle class people. Most likely an older, wealthier target market. Chevy Cobalt: Middle class people who are looking for an affordable car with good gas mileage. Age of the target market is probably mid-20s to senior citizens. McDonalds: From 5 years old to 95 years old. Lower Class, Middle Class, and even Upper Class people buy and consume McDonald’s products. They market happy meals for kids, late night snacks for young people, breakfast and coffee for older people. Ruby River Steak House: Aims their products at all age and classes as well. They advertise it as a family establishment with good food. I don't have one here in Louisiana but it is similar to our Outback Steakhouse which has that target market. Is it possible to identify a single market for two distinctly different products? Yes it is, there are many product combinations that can interest a single market. It builds sales in a business, and promotes other business as well. To understand the key sources of network value, it’s important to recognize the structure of the network. Some networks derive most of their value from a single class of users. An example of this kind of network is instant messaging (IM). While there might be some add-ons...
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