Assume product is developed, tweaked and ready to sell.
The next thing a company needs is someone to notice, be interested in, engage with and hopefully become a champion of what the company has to offer.
The company has to figure out who these potential buyers might be. The process of figuring this out can also be called “Defining Your Target Market.”
To define a target market, essentially a group of people with similar characteristics, marketers use the concept of demographics.
Demographics split people into broad groups based on age, gender and income level. Marketers divide groups into more specific segments based on more specific characteristics like religious or political affiliation, region of the country, rural, suburban, or city dwelling. Getting even more specific, marketers like information about their target market’s preferences (i.e. food and even flavor preferences, movie and TV show preferences, etc.)
Knowing about demographics can help a business define it’s Target Market.
What makes you a target?