What Do You Understand by Target Market? | Skillshare Projects



What Do You Understand by Target Market?

Out of the total market, the marketer selects those groups of customers to whom the marketer wants to cater to. A target market is defined by different authors as:

“Target market is a group of existing or potential customers with in a particular product market towards which an organization directs its marketing efforts.” —David Cravens and others

“A target market consists of a set of buyers who share common needs or characteristics that the company decided to serve.” —Kotler & Armstrong

It may be noted that target marketing is an integral part of the philosophy suggested by the marketing concept. The alternative of target market is to try to serve all potential customers in a mediocre fashion and thus to fall short in providing customer satisfaction and achieving organizational goals.

In target marketing, the seller identifies the parts (or segments) of the market, selects less or more of them and develops products and marketing mixes tailored to each, for example, some firms market their products only to ultimate consumers or their families, some clothing manufacturers have targeted within the market for women’s clothes or for woolen clothes, some firms produce only for supplies to the government, others provide goods and services to retail and wholesale buyers, and so on.

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