Quick Answer: What Is A Target Market Example?

How do you define a target market?

A target market refers to a group of potential customers to whom a company wants to sell its products and services.

Identifying the target market is an essential step for any company in the development of a marketing plan.

Not knowing who the target market is could cost a lot of money and time for a company..

Why is a target market important?

A target market is a group of consumers identified as likely purchasers of a company’s product. … Choosing a target market is important because it enables the firm to direct its resources to those customers with high potential for sales growth, interest in the product and loyalty to the brand.

Why is Nike such a successful brand?

By offering more products to more people, in more markets than any other sports company, they are able to capture a far greater market share of the market than any other company. Like most leaders in the market, Nike values the consumer and the importance of providing a quality product.

Why is Netflix so unique?

Netflix rigorously tests its algorithm with a group of roughly 300,000 users every year and continually makes adjustments as time goes on. It seems that what makes the Netflix recommendation algorithm so remarkable is its ability to simultaneously shape and be shaped by the various tastes of its users.

What are the four targeting strategies?

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 basic types of customers?

3 types of customers and how to approach themCheap customers. The first one is the cheap customers. These type of customers buy based on price. … Educated customers. These customers buy based on value. These people are educated about the things they buy. … Driven customers. These people buy based on emotions.Jul 20, 2018

What is Nike’s target market?

Although with apparel and sports the market can be broad, for the most part Nike primarily targets consumers who are between the ages of 15-40. The company caters to both men and women athletes equally, and is placing an increasing focus on tweens and teens to build long-term brand loyalty.

How do you identify customers?

Customers may be grouped by similar variables, such as age, gender, occupation, education, income levels, geographic location, industry, number of employees, number of years in business, products or services offered or other defined criteria.

What are the types of target market?

The four main types of market segmentation are:Demographic segmentation: age, gender, education, marital status, race, religion, etc.Psychographic segmentation: values, beliefs, interests, personality, lifestyle, etc.Behavioral segmentation: purchasing or spending habits, user status, brand interactions, etc.More items…

How do you target customers?

10 Steps To Target And Connect With Potential Customers…Survey Customers. … Research Your Competitors And Find Out Who Their Customers Are. … Target Ads. … Smart Social Media. … Respond To Every Email, Tweet, Facebook Comment, And Phone Call; Adjust Yourself As Necessary. … Affiliate Marketing. … Establish Trust In Your Community: Publish User Reviews, Get Likes, Syndicate Articles.More items…•Oct 26, 2015

Who is Netflix target market?

Netflix subscribers in the U.S. has an estimated 60M paid subscribers in 2019. The chosen target market is the age group of 35–44 as it is the largest growing segment by 24 percent as per available data from 2017. Projected growth of 60 percent makes this target market for the U.S. very compelling.

What type of market is Nike?

oligopoly market structureThe company is operating under the oligopoly market structure. It has close competitors such as Puma, Adidas, and Armour among others. Its products are enjoying high demand due to their quality and proper marketing strategy employed by the company’s management.

Who is Lego’s target market?

The target audience of Lego is mainly the kids in 1 to 15 years age group. However, the company also has a large base of customers and followers among the grown ups.

How do you write a target market analysis?

In this article, we explain what a target market analysis is, describe what to include in one, provide examples and outline steps for conducting a target market analysis….Conduct market research. … Identify your overall market. … Segment your target demographics. … Select your ideal market. … Make projections. … Create the document.Mar 26, 2021

How do I identify my target market?

Here are some tips to help you define your target market.Look at your current customer base.Check out your competition.Analyze your product/service.Choose specific demographics to target.Consider the psychographics of your target.Evaluate your decision.Additional resources.Jan 5, 2021

Who is Nike’s biggest competitor?

Here are top Nike’s competitors and alternatives:Adidas. Established in 1949, Adidas is a global brand and Nike’s top competitor. … New Balance. Founded in1906, New Balance expanded to become one of the top footwear brands in the world. … Puma. … Reebok. … Converse. … Fila. … Under Armour. … Lululemon.More items…•Jan 30, 2021

New data shows that Ireland had the biggest Netflix media library in the world, with 6,379 titles available on the platform as of January 2021. Second was Malaysia with 6,361 titles, followed by Indonesia and Philippines.

What are the 3 target market strategies?

The three activities of a successful targeting strategy that allows you to accomplish this are segmentation, targeting and positioning, typically referred to as STP.