What is the target market?

, also known as the target audience or target market, is the target market a specific group of consumers that the company wants to attract and sell its range of goods or services. The target market can be defined in terms of age, gender, sexual orientation, economic class, ethnicity, religion or location. This process of socio-economic grouping allows businesses to create profiles of a typical customer who is likely to buy products from the company, which in turn provides the basis for creating marketing and sales initiatives that allow the company to build clientele within this demographic group.

The identification of the target market is very important for the long -term operation of the company. Without a clear understanding of who is likely to be interested in the products offered by the company, it is very difficult to actively take steps to connect with potential customers. By defining the basic characteristics of a given target audience and then the process of building a customer base that canSociety to satisfy its needs and wishes is much easier.

While some companies focus on achieving and maintaining a specific target market, other businesses will try to establish continuing relations with consumers on several different markets. This helps isolate the company before sudden changes in the customer's taste or financial twists that affect the entire demographic group of consumers. For example, if a company grows one product line that addresses adolescents and the other, which attracts people aged fifty and sixty, the company can often compensate for unforeseen decreases in one demographic sales with a continued strong sale in the other.

Many companies use the concept of the target market to develop new product lines that allow the company to enlarge the size of its client base Witenký the same demographic. This means that a company that produces a spoMedal equipment, can create and sell a number of sports memor abandonments such as mural art, history of various sports or jewelry with a sports theme. Consumers who already buy sports equipment can also buy goods from additional lines because they trust products previously purchased from the manufacturer.

For no business, it is not unusual to assess your appeal on different target markets and determine whether it is necessary to expand to other markets. Even companies that have already diversified and have a strong presence in several markets will want to look for emerging markets where they can achieve various demographic data and at the same time stick to current clients. For this reason, the task of identifying and qualifying the target market is a permanent process for businesses of any size, from the trade with mothers and a pop ashtray down the street to a multinational society.