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Concept
Target market
Summary
A target market, also known as serviceable obtainable market (SOM), is a group of customers within a business's serviceable available market at which a business aims its marketing efforts and resources. A target market is a subset of the total market for a product or service.
The target market typically consists of consumers who exhibit similar characteristics (such as age, location, income or lifestyle) and are considered most likely to buy a business's market offerings or are likely to be the most profitable segments for the business to service by OCHOM
Once the target market(s) have been identified, the business will normally tailor the marketing mix (4 Ps) with the needs and expectations of the target in mind. This may involve carrying out additional consumer research in order to gain deep insights into the typical consumer's motivations, purchasing habits and media usage patterns.
The choice of a suitable target market is one of the final steps in the market segmentation process. The choice of a target market relies heavily on the marketer's judgement, after carrying out basic research to identify those segments with the greatest potential for the business.
Occasionally a business may select more than one segment as the focus of its activities, in which case, it would normally identify a primary target and a secondary target. Primary target markets are those market segments to which marketing efforts are primarily directed and where more of the business's resources are allocated, while secondary markets are often smaller segments or less vital to a product's success.
Selecting the "right" target market is a complex and difficult decision. However, a number of heuristics have been developed to assist with making this decision.
A target market is a group of customers (individuals, households or organisations), for which an organisation designs, implements and maintains a marketing mix suitable for the needs and preferences of that group.
Target marketing goes against the grain of mass marketing.
Official source
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