When I business needs to market a product they must aim their marketing towards their target market in order to achieve effective sales. Target markets are always different depending on the product and a well-defined target market should be one of the 1st priorities of a new business. The target market can be surmised based on 3 main aspects: The Product, The Location & The Price.
The Product
Obviously different products would have different users and therefore different target markets. A child could not buy a car, a teenager is less likely to buy a hearing aid and an adult is less likely to want a game boy. This alone however does not help to define the target market as it is not always the consumer who purchases the product. for example if a child wanted a game boy it would likely be the parent who goes out and buys it as a gift and so in that example the target market would be people aged approximately 15- 30 as this incorporates people likely to consume the product as well as the parents of children and young teenagers who would not be able to afford one on their own.
The Location
This aspect is important because many products may not be useful or enjoyable outside of the context in which they were designed. for example people who live in the centre of a major city are significantly less likely to require gardening equipment than people who live in more rural areas. On a larger scale fads, trends and even cultural differences can make a major difference in the consumption of products in different countries. For example a bible will sell better in predominantly Christian countries especially overly religious ones. Therefore it can be correctly assumed that the best place to market a bible is the USA.
The Price
People likely to buy foie gras are not also likely to buy asda smart price cola. The reason being that people who need to go for the cheaper option would more often than not be unable to afford foie gras and people who can afford foie gras will not feel the need to buy a cheaper inferior product. People with money often have an over all more refined taste compared to the more wholesome regular tastes of the everyman. Therefore the amount of money someone has will drastically effect what target market they should be put in and when attempting to figure out what your target market should be you must take the price of your product into consideration.
Conclusion
Therefore if I was given a children's book to be sold at £6.99 I would first determine that I should be marketing it to parents in their late 20's - early 30's as they are likely to be the people with children the corresponding age. I would then determine that the parents would likely be on an average to low income as the book is affordable and finally I would aim a large portion of my marketing towards people in small towns as these places tend to be more wholesome and family friendly. This would not be the exclusive demographic however as people out side of this very specific target market would also wish to buy the product and as such a smaller portion of the marketing would be aimed at other demographics.
http://en.wikipedia.org/wiki/Target_market
http://www.answers.com/Q/Which_country_buys_the_most_copies_of_the_Bible
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