What is the target marketplace?

A target market is a group of individuals who have been detected as the most likely prospects for a product due to their common features such as age, income, and lifestyle.

Target market identification is a key element in the decision-making process when a company designs, packages, and announces its product.

A target market is a group of customers who share demographics and have been identified as the most likely buyers of a business product or service.

It is important to identify the target market during the development and implementation of a successful marketing plan for each new product.

The target market can also shed light on the terms of reference, packaging, and distribution of a product.

Marketers break consumers down into four key segments:

· Demographics: These are the primary attributes that define your target market. Everyone can be identified as belonging to a particular age group, income level, gender, profession, and education level.

· Geography: This segment is increasingly relevant to the globalized age. Consideration should be given to regional preferences.

· Psychographic: This segment goes beyond the fundamentals of demography to look at lifestyle, attitudes, interests, and values.

· Behavioral: It is the only segment that relies on research in the decisions of a company's existing clients. New products may be introduced based on research into the demonstrated attractiveness of earlier products.

A target market defines both a product and the other way around. Once a target market is identified, it has the potential to influence the design, packaging, pricing, promotion, and distribution of a product.

A men's item will not be wrapped in pink plastic. A luxurious beauty will not be sold in a pharmacy. A pair of expensive shoes are delivered with a branded fabric drawstring bag as well as a shoe box. All these factors indicate to the intended audience that they have found the right product.

The identification of the target market is part of the process of the creation and refinement of a new product.

A target market may result in a consumer profile to which a product is most likely to please. The profile considers four main characteristics of this individual: demographic, geographical, psychology, graphics, and behavioral.A target market is a group of individuals who have been detected as the most likely prospects for a product due to their common features such as age, income, and lifestyle.

Target market identification is a key element in the decision-making process when a company designs, packages, and announces its product.

A target market is a group of customers who share demographics and have been identified as the most likely buyers of a business product or service.

It is important to identify the target market during the development and implementation of a successful marketing plan for each new product.

The target market can also shed light on the terms of reference, packaging, and distribution of a product.

Marketers break consumers down into four key segments:

· Demographics: These are the primary attributes that define your target market. Everyone can be identified as belonging to a particular age group, income level, gender, profession, and education level.

· Geography: This segment is increasingly relevant to the globalized age. Consideration should be given to regional preferences.

· Psychographic: This segment goes beyond the fundamentals of demography to look at lifestyle, attitudes, interests, and values.

· Behavioral: It is the only segment that relies on research in the decisions of a company's existing clients. New products may be introduced based on research into the demonstrated attractiveness of earlier products.

A target market defines both a product and the other way around. Once a target market is identified, it has the potential to influence the design, packaging, pricing, promotion, and distribution of a product.

A men's item will not be wrapped in pink plastic. A luxurious beauty will not be sold in a pharmacy. A pair of expensive shoes are delivered with a branded fabric drawstring bag as well as a shoe box. All these factors indicate to the intended audience that they have found the right product.

The identification of the target market is part of the process of the creation and refinement of a new product.

A target market may result in a consumer profile to which a product is most likely to please. The profile considers four main characteristics of this individual: demographic, geographical, psychology, graphics, and behavioral.