What is the Meaning of Target market | Definition and What is Target market
The market is a social institution which sets out conditions for the exchange of goods and services. The market sellers and buyers are engaged in a business relationship with the aim of making transactions, exchanges or agreements.
It is worth mentioning that the physical space, the market beyond arises or materialises the moment sellers create a link with buyers and that a mechanism of supply and demand is articulated.
The notion of target market concerns the ideal recipient for a product or service. The target market is the sector of the population to which a property is addressed.
The more usual to determine a target market variables age, sex and socio-economic conditions. For example: a company is planning to launch a new line of football shoes. The target market, in this case, will be composed of men of age 50, because it assumes that this type of boots suitable for male persons who are able to participate in sports activities.
A doll, on the other hand, will market-target girls aged 12 years or less. No manufacturer will seek to seduce another type of purchaser, given that, according to the logic of trade, no 30-year-old woman nor even a 21-year-old woman will be interested in buying a doll unless it is to offer it to someone.
To define the target market, it is necessary to analyze the behavior of consumers. It is only after that that we know what public should target and what kind of marketing campaigns is the most suitable for positioning the product in question.