In Anchor Assessment, Target Markets, Umbrella Assessment

Intermediate: Guide:Target Markets

Targeting is segmenting groups of a population, whether locally, nationally or internationally, into market segments. This is based on demographics, psycho-graphics, divisions and layers, until you pinpoint the exact specific criteria. Many businesses assume targeting is simple, since the Internet came around and they spend businesses dollars without any research and quick search on the Internet. This is called secondary research and hardly ever is very accurate, due to different circumstances. Businesses can spend a lot less understanding there audience through primary data”Targetng”. They can do this by understanding Markets. Understanding markets requires research on groups of a population/consumers who are interested in your product. The more data you collect through primary research. the more accurate and in-depth market segments and conclusive information you have to succeed in building a Marketing Strategy..Understanding your markets allows  for a lot less money spent uselessly, advertising to consumers that who would never buy your product.

If you are not selling much, and you have a good product, then you haven’t found your target market or markets. You may be able to fix this by creating a Target Market Analysis” and should include aspects,such as: the type of jobs they have and what hours they work, if they’re  married, , single, with children, wanting children, lower class, higher class or middle class. If you can find popular trends they like, you know exactly what type of site you want to advertise on or possibly make them a complimentary organization. Separate characteristic traits and hobbies to find very specific common ground of your target market profile.



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