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Target Markets

Target Markets. DETERMINE THE TARGET MARKET. TARGET MARKET—A specific group of people you want to reach (Also called Market Segment) Companies can not meet everyone’s needs with any one product Focusing on a target market makes it easier to develop products people want.

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Target Markets

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  1. Target Markets

  2. DETERMINE THE TARGET MARKET • TARGET MARKET—A specific group of people you want to reach • (Also called Market Segment) • Companies can not meet everyone’s needs with any one product • Focusing on a target market makes it easier to develop products people want Marketing-Information Managment

  3. Importance of target markets More than 30 different varieties/flavors No single product can meet everyone’s needs

  4. Importance of Target Market “From a marketing management point of view, selection of the appropriate target market is paramount to developing successful marketing programs.” – Marketing Management 9th edition (Peter & Donnelly)

  5. Building a target market • Relies on Demographics-- information about customers • Age range, marital status, gender, educational level, attitudes, beliefs, income

  6. Market Segmentation • Demographic segmentation • Psychographic segmentation • lifestyle, personality, values and social class • Behavioral segmentation • knowledge of, attitude towards, use of or response to a product

  7. What effects our decisions? • Disposable Income--$$ that can be spent freely • Other reasons people buy items—past experience, referral by a friend, identification with an attitude

  8. Example: Marketing to Males • Men age 18 to 34 are a highly coveted demographic • Spend some time in “front of the screen” • Males make their decision based on “NOW”

  9. Male Shows/Products Advertised • Razors • Alcohol • Cars • Video Games • Sports Equip. • Sports Drinks • Shoes • Muscle Enhancements • Axe Body Spray

  10. Examples of Marketing to Men “UFC is definitely a younger guy's sport. Our target audience is anywhere from age 17 to 35. Women isn’t one of them. One of the things we have always said, is we know what this is for – it’s for males 18-34. And if women watch, that's just gravy for us – that’s beautiful.” – Dana White

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