TARGET MARKETS

Topics: Marketing, Supply and demand, Target market Pages: 15 (285 words) Published: June 29, 2015
TARGET
MARKETS
Market Analysis

Target Market

- Your target customers are those who are most likely to buy from you.

Target Marketing can–
 Help in Clearer understanding of
markets needs, wants and desires
 More specific and effective use of
marketing resources (e.g. budget,
time expertise)
 More strategic approach Maximize
profit.

Importance

Steps of Market
Analysis:








Market Segmentation
Market Size
Market Dynamics
Competitors
Historical Background
Emerging Trends
Market Share

Identification of
Target Market

 Cannot serve all customers of this
universe.
 Divide the universe into market
segments, where buying or need
requirements is same i.e.
homogenous.
 Attack one or few market
segments.
 This is target marketing.

Market
Segmentation

The four basic market segmentation-strategies are
based on:

behavioral,
demographic,
psychographic,
and
geographical
differences.

 More fine tuned product
 Price it appropriately for the target
audience
 Fewer competitors
 Easier to manage resources

Benefits of
Segmenting the
Market

Market Size
The number of individuals in a certain market who are potential buyers and/or sellers of a product or service.

Market
Dynamics

Interaction between forces of demand and supply
and the pricing signals they generate.

 Supply/Demand
Equilibrium
 Demand changes Price
 Supply changes Price
 Simultaneous Supply and
Demand Changes

Market Dynamics

Competitors

 In business, a company in the same industry or a similar industry which offers a similar product or service. The presence of one or more competitors can reduce the prices of goods and services as the companies attempt to gain a larger market share.

Emerging
trends

 A percentage of total sales volume
in a market captured by a brand,
product, or company.

Market Share

Why is Market
analysis
necessary?








Srishti Rimal
Yasmine Shrestha
Supriya Mainali
Sachin Dongol
Nishan Burja Magar
Roshan Jayshwal

Group Members
B.Sc.IT 1st sem
Section- A

Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • The Selection of a Target Market Impacts on the Marketing Strategies Essay
  • Market Segmentation Essay
  • Essay about Chapter 3 – Positioning Services in Competitive Markets
  • Target Market Essay
  • Target Marketing Essay
  • Customer Value Proposition in Value Markets Essay
  • Bata Analysis of Markets and Segments Essay
  • Which target market(s) do you recommend for Volkswagen? What positioning should they use? Essay

Become a StudyMode Member

Sign Up - It's Free