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 Kelloggâ€™s K Special which promises to reduce weight in just two weeks. The target market for Kelloggâ€™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.
How to select the Target Market ?
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:
Understand the lifestyle of the consumers
Age group of the individuals
Income of the consumers
Spending capacity of the consumers
Education and Profession of the people
Mentality and thought process of the consumers
Kind of environment individuals are exposed to
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 odour
Some would use it to fight germs and infections
Some for a fair and spotless skin
In 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.
People exposed to sun for a longer duration
Individuals travelling by public transport
Target Audience 2
To fight germs and infections - Soaps with medicinal properties
Individuals working in hospitals, nursing homes and research centres
Individuals working in unhygienic conditions
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 between age group 30 â€“ 50 years or above
Individuals with identical requirements form the target audience. A 20 year old girl canâ€™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