by Tebello Hlalele
Biz Talk with Ace Moloi
Target market is a group of people that a company focuses its marketing mix on. It consists of 3 strategies used to identify a target market, but we will get to that later on.
Before we dwell on target markets and let’s try to break down a market. A market is consumed by either people or organisations that have needs and wants that can be satisfied and they are able and are willing to pay for a product.
A market segment is a subgroup of people that share similar characteristics that ignite a need for a certain product. We can define it individually because of a unique characteristic. We can furthermore define it as a large consumer market whereby all characteristics are taken into consideration.
Now let’s get back to a target market, as mentioned target markets can be attained using 3 strategies which are undifferentiated targeting, where the market is viewed as one big market and a mass-market philosophy.
Secondly, we have concentrated targeting where we focus on one segment of a market and work on attaining that segment.
Lastly we focus on multi-segment targeting, where a company targets multiple segments of a market as a whole and it works on their marketing mix to satisfy each market.
How do you identify your target market?
To get a clear view of your target market, one has to perfect their marketing mix which consist of product, distribution, promotion and pricing strategies.
A company must know its product as they know themselves. Have distribution channels for their product to be accessed easily. The marketing of the product must be top notch, more marketing, more sales.
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Until next week, bye-bye for now.
Tebello “PandaPreneur” Hlalele
Business Collumnist: FS News Online
Tebello is writing featured articles for FS News Online on weekly basis. He will be covering various Business related topics and answering relevant questions.
About the Author: Tebello Hlalele, a 22 year old entrepreneur, student and future leader from Meloding Virginia, currently residing in Bloemfontein. He is currently leading a programme called “Hustle on the move”. He aim is to get entrepreneurs in the Free State to reach their desired destinies. He also has a 30 minutes slot with Ace Moloi on Kovsie FM every Friday that interacts with entrepreneurs regarding their challenges.