Would you rather be able to breathe underwater like a fish or have the ability to communicate with all sea creatures?
- Breathe underwater like a fish
- Communicate with all sea creatures
"Students will be able to describe target market, including segmentation."
Describe a target market in a few words.
Target markets are specific groups of people companies try to sell their products/services to. Understanding target markets helps companies create effective marketing plans. Target markets can be identified by demographic (age, gender, religion), geographic (location, climate, population type), behavioral (spending habits, loyalty, browsing habits), and psychographic (hobbies, life goals, values) segmentation.
Did you know that the average American household spends about $2,500 annually at Target? Target's main target market is millennials aged 18 to 34, but they also have a strong presence among Gen X and Gen Z shoppers. At any given time, Target carries about 100,000 different products in its stores!
Did you know?
Work together in pairs: What are some of the most common ways to group customers?
Brain break: Draw a monster with multiple eyes, mouths, and legs.
What is the definition of target market?
- The general population
- The specific group of people that a product or service is aimed at
- The competition
Why is it important to identify your target market?
- To increase production costs
- To create more effective marketing strategies and improve sales
- To reduce customer satisfaction
What are the factors used to identify a target market?
- Personal preferences, Social status, Income level
- Age, Gender and Religion
- Demographics, Psychographics, Behavioural patterns
Which of the following is NOT a factor used to identify a target market?
- Business size
- Income level
- Geographical location
What are some ways businesses can reach their target markets?
- Social media advertising, targeted email campaigns and search engine optimization (SEO)
- Billboards and TV commercials only.
- Flyers and brochures distribution.