Definitions for target market
tar·get mar·ket

WiktionaryRate this definition:0.0 / 0 votes

1. target marketnoun

   A group of people whose needs and preferences match the product range of a company and to whom those products are marketed

WikipediaRate this definition:0.0 / 0 votes

1. Target market

   A target market, also known as serviceable obtainable market (SOM), is a group of customers within a business's serviceable available market at which a business aims its marketing efforts and resources. A target market is a subset of the total market for a product or service. The target market typically consists of consumers who exhibit similar characteristics (such as age, location, income or lifestyle) and are considered most likely to buy a business's market offerings or are likely to be the most profitable segments for the business to service by OCHOM Once the target market(s) have been identified, the business will normally tailor the marketing mix (4 Ps) with the needs and expectations of the target in mind. This may involve carrying out additional consumer research in order to gain deep insights into the typical consumer's motivations, purchasing habits and media usage patterns. The choice of a suitable target market is one of the final steps in the market segmentation process. The choice of a target market relies heavily on the marketer's judgement, after carrying out basic research to identify those segments with the greatest potential for the business. Occasionally a business may select more than one segment as the focus of its activities, in which case, it would normally identify a primary target and a secondary target. Primary target markets are those market segments to which marketing efforts are primarily directed and where more of the business's resources are allocated, while secondary markets are often smaller segments or less vital to a product's success. Selecting the "right" target market is a complex and difficult decision. However, a number of heuristics have been developed to assist with making this decision.

WikidataRate this definition:0.0 / 0 votes

1. Target market

   A target market is a group of customers that the business has decided to aim its marketing efforts and ultimately its merchandise towards. A well-defined target market is the first element to a marketing strategy. The marketing mix variables of product, place, promotion and price are the four elements of a marketing mix strategy that determine the success of a product in the marketplace.

How to pronounce target market?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say target market in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of target market in Chaldean Numerology is: 1

2. Pythagorean Numerology

   The numerical value of target market in Pythagorean Numerology is: 4

Examples of target market in a Sentence

1. Honest Chocolate:

   It creates a build up and awareness... your target market is already activated.

2. Mike Woods:

   Then it dawned on me that we are struggling so much to bring the millennial generation into the game of golf, yet that's the absolute target market for soccer.

3. Benjamin Wilks:

   The BolderBoulder, for us, was a great way to showcase the service we provide, not necessarily to say it’s our target market, a 10K isn’t the distance where you’d need our service. Treatments are ideal for marathon runners, Ironman triathletes, long distance cycling, running or adventure races.

4. Glenn Schorr:

   Getting a company to turn on a 401(k) or a stock plan administration takes time, the good news is that they already have relationships with their target market customer and now it is up to them to convince them.

5. The ASA:

   We understood that Urban Outfitters’ target market was young people and considered that using a noticeably underweight model was likely to impress upon that audience that the image was representative of the people who might wear Urban Outfitters’ clothing, and as being something to aspire to, we therefore concluded that the ad was irresponsible.

References

1. ^ Wiktionary
   https://en.wiktionary.org/wiki/Target_Market
2. ^ Wikipedia
   https://en.wikipedia.org/wiki/Target_Market
3. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=target market