Target Market and Product Sales Target Market
Target Market:
A target market is a group of prospective customers, for whom a business is creating goods and services. This segmentation is conducted, based on multiple criteria, including demographics, psychographics, character traits as well as location.
Product Sales Target Market:
There might be a redundancy in the term “product sales target market,” as the “target market” itself will relate to the sales of a product. That target market is the group of people for which a firm designs its product.
Relationship between Target Market and Product Sales:
- Understanding the buyer’s market due to which the product can be designed, marketed, priced and sold is necessary for effective marketing and sales strategies. Knowing the qualities and needs of a target market, companies can control the features of their products, price, promotion or distribution to suit the taste of that market.
- For example, take a company that sells high-end health and fitness equipment; its target market could be wealthy people who consider health and fitness a top priority. In this situation the marketing communication will focus on the premium quality, advanced features, and health advantages of the product and the pricing strategy will be adapted to the audience’s income.
- The audience is clearly defined after which sales can be focused on convincing the identified target market. This approach is usually more efficient and effective, since it is more precise, rather than a “broad” and one-size-fits-all strategy.
How to define a Target Market for a Product?
A Target market is a group of people that have been identified as the most likely potential customers for a product because of their shared characteristics, such as age, income, and lifestyle. Identifying the target market is a key part of the decision-making process when a company designs, packages, and advertises its product.
What is Target Market?
Table of Content
- What is a Target Market?
- Defining a Product’s Target Market
- What are the 4 Target Markets?
- Why Are Target Markets Important?
- What are Market Segments?
- Target Market and Product Sales Target Market
- Frequently Asked Questions: