What are the different types of target markets?
The common types of target markets are – geographic segmentation (location-based), demographic segmentation (population-based), psychographic segmentation (lifestyle and socio-economic-based), and behavioral segmentation.
How is a target market defined?
A target market is a group of people with some shared characteristics that a company has identified as potential customers for its products. Identifying the target market informs the decision-making process as a company designs, packages, and markets its product.
How do you describe a target market example?
A target market is the segment of consumers most likely to want or need a business’s products or services. This group of people is a subset of the business’s total market. For example, a children’s toy may have boys ages 9–11 as the target market and the boys’ parents as the target audience.
What is service marketing triangle with example?
Service Marketing Triangle Service marketing triangle a dynamic model where there are three interlinked groups that work together to develop, promote, and deliver services. These key players are labeled on the points of the triangle – Company, Customer and Providers(employees).
What is service triangle explain in detail?
The service triangle outlines all the relationships that exist between the company, the employees and the customers. Furthermore, it also outlines the importance of systems in a services industry and how these systems help achieve customer satisfaction.
What are the three types of target market?
There are typically 4 different types of market targeting strategy:
- Mass marketing (undifferentiated marketing)
- Segmented marketing (differentiated marketing)
- Concentrated marketing (niche marketing)
- Micromarketing.
What are the three different target market approaches?
Although you can approach market segmentation in many different ways, depending on how you want to slice up the pie, three of the most common types are demographic segmentation, geographic segmentation, and psychographic segmentation.
What are two types of target market activities?
Four ways to segment your target market are demographic, geographic, psychographic and behavioral segmentation.
- Demographic Segmentation of a Market.
- Geographic Segmentation of a Target Market.
- Psychographic Segmentation of a Target Market.
- Behavioral Segmentation Based on Consumption Habits.
What are the four factors used to describe a target market?
This paper has defined four factors for targeting an attractive market, i.e. size of market, growth, stability, and competition that affects the business or firm to target an attractive market is analyzed using rational analysis. It aims to identify the positive effects of such factors in determining the target market.