The target market is the specific group of consumers toward which a firm directs its marketing efforts. It is selected from the larger overall market.
In selecting a target market, marketing strategists examine potential markets for their possible effects on the firms’ sales, costs and profits.
No company can operate in every market and satisfy every need. No can even do a good job within one broad market. Even mighty IBM cannot offer the best solution for every information processing need.
Companies do best when they define their target market carefully and prepared a tailored marketing programme.
Target market can be selected by appealing to the entire market with one marketing mix, concentrating on one segment, or appealing to multiple market segments using multiple marketing mixes.
Target markets could be smokers who are concerned about white teeth (for Colgate toothpaste), people concerned about sugar and calories in the soft drinks (diet coke) or college students needing inexpensive about town transportation (Yamaha scooter).
Correctly defining the target market is critical to creating a successful marketing strategy. Developing a marketing strategy for the wrong target market is a recipe for disaster.
The strategists attempt to determine whether the organization had their resources to produce a marketing mix that meets the needs of a particular target markets and whether satisfying those needs is consistent with firm’s overall objective.
Target market
