Target Market & Segmentation
Olivia Jerkovic
Created on April 12, 2023
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Transcript
Target Market & Segmentation
Alot of us said some of the businesses cater to everyone? Do you think that's possible?
Wednesday we looked at Consumer market...
What do you think a target market is ?
Target Market : A particular group of consumers at which a product or service is aimed
You need to look at.... - Demographics - Psychographics - Behavioural - Geographic
How do you find your target market? Through Market segmentation!
We looked at demographics but heres a refresher
Gender
Age
Marital Status
Occupation / Education
Income
Race
Attitudes, personalities, beliefs, characteristics & interests
As Well As Psychographics
• Social activities they are interested in (sports, going to movies, clubbing) • Attitudes towards different things such as sales, shopping in malls, political parties • Lifestyle traits: are they 9-5 people, always on the run, homebodies?
Psychographics Include
Looking at customers based on the behaviors they exhibit. These behaviors include the types of products and content they consume, and the cadence of their interactions with an app, website, or business!
Behavioural
Geographical
Based on consumers location, is a basic but highly useful segmentation strategy. A customer’s location can help you better understand their needs and enable you to send out location-specific ads.
Who is the “idealcustomer” for this product?
Who is the “idealcustomer” for this product?
Who is the “idealcustomer” for this product?
Now a challenging one... Who is the “ideal customer” for burgers?
Who eats burgers? • Does age matter when choosing to eat a burger? • Does income matter? • Does ethnicity matter?
What factors do people look at when choosing a burger? • Cost • Quality • Size • Ingredients • Healthiness