In other to ascertain whether Martha has identified the best target market for Trap-Ease we will look at what is a market and what does target markets involves.
A market is the set of actual and possible buyers of a product or services and marketing involves the process by which
individuals and groups obtain what they need and want through creating and exchanging products and values with each other.
Before targeting a market segmentation has to take place. The division of a market into different homogeneous groups of consumers is known as market segmentation. Rather than offer the same marketing mix to vastly different customers, market segmentation makes it possible for firms to tailor the marketing mix for specific market, thus better satisfying customer needs. A market segment should be:
- accessibly by communication and distribution channels
- different in its response to a marketing mix
- substantial enough to be profitable
The four primary bases on which markets are segmented are:
- geographic – this is based on regional variables such as region, climate, population density, and population growth rate
- demographic – is based on variables such as age, gender, ethnicity, education, occupation, income and family status
- psychographic – based on variables such as values, attitudes, and lifestyle
- behavioral – based on variables such as usage rate and patterns, price sensitivity, brand loyalty and benefits sought
When the market has been segmented the firm now has to choose its target market. A target market is a set of buyers who share a common need or characteristic that the company decides to serve. The firm does that by evaluating the attractiveness of the segment and the fit between the segment and the firm’s objectives, resources, and capabilities.
Martha has chosen women as its target market but Martha has to consider whether the woman is the