-
a target market is :: a group of present and potential customers a business intends to sell its products to.
-
The customers within the target market share similar characteristics such as:
- (age, income, lifestyle, location, spending patterns)
-
There are two main types of target markets:
? -
Primary target market: the segment that most of the marketing resources are directed at.
-
Secondary target market: a smaller and less important market segment.
Mass marketing approach
?
- seeks a large range of customers.
- Assumes individual customers in the target market have similar or homogenous needs.
- ==marketers develop a single marketing mix==, meaning;
- one type of product, one promotional program, one price, and one distribution system
- ==marketers develop a single marketing mix==, meaning;
Market segmentation approach
?
- SEE 0. market segmentation
- the total market is subdivided into groups of people who share one or more common characteristics
Niche market approach
?
- a narrowly selected target market segment.
- comprised of highly specialised and customised goods and service.
- (Niche market)