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

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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