Business

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BUSINESS 1

A target market comprises of a group of persons whom the companyexpects will buy its product and to whom the marketing effort will bedirected to. When defining a company’s target market, it shouldavoid generalizing the customers instead, it should research on allthe possible information about the target customers. The informationabout the target customers may be classified as geographic, whichdeals with their physical location demographic, which providesinformation such as their education levels, occupation, income, andage. Also, when defining the target customers, the company shouldconduct a psychographic segmentation which provides information suchas shared values, attitudes and lifestyles of the individuals in thecompany’s mind. Other types of information that are importantinclude behavioral and product-related segmentation. There arenumerous benefits that come with identifying the company’s targetmarket, the major being that it reduce wastage and at the same time,increase the effectiveness of the marketing strategies. Without atarget audience, the company does not know which mass media platformto use when placing its advertising messages. On the other hand, whena company understands its target market, it can assess informationsuch as their age brackets which helps in obtaining very importantinformation that helps in deciding the marketing strategies to useand in prioritizing its resources. For example, in case the companyidentifies its target market as the youth, it can easily settle onplacing advertising messages on media programs that target peoplefrom this age group such as programs with secular music.Additionally, it can know where to reach out to its target customersat a reduced cost, for example in the case of youths as the targetmarket a company can never go wrong if it decides to use socialmedia to reach out to them. Besides, defining the target market isalso beneficial to the audience as it helps them in decision makingon which product to buy as information from the company reach themfaster.