What Is a Target Market?

 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.
 Identifying the target market is a key part of the decision-making process when a company
designs, packages, and advertises its product.
 A target market is a group of customers with shared demographics who have been identified as
the most likely buyers of a company's product or service.
 Identifying the target market is important in the development and implementation of a
successful marketing plan for any new product.

Example:

For instance, some market segments in the pleasure target market may include travelers, funs of
sporting activities, passion for wildlife and excursion services for lovers or couples among others

Market segmentation-

 is the process of dividing the market into subsets of customers who share common
characteristics. The four pillars of segmentation marketers use to define their ideal customer
profile (ICP) are demographic, psychographic, geographic and behavioral

Marketing professionals divide consumers into four major segments:

 Demographic: These are the main characteristics that define your target market. Everyone
can be identified as belonging to a specific age group, income level, gender, occupation, and
education level.
 Geographic: This segment is increasingly relevant in the era of globalization. Regional
preferences need to be taken into account.
 Psychographic: This segment goes beyond the basics of demographics to consider lifestyle,
attitudes, interests, and values.
 Behavioral: This is the one segment that relies on research into the decisions of a company's
current customers. New products may be introduced based on research
What are the advantages of market segmentation?
 Market segmentation helps you qualify customers of your product or service and serve
them with more personalized marketing campaigns that speak to their unique needs. A
good market segmentation strategy will help you

Example:

Typical examples of areas in which commonsense segmentation approaches are regularly used include
profiling respondents based on their country of origin, profiling certain kinds of tourists (e.g., culture
tourists, ecotourists) and profiling tourists who spend a large amount of money at the destination (big
spenders).

Market positioning is a strategic exercise we use to establish the image of a brand or product in a
consumer's mind. This is achieved through the four Ps: promotion, price, place, and product. The more
detailed your positioning strategy is at defining the Ps, the more effective the strategy will be.

Example:

the individuality of Monaco is positioned as “The fairy tale that doesn't end in the dark