The target market is the ideal recipient of a service or product.
The market is a social institution that establishes the conditions for the exchange of goods and services . In the market, sellers and buyers enter into a business relationship to develop transactions, exchanges or agreements.
It can be said that, beyond a physical space, the market emerges or materializes at the moment when sellers interact with buyers and a supply and demand mechanism is articulated.
The notion of target market , objective market or target refers to the ideal recipient of a product or service. The target market, therefore, is the sector of the population to which a good is directed.
Determination of the target market
In addition to everything stated so far, it is important to be clear that in order to determine the target market, it is necessary to comply with a series of previous steps or standards:
• It is fundamental and essential that the target is completely compatible with the objectives and image of the company.
• In the same way, it is absolutely necessary that there is a perfect match between the resources that the aforementioned entity has and the market opportunities that the aforementioned target or objective market has.
• You must choose to establish a target that is profitable. This means, therefore, that it is essential that it allows it to generate a significant number of sales without having to make a large investment.
• Likewise, we must not forget that another of the fundamental rules that must be met when finding a target market is to take into account the segment in which the company's competitors are not strong at all. Hence, it is necessary to leave aside the segments in which rival entities do not show any sign of weakness or that are saturated.
Determining the target market is key to commercial success.
Some examples
The most common variables to determine a target market are age , gender and socioeconomic conditions . For example: a company plans to launch a new line of soccer cleats. The target market, in this case, will be made up of men under 50 years of age, since it is assumed that this type of boots are aimed at the male gender and those capable of carrying out sports activities.
A doll, to mention another case, will have girls up to 12 years old as its target market. No manufacturer will aim to seduce another type of buyer, since commercial logic indicates that a 30-year-old woman or a 21-year-old young man will not be interested in buying a doll.
Other criteria to establish the target market
Other criteria that are also used to determine the target market very accurately are the occupation that people perform in society, the cultural level they have, whether they are religious or not as well as the doctrine they profess, the habits they undertake and also the hobbies they have and that help them disconnect from the hard routine.
To define the target market, it is necessary to analyze consumer behavior. Only then will it be known which target to target and what type of marketing campaigns are advisable to develop for product positioning.