{"id":42,"date":"2014-08-22T23:50:57","date_gmt":"2014-08-22T23:50:57","guid":{"rendered":"https:\/\/courses.candelalearning.com\/principlesmktg1x2kscope\/?post_type=chapter&p=42"},"modified":"2019-06-25T12:20:09","modified_gmt":"2019-06-25T12:20:09","slug":"5-0-module-overview","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/oakwood-principlesofmarketing\/chapter\/5-0-module-overview\/","title":{"raw":"Introduction to Target Markets","rendered":"Introduction to Target Markets"},"content":{"raw":"Suppose you have an idea for a great new offering you hope will become a hot seller. Before you quit your day job, you\u2019ll need to ask yourself, \u201cDoes my idea satisfy consumers\u2019 needs and add value to existing products?\u201d \u201cWho\u2019s going to buy my product?\u201d and \u201cWill there be enough of these people to make it worth my while?\u201dCertain people will be more interested in what you plan to offer than others. Not everyone needs homeowners\u2019 insurance, not everyone needs physical therapy services, and not every organization needs to purchase vertical lathes or CT scanners. Among those that do, some will buy a few, and a few will buy many.\r\n\r\nIn terms of potential buyers, not all of them are \u201ccreated equal.\u201d Some customers are more equal than others, however. A number of people might be interested in your product idea if it satisfies a need, adds value, is priced right, or if they are aware when your product exists in the marketplace.\r\n\r\nYour goal is to figure out which people and organizations are interested in your product ideas.\r\n\r\nTo do this you will need to divide or segment the people and organizations into different groups of potential buyers with similar characteristics. This process is called market segmentation<\/strong>.\r\n
What groups of buyers are similar enough that the same product or service will appeal to all of them?<\/blockquote>\r\nAfter all, your marketing budget is likely to be limited. You need to get the biggest bang for your buck by focusing on those people you truly have a shot at selling to and tailoring your offering toward them.","rendered":"

Suppose you have an idea for a great new offering you hope will become a hot seller. Before you quit your day job, you\u2019ll need to ask yourself, \u201cDoes my idea satisfy consumers\u2019 needs and add value to existing products?\u201d \u201cWho\u2019s going to buy my product?\u201d and \u201cWill there be enough of these people to make it worth my while?\u201dCertain people will be more interested in what you plan to offer than others. Not everyone needs homeowners\u2019 insurance, not everyone needs physical therapy services, and not every organization needs to purchase vertical lathes or CT scanners. Among those that do, some will buy a few, and a few will buy many.<\/p>\n

In terms of potential buyers, not all of them are \u201ccreated equal.\u201d Some customers are more equal than others, however. A number of people might be interested in your product idea if it satisfies a need, adds value, is priced right, or if they are aware when your product exists in the marketplace.<\/p>\n

Your goal is to figure out which people and organizations are interested in your product ideas.<\/p>\n

To do this you will need to divide or segment the people and organizations into different groups of potential buyers with similar characteristics. This process is called market segmentation<\/strong>.<\/p>\n

What groups of buyers are similar enough that the same product or service will appeal to all of them?<\/p><\/blockquote>\n

After all, your marketing budget is likely to be limited. You need to get the biggest bang for your buck by focusing on those people you truly have a shot at selling to and tailoring your offering toward them.<\/p>\n\n\t\t\t

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Candela Citations<\/h3>\n\t\t\t\t\t
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