The first step in a marketing strategy is selecting target market. Target market represents a group of individuals who have similar needs, perceptions and interests. They show inclination towards similar brands and respond equally to market fluctuations.
Individuals who think on the same lines and have similar preferences form the target audience. Target market includes individuals who have almost similar expectations from the organizations or marketers. It is essential for the organizations or marketers to identify the set of people whom they want to target? Marketers must understand the needs and expectations of the individuals to create its target market.
The target audience must have similar needs, interests and expectations. Similar products and brands should entice the individuals comprising the target market. Same taglines and advertisements attract the attention of the target audience and prompt them to buy.
To select a target market, it is essential for the organizations to study the following factors:
Understand the lifestyle of the consumers
Age group of the individuals
Income of the consumers
Spending capacity of the consumers
Education and Profession of the people
Gender
Mentality and thought process of the consumers
Social Status
Kind of environment individuals are exposed to
Always remember you would never be successful if you try to impress everyone. Be specific.
