The market is a social institution that establishes the conditions for the exchange of goods and services. In the market, sellers and buyers enter into a business relationship to develop transactions, exchanges, or agreements.It can be said that, beyond a physical space, the target market arises or materializes at the moment in which the sellers relate to the buyers and a mechanism of supply and demand is verbalized.
The notion of the target market, or target refers to the ideal recipient of a product or service. The target market is the sector of the population to which a good is directed.
In addition to everything exposed so far, it’s important to be clear that to determine the target market; it’s necessary to comply with a series of previous steps or standards.
It’s fundamental and essential that the target be completely compatible with the objectives and the image of the company.
In the same way, there must be a perfect match between the resources that the entity above possesses and the market opportunities that the target above market has.
You have to choose to establish a profitable target. This supposes, that it is essential that it allows generating a significant number of sales without having to make a large investment.
Nor should we forget that another of the fundamental rules that must be met when finding a target market is taking into account the segment in which the competitors of the company are not strong at all.
Hence, we must set aside the segments in which the rival entities do not show any signs of weakness or that are saturated.
The most common variables to determine a target market are age, gender, and socioeconomic conditions. For example, a company plans to launch a new line of soccer boots into the market. The target market, in this case, will be composed of men under 50, since it is assumed that this type of booties is aimed at the male gender and those in conditions to carry out sports activities.
However, other criteria that are also used to determine very precisely the target market are the occupation that people perform in society, the cultural level they have, whether they are religious or not and the doctrine they profess, the habits that they undertake and also the hobbies that they possess and that serve them to be able to disconnect from the harsh routine.
A doll, on the other hand, will have as a target market girls up to 12 years old. No manufacturer will aim to seduce another type of buyer since commercial logic indicates that a 30-year-old woman or a 21-year-old will not be interested in buying a doll.
To define the target marketing, it is necessary to analyze the behavior of consumers. Only then will we know which target and what kind of marketing campaigns are convenient to develop for the positioning of the product.