How Do You Write A Target Market Analysis?

What is a target market example?

Small businesses often target customers by gender or age.

For example, a women’s clothing retailer directs its promotional efforts at women.

Similarly, some small companies market to specific age groups.

Companies selling life insurance for people close to retirement age may target people 50 and over..

What should be included in a target market?

These include gender, age, income levels, race, education, religion, marital status, and geographic location. Consumers that fall into these groups tend to value the same products and services, which is why narrowing down these segments is one of the most important factors to determine target markets.

How do you identify and analyze your target market?

Here are some tips to help you define your target market.Look at your current customer base.Check out your competition.Analyze your product/service.Choose specific demographics to target.Consider the psychographics of your target.Evaluate your decision.Additional resources.

What is another word for target market?

What is another word for target market?publicaudienceconsumersdevoteesfanbasefollowershipmarketpatronagesupportersbuffs39 more rows

What are the 4 types of market segmentation?

Types of Market SegmentationGeographic Segmentation. While typically a subset of demographics, geographic segmentation is typically the easiest. … Demographic Segmentation. … Firmographic Segmentation. … Behavioural Segmentation. … Psychographic Segmentation.

What are the types of target market?

The four main types of market segmentation are:Demographic segmentation: age, gender, education, marital status, race, religion, etc.Psychographic segmentation: values, beliefs, interests, personality, lifestyle, etc.Behavioral segmentation: purchasing or spending habits, user status, brand interactions, etc.More items…

What are the 4 types of audiences?

The 4 Types of AudienceFriendly. Your purpose: reinforcing their beliefs.Apathetic. Your purpose is to first to convince them that it matters for them.Uninformed. Your requirement is to educate before you can begin to propose a course of action.Hostile. You purpose is to respect them and their viewpoint.

What are the four characteristics of a target market?

A target market enables your efforts to more focused. Make sure your target market meets these four characteristics. There are thousands of potential target markets and various ways to look at market – needs-based, size, geography, demographics (industry), etc.

Who is Prada’s target market?

Target Market and Consumer Profile Prada’s primary target market consists of men and women ages 18-34, but consumers of a variety of ages are attracted to the brand. The secondary target market for Prada are children.

What are the 3 types of audiences?

Three Types of Audience Three types of audiences are the “lay” audience, the “managerial” audience, and the “experts.” The “lay” audience has no special or expert knowledge.

What is a target audience in writing?

Your target audience is your intended audience. They are the group of readers that you want to read your document or you expect will read your document. These are the people you are designing your document for. Your target audience should understand everything you write.

What are the four basic marketing strategies?

What are the 4 Ps of marketing? The 4 Ps of marketing is a famous concept that summarizes the 4 basic pillars of any marketing strategy: product, price, place, and promotion.

How do you target more customers?

Use the information about your existing customers to develop a target audience for your business in its drive to win new customers and increase sales….Here is a rundown on the techniques available:Cold calling. … Networking. … Develop champions of your products. … Affiliate marketing. … Leverage your website. … Advertising.

What is a target analysis?

Target analysis is an examination of potential targets to determine military importance, priority of attack, and weapons required to obtain a desired level of damage or casualties.

How do you write a target audience?

To build a target audience profile, simply follow these four steps:Create broad descriptions of your ideal customers.Research your potential customers’ demographics.Identify the needs and problems of your target audience.Determine where customers will find you.

What is a target market strategy?

A target market is a defined group most likely to buy a company’s products or services. A marketing strategy is selecting and describing one or more target markets that a company’s product or service will identify for business opportunities.

What are the 3 target market strategies?

The three activities of a successful targeting strategy that allows you to accomplish this are segmentation, targeting and positioning, typically referred to as STP.

What are the four factors used to describe a target market?

Four factors used to describe a target market are demographics, geographics, psychographics, and behavioral characteristics. Explain how much segmentation can help a company increase its market share.

How do you identify prospective customers?

Identify your potential customersGeography : region , population, climate.Demographics : age, gender, income, family size, family lifecycle.Psychographics : lifestyle, personality, interests, habits, values.Behaviour : usage, loyalty, readiness to purchase, attitude towards product, buying decision.Benefits : social status, health, emotions.

What makes a good market analysis?

What to include in your market analysis. Your market analysis should include an overview of your industry, a look at your target market, an analysis of your competition, your own projections for your business, and any regulations you’ll need to comply with.