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Definition: Target market is the end consumer to which the company wants to sell its end products too. Target marketing involves breaking down the entire market into various segments and planning marketing strategies accordingly for each segment to increase the market share. Description: In simple words, not all products can be consumed by all customers and each product has a different set of consumers who want to purchase the product. In order to attract a particular segment of the market, the company at times, modifies the product accordingly. Creating the target market involves conceptualizing the product, understanding the need of the product in a market, studying its target audience etc. Target marketing would revolve around deploying marketing techniques for a particular segment of markets which could be key to attract new customers, expand business opportunities across geographies and expand distribution network to widen the reach. There are various steps involved in defining the target market. The first is to understand the problem of a customer whom you are addressing. Once it is done, the customers can be identified who are interested in that product. For example, you make water purifiers – so you address the problem of contaminated water quality. We know that farm houses do not have a regular water connection and the water they get from underground is hard. So, there is a wide opportunity for water-purifier makers to enter into this segment and tap the market. The next step is to understand your customer according to the region, income level, etc. Always think about the market, know your competition and the pricing of the product. It will help you in creating a benchmark. There are two important features, which the company should always consider before it decides to capture a separate market segment. First is the attractiveness of the segment, which means that it has less competition, high margin business etc. The second is that it falls in line with the company’s objective, vision etc.
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What do you call a group of potential customers to whom a company wants to sell its products and services?A target market is a group of people that have been identified as the most likely potential customers for a product because of their shared characteristics such as age, income, and lifestyle.
Which refers to a group of potential customers to whom a company wants?TARGET MARKET. -Refers to a group of potential customers to whom a company wants to sell its products and services. Target markets are generally categorized by age, location, income, and lifestyle.
What do you call a set of customers or clients who are already using a particular product or service?<p>Target Market</p> <p>Penetrated Market</p> Set of clients who are already using a particular product/service.
What type of customer who have not yet purchased your product but are considering it?Prospects: People who have not yet purchased your product but are considering it.
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Which of the following is called a group of potential customers to whom a company wants to sell its products and services?
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