Definition of 'Target Markets'
Demographics are the characteristics of a population, such as age, gender, income, and education level. Psychographics are the attitudes, beliefs, and values of a population. Geographic location refers to the physical location of a population.
Once a company or organization has identified its target market, it can develop marketing strategies to reach that market. These strategies may include advertising, public relations, and social media marketing.
Target markets are important because they help companies and organizations to focus their marketing efforts and to reach the people who are most likely to be interested in their products or services. By understanding the needs and wants of their target market, companies and organizations can develop products and services that meet those needs and wants.
Here are some examples of target markets:
* A company that sells baby clothes might target parents of newborns.
* A company that sells sports equipment might target people who play sports.
* A company that sells travel insurance might target people who travel frequently.
Target markets can be defined in a variety of ways. Some companies and organizations use demographic data, such as age, gender, income, and education level. Others use psychographic data, such as attitudes, beliefs, and values. And still others use geographic data, such as location.
No matter how they are defined, target markets are an important part of marketing. By understanding the needs and wants of their target market, companies and organizations can develop products and services that meet those needs and wants.
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