Find Your Customers With A Target Market Analysis

 

target market analysis outline

The second step is to select one or more of these market segments for targeting. Finally, you want to develop positioning strategies that communicate unique product or service benefits, which are relevant to those individual target audiences. Steps two and three in the process clearly pivot on accurate descriptions of your target market segments. A target market is a place where you are looking forward to sell your goods or services. It can be a company or individuals. Defining your target market, carrying out and examining everything about the market that has an effect on your business is called the target market analysis. If a business wants to be successful, then it should exactly what it needs to do in order to please its target market analysis millilgiters.gq it can’t even do that or if one doesn’t even know who its target market is supposed to be, then you shouldn’t expect that business to last too long in the industry.


Identifying Customers With A Target Market Analysis (Updated for )


According to Philip Kotler, Marketing Professor at the Kellogg School of Management at Northwestern University, the mass market has fractured into a plethora of micro-markets, each with its own profile and buying criteria.

In response, astute marketers are abandoning mass marketing techniques to focus on people who actually want what they sell. Consequently, understanding market segments is critical to tailoring strategies and offerings that fit the needs of specific market segments. Target marketing is a three-step process. The first step is to describe and profile distinct customer groups -- market segments -- that may respond to different product or service offerings or to a unique communication message and media mix.

The second step is to select one or more of these market segments for targeting. Finally, you want to develop positioning strategies that communicate unique product or service benefits, which are relevant to those individual target audiences. Steps two and three in the process clearly pivot on accurate descriptions of your target market segments.

This requires a thorough analysis of the two principal target market components: demographic and psychographic segmentation. The demographic of your target market describes its characteristics target market analysis outline observable and quantifiable factors that might include age, gender, geographical location, marital status, educational attainment, occupation status, household income, race and religion.

Huge demographic databases allow marketers to target market segments down to the neighborhood block. For instance, geographic data combined with other demographic data is a reliable predictor of who lives where by demographic characteristics.

This is useful for real estate development, target market analysis outline, locating new retail outlets, target market analysis outline, matching retail inventories to neighborhood preferences and location-based digital advertising.

Location-based advertising delivers ad messages to smartphones according target market analysis outline user location. Demographic data depict "who" is likely to buy a product or service. Psychographic analysis delves into the motivational aspects of buying behavior to provide insight into "why" people buy a particular product or service.

It classifies target markets by psychological factors such as lifestyles, interests, beliefs, opinions, attitudes, interests and behavior. Marketers generally agree that aspirations are more predictive of buying behavior than demographic data.

For instance, an hourly-paid fast food clerk's buying behavior would probably contradict her demographic given that her dream is to become a district manager with responsibility for multiple stores. The greater likelihood is that she buys stuff that enhances her view of herself, which is a psychographic lifestyle marker.

There is an abundance of demographic data in the public domain that is readily available at little or no cost. Census Bureau population reports provide a veritable cornucopia of information in a variety of formats and from a variety of inquiry perspectives. Acquiring psychographic data requires more effort, target market analysis outline. Start with web-based resources, such as the Nielsen PRIZM lifestyle reports, which examine the lifestyles of segmented social groups.

You can also create your own survey using the resources of online survey service providers. Lastly, consider outsourcing your research project to a research firm. Professional marketing research companies can design and execute survey studies and conduct focus groups to explore the psychographic profiles of target markets relevant to your business. George Boykin started writing in after retiring from a career in marketing management spanning 35 years, including several years as CMO for two consumer products national advertisers and as VP for an AAAA consumer products advertising agency.

Boykin mainly writes about advertising and marketing for SMBs. Video of the Day. What Is Target market analysis outline Data and Marketing? Share on Facebook. Target Marketing Target marketing is a three-step process. Demographic Analysis The demographic of your target market describes its characteristics by observable and quantifiable factors that might include age, gender, target market analysis outline, geographical location, marital status, educational attainment, occupation status, household income, race and religion.

Acquiring the Data There is an abundance of demographic data in the public domain that is readily available at little or no cost. About the Author George Boykin started writing in after retiring from a career in marketing management spanning 35 years, target market analysis outline, including several years as CMO for two consumer products national advertisers and as VP for an AAAA consumer products advertising agency.

 

How to Write a Target Market Analysis: 13 Steps (with Pictures)

 

target market analysis outline

 

Jan 09,  · A target market analysis is a study you do of your potential customers. Knowing how to do a market analysis will enable you to figure out exactly who you will market and sell millilgiters.gq: Mike Kappel. Sep 27,  · A market analysis is a good way to get clarity. Finally, if you are seeking funding, a market analysis is going to be key data to convince your audience that your business idea has the facts and hard numbers to back it up. Market analysis and your business plan/5(4). Jun 14,  · Relate Back to Your Business: All of the statistics and data you incorporate in your market analysis should be related back to your company and your products and services. When you outline the target market's needs, put the focus on how you are uniquely positioned to fulfill those needs.