TARGET MARKETS
DETERMINE THE TARGET MARKET TARGET MARKET—A specific group of
people you want to reach (Also called Market Segment)
Companies can not meet everyone’s needs with any one product
Focusing on a target market makes it easier to develop products people want
Mar
keti
ng-
Info
rmat
ion
Man
agm
ent
No single product can meet everyone’s needs
Importance of target markets
More than 30 different varieties/flavors
“From a marketing management point of view, selection of the appropriate target market is paramount to developing successful marketing programs.” – Marketing Management 9th edition (Peter & Donnelly)
Importance of Target Market
Relies on Demographics-- information about customers Age range, marital
status, gender, educational level, attitudes, beliefs, income
Building a target market
Market Segmentation
Demographic segmentation Psychographic segmentation
lifestyle, personality, values and social class
Behavioral segmentation knowledge of, attitude towards, use of or
response to a product
What effects our decisions? Disposable Income--$$ that can be
spent freely Other reasons people buy items—past
experience, referral by a friend, identification with an attitude
Example: Marketing to Males
Men age 18 to 34 are a highly coveted demographic
Spend some time in “front of the screen”
Males make their decision based on “NOW”
Male Shows/Products Advertised Razors Alcohol Cars Video Games Sports Equip. Sports Drinks
Shoes Muscle Enhancements Axe Body Spray
Examples of Marketing to Men
“UFC is definitely a younger guy's sport. Our target audience is anywhere from age 17 to 35. Women isn’t one of them. One of the things we have always said, is we know what this is for – it’s for males 18-34. And if women watch, that's just gravy for us – that’s beautiful.” – Dana White