Market Research and CRM
One of the best applications of Market research is in the area of customer relationship management. It helps an organization to get an accurate and sharp feedback on their performance and through different customer opinions helps them to understand what customers feel about them. The following are some subjects in which market research could give […]
Steps in Building a Brand Name Product or Service
At times, organizations are often inspired by a variety of ideas to create products and services which can be offered locally or globally. Generally, such products or services require the establishment of a brand or company name. Often these brands include both logo and lettering and can do a long way in advertising such products […]
Challenges to the Retail Sector (As per Michael Porter s Five Forces Model)
Michael Porter’s Five Forces Model helps in the determination of the industry attractiveness and in analyzing the prospects of growth and opportunities by assessing the competitive trends and the intensity of the rivalry amongst the existing competitors. It is a major strategic tool used for determining the industry potential/prospects and the possible threats which may […]
Importance of Market Research to Organizations in an Age of Unpredictability
Market Research in the Age of Unpredictability We are living in an age of unpredictability. With sales forecasts and marketing projections going haywire, organizations find themselves unable to have a “grip on the present” and a “vision for the future”. Further, they also find that any forecast or projections about consumer behavior invariably turns out […]
Sales Skills for Consultative Selling
Consultative selling has gained global acceptance as the most effective sales process and has now been adopted by all industries and organizations from insurance to hotels, from airlines to hospitals including industrial, retain and all other sectors of business. Organizations have realized the need to be customer centric and build customer relationship to be centric […]
Target market represents a group of individuals who have similar needs, perceptions and interests. They show inclination towards similar brands and respond equally to market fluctuations.
Individuals who think on the same lines and have similar preferences form the target audience. Target market includes individuals who have almost similar expectations from the organizations or marketers.
Obese individuals all across the globe look forward to cutting down their calorie intake. Marketers understood their need and came up with Kellogg’s K Special which promises to reduce weight in just two weeks. The target market for Kellogg’s K Special diet would include obese individuals.
Individuals who sweat more would be more interested in buying perfumes and deodorants with a strong and lasting fragrance.
It is essential for the organizations or marketers to identify the set of people whom they want to target ?. Marketers must understand the needs and expectations of the individuals to create its target market.
The target audience must have similar needs, interests and expectations.
Similar products and brands should entice the individuals comprising the target market.
Same taglines and advertisements attract the attention of the target audience and prompt them to buy.
To select a target market, it is essential for the organizations to study the following factors:
Always remember you would never be successful if you try to impress everyone. Be specific.
Identify individuals who show similar characteristics. Put them in one group to create target market within a broad market.
Let us go through the below example:
Why do people use soaps ?
Some would use it against body odourIn the above case the product is same but the needs of the individuals are different. Consumers have different reasons as to why they use soaps.
Target Audience 1
Against body odour - Soaps with a strong and lasting fragrance.
Target Audience 2
To fight germs and infections - Soaps with medicinal properties
Target Audience 3
For a whiter skin - Soaps which improve the skin tone of individuals.
Target Audience 4
For a younger looking skin - Soaps which help get rid of wrinkles and fine lines of ageing
Individuals with identical requirements form the target audience. A 20 year old girl can’t be targeted along with someone who is 50 years old.
Online matrimony sites target young individuals aspiring to get married. The organizations strive hard to fulfil their expectations by providing suitable matches.
Other important factors like climatic conditions and geographical locations also play an important role in deciding the target market.
Deodorants and perfumes sell like hot cakes in humid and warm places.
Target Market for Beverages
Bournvita, Complan, Maltova, Boost - Growing kids
Soft drinks (Pepsi, Coke) - Teenagers
Fruit Juice (Real, Tropicana) - Health conscious individuals
Energy Drinks(Red bull) - Professionals, Office goers
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