Answered Essay: How do you define the “Target Market?” How do you think marketers analyze consumer

How do you define the “Target Market?” How do you think marketers analyze consumer demand and identify a market segment?

Expert Answer

The target market can be defined as that segment of customers whose need and wants are to be satisfied by the products, offerings, and services of the firm. The firms try to produce the products and services in such a manner so that these can be successful in fulfilling the requirements of the target market.

The demand of the customers is identified by the number of sources such as by conducting the marketing surveys and asking the customers what they want and look for. Apart from this they firms can also have a close interaction with the members of their supply chain such a retailers and distributors as these participants of supply chain remains in direct touch with the customers and thus have a better understanding.

In order to segment the market, the marketer tries to find out the various common elements which are common to the customers. On this basis of mutually shared factors, the different customers can be grouped in different class or segment. The various basis of market segmentation can be age, income, product type, geography, buying patterns, customer needs, or other classifications.

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