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Importance of Analyzing Target Market for Business Success

This lesson focuses on the significance of analyzing target markets and marketing niches in business ownership. It covers market segmentation variables like geographic, demographic, psychographic, and behavioral, emphasizing the importance of defining a target market and product positioning according to consumer perceptions. The discussion outlines how geographical, demographic, psychographic, and behavioral variables play a crucial role in identifying and reaching the target audience effectively through strategic marketing efforts.

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Importance of Analyzing Target Market for Business Success

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  1. Monday, September 23, 2013 • EQ: Why is being able to analyze a target market important?

  2. Standard • BCS-BE-36: The student demonstrates understanding of the concept of marketing and its importance to business ownership. • Element: Justifies the importance of defining a target market and marketing niche.

  3. Target Market • Target Market- • Group With Similar Needs/Wants • Product Positioning- • According To Consumers’ Perception

  4. Market Segmentation Variables • Geographic • Demographic • Psychographic • Behavioral

  5. Geographic Variables • Places Consumers Reside • Countries > Neighborhoods • Water = Boats • Mountains/Rural = Four-Wheel Drive Vehicles • Urban Area = Designer Clothing

  6. Demographic Variables • Age • Income • Gender • Ethnic Background • Marital Status • Race • Religion • Social Class • Others?

  7. Psychographic Variables • Lifestyle • Interests • Attitudes • Can Be Changed By Marketing Efforts

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