It will help you in creating a benchmark.
Always think about the market, know your competition and the pricing of the product. The next step is to understand your customer according to the region, income level, etc. So, there is a wide opportunity for water-purifier makers to enter into this segment and tap the market. We know that farm houses do not have a regular water connection and the water they get from underground is hard. For example, you make water purifiers – so you address the problem of contaminated water quality. Once it is done, the customers can be identified who are interested in that product. The first is to understand the problem of a customer whom you are addressing.
There are various steps involved in defining the target market.
Target marketing would revolve around deploying marketing techniques for a particular segment of markets which could be key to attract new customers, expand business opportunities across geographies and expand distribution network to widen the reach. Creating the target market involves conceptualizing the product, understanding the need of the product in a market, studying its target audience etc. In order to attract a particular segment of the market, the company at times, modifies the product accordingly. Target marketing involves breaking down the entire market into various segments and planning marketing strategies accordingly for each segment to increase the market share.ĭescription: In simple words, not all products can be consumed by all customers and each product has a different set of consumers who want to purchase the product. Definition: Target market is the end consumer to which the company wants to sell its end products too.
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