External Relationships
Introduction An organization is concerned with maintaining a healthy relationship with suppliers and customer, with whom they interact daily. However, for an organization to be successful, it has to maintain healthy and fruitful relation with all the stakeholders. These stakeholders may or may not be directly involved in the market. But they impact how business […]
Resource Based View – The VRIN Characteristics
Introduction The resource-based view (RBV) is a way of viewing the firm and in turn of approaching strategy. Fundamentally, this theory formulates the firm to be a bundle of resources. It is these resources and the way that they are combined, which make firms different from one another. It is considered as taking an inside-out […]
Industrial Advertising – Business to Business Advertising
The most popular terminology used for industrial advertising is Business to Business advertising. This type of advertising generally includes a company advertising its products or services for the companies which actually uses same or similar products or services or we can say that the advertising company should produce the products which the other company needs […]
5 Factors in Selecting an Affiliate Program
As an affiliate, one of the first major decisions that need to be made is selecting an affiliate program. This program then forms the basis of all the time and money that the affiliate would spend trying to generate a sustainable income. You cannot win too often if the playing field is unfavorable! Choosing the […]
Brand Management – Meaning and Important Concepts
Brand management is the process of developing, maintaining, and improving a business’ identity, reputation, and overall perception among its target audience. It involves creating a cohesive brand image that resonates with customers and differentiates your business from competitors. When managing your business’ brand, you have to consider the look of your logo, the tone of […]
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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