What is TARGET MARKET?

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What is TARGET MARKET? What does TARGET MARKET mean? TARGET MARKET meaning - TARGET MARKET definition - TARGET MARKET explanation.

A target market is a group of customers a business has decided to aim its marketing efforts and ultimately its merchandise towards. A well-defined target market the first element of a marketing strategy. Product, price, promotion, and place are the four elements of a marketing mix strategy that determine the success of a product or service in the marketplace. It is proven that businesses must have a clear definition of their target market as this can help reach its target consumers and analyze what their needs and suitability are.

A target market is a group of people considered likely to buy a product or service. A target market consists of customers that share similar characteristics, such as age, income and lifestyle, to which a business directs its marketing efforts and sells its products. As marketing efforts are becoming increasingly online based, the need to find the right audience for marketing campaigns is essential. One of the first steps in developing an effective marketing campaign is determining an appropriate target market so that marketing goals can be set and implemented.

Target markets can be separated into primary and secondary target markets. Primary target markets are those market segments to which marketing efforts are primarily directed and secondary markets are smaller or less important. For instance, the primary target market for a jewellery store might be middle aged women who care about fashion, and their secondary target market could be middle aged men who may want to buy gifts for the women in their lives.

It is important for a business to identify and select a target market so it can direct its marketing efforts to that group of customers and better satisfy their needs and wants. This enables the business to use its marketing resources more efficiently, resulting in more cost and time efficient marketing efforts. It allows for better understanding of customers and therefore enables the creation of promotional materials that are more relevant to customer needs. Also, targeting makes it possible to collect more precise data about customer needs and behaviors and then analyze that information over time in order to refine market strategies effectively.