Intro to Marketing. Mr. Bernstein Target Markets and Market Segmentation September 25, 2013. Intro to Marketing Mr. Bernstein. Target Market The first step in marketing: define the Target Market A group of individuals or companies willing and able to buy a particular product.
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Target Markets and
September 25, 2013
The first step in marketing: define the Target Market
A group of individuals or companies willing and able to buy a particular product
Target Market: Segments
Should be able to segment Target Markets
Target Market segment should be measurable
Segment should be large enough to be profitable
Segment should be reachable
Finding Your Customers
Identify Why There is Buying Interest – What Are the Features and Benefits They Desire?
Segment the Target Market – Demographics, Psychographics, Geographics
Research Your Customer!
Demographics - personal characteristics
Psychographics – personal motivations
Geographics – locations
Other methods of categorizing segments include buying behaviors, product usage, benefits derived