Knowing your target market

DEFINITION: A target market is a group of customers that the business has decided to aim its marketing efforts and ultimately its merchandise.

[1] A well-defined target market is the first element to a marketing strategy. The target market and the marketing mix variables of product,place(distribution), promotion and price are the two elements of a marketing mix strategy that determine the success of a product in the marketplace.

Once these distinct customers have been defined, a marketing strategy and the combination of product, distribution, promotion and price can be built by the business to satisfy the target market.

By | 2017-06-26T21:40:26+00:00 March 30th, 2011|marketing tips, TIPS and TOOLS|Comments Off on Knowing your target market

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