ENTREPRENEURSHIP

MARKETING
PRESENTED BY: GROUP 1

TARGET MARKET
What is a Target Market?
It is a specific group of consumers at
which a company aims irs products and
services.
 TARGET MARKET
AKA
MARKET SEGMENTATION
Why is determining a Target
Market Important?

The better a company is at identifying their

potential consumers; the more successful they will
be in delivering products and services that are in
demand.

Your target consumers are those who are most

likely to buy from you.
 Who is the Target Market?
A target market is a group of customers within a
business's serviceable available market at which a
business aims its marketing efforts and resources.
How Do You Determine Who
Your Target Market is?
ASK THESE QUESTIONS...
Is your product international, national, orlocal in scope?
Are yourtarget consumers male orfemale? How old are
they?
Are you target consumerssingle, married, or divorced ?
Where do they live?
Is geography a limiting factorfor any reason?
What do they do for a living?
What isthere lifestyle like: conservative, exciting, trendy,
economical?
What are the three basic
reasons people buy things?
To satisfy basic needs.
To solve problems.
To make themselves feel good.
How Do You Start to
Determine Your Target
Market?

Creating the target market may

require the use of limited product
roll-outs and focus groups,
allowing product managers to get a
feel for which aspects of the product
are the strongest.

What is a Roll Out?

ROLL OUT
It is the process of introducing a new product or
service into the marketplace.
What is a Focus Group?
FOCUS GROUP
A small group selected from a wider population
and sampled, as by open discussion, for its
members'opinions about or emotional response to a
particular subject or area, used especially in market
research or political analysis.
Does your product
meet your
consumers needs?
- No single product can meet
everyone’s needs.
- Not all products and services
are meant for all types of
 consumers.
What is the Importance of
Determining your Target Market?
The beauty of target marketing is that it
makes the promotion, pricing and distribution of
your products and/or services easier and more
cost-effective.
Thank
you!