The concept of target market must be contextualized in the field of marketing and also in the sphere of entrepreneurship. The target market is understood as the profile of potential buyers. In other words, to whom a product or service is directed.
The target market tag is not the only one, since there are others such as target market, target audience, as well as some terms in English (target group or directly target).
The diversity of potential customers
The market is made up of a wide diversity of potential customers and each customer sector has its own needs. This implies that a product or service is not addressed to all potential customers but only to a part of them. Marketing experts argue that targeting everyone or no one in particular is a formula that leads to failure.
Target market segmentation
To identify a segment of the population, the group of individuals must be divided into groups or segments. This classification process is called segmentation, that is, the grouping of potential customers according to a series of factors (geographical factors, demographics, income levels, their lifestyles or according to their cultural expectations). All these variables are decisive to specify a target market of customers.
To effectively target a target customer market, it is necessary to know the circumstances of each sector. For example, working women have little time and therefore need one type of food (ready-made and easy-to-make foods). If a food company is established in Mexico, it does not have to ignore that Mexicans like spicy.
Keep in mind that each client is looking for something specific; Some seek quality service, others need affordable prices and there are those who value aesthetic aspects.
In a marketing study to define a target market, very diverse variables must be incorporated: the psychological needs of consumers, the economic and social reality, the customs of a place or fashion trends.
An example of what not to do when searching for a target market
Let's imagine a commercial clothing firm that wants to sell sexy, comfortable, conservative clothes, for girls and young people, for mature women and for athletes. Addressing this wide range of the population implies not having an identity of its own and this makes it difficult to develop a successful marketing strategy.
We could say that this strategy would be like firing shots from all sides.
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