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    Identification of The Target Market 1

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    Nezuko
    The document discusses identifying the target market. It defines the target market as the buyers of a product. It describes factors to consider when describing the target market, such as benefits of the product and potential for market expansion. The document also discusses business-to-business and business-to-customer target markets. It provides tips for identifying market problems and outlines problem-solving research approaches. Finally, it discusses analyzing market needs and performing a market analysis through both quantitative and qualitative methods.

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    Identification of The Target Market 1

    Uploaded by

    Nezuko
    174 views16 pages
    The document discusses identifying the target market. It defines the target market as the buyers of a product. It describes factors to consider when describing the target market, such as benefits of the product and potential for market expansion. The document also discusses business-to-business and business-to-customer target markets. It provides tips for identifying market problems and outlines problem-solving research approaches. Finally, it discusses analyzing market needs and performing a market analysis through both quantitative and qualitative methods.

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    Identification of the Target Market 1

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    The document discusses identifying the target market. It defines the target market as the buyers of a product. It describes factors to consider when describing the target market, such as benefits of the product and potential for market expansion. The document also discusses business-to-business and business-to-customer target markets. It provides tips for identifying market problems and outlines problem-solving research approaches. Finally, it discusses analyzing market needs and performing a market analysis through both quantitative and qualitative methods.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    174 views16 pages

    Identification of The Target Market 1

    Uploaded by

    Nezuko
    The document discusses identifying the target market. It defines the target market as the buyers of a product. It describes factors to consider when describing the target market, such as benefits of the product and potential for market expansion. The document also discusses business-to-business and business-to-customer target markets. It provides tips for identifying market problems and outlines problem-solving research approaches. Finally, it discusses analyzing market needs and performing a market analysis through both quantitative and qualitative methods.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 16

    IDENTIFICATION OF

    THE TARGET MARKET


    DEFINITION
    TARGET MARKET IS THE BUYER OF THE
    PRODUCT.

    ACCORDING TO PHILIP KOTLER – A TARGET


    MARKET IS A WELL DEFINED SET OF
    CUSTOMERS WHOSE NEEDS THE
    ORGANIZATION PLANS TO SATISFY.

    ULTIMATE AND FINAL USER

    8/05/20XX C O N F E R E N C E P R E S E N TAT I O N 2
    DESCRIPTION OF THE TARGET MARKET
    1. Distinguish or determine the consumer from the customer

    2. Explore the benefits of the proposed product to the target market.

    3. How an why would the target market buy the product or service?

    4. Is there a potential to increase the target market?

    8/05/20XX C O N F E R E N C E P R E S E N TAT I O N 3
    B2B

    BUSINESS TO BUSINESS
    MARKETS:
    1. TARGET MARKET

    2. FREQUENCOF PRODUCT PURCHASE

    3. TENDENCY FOR REPLACEMENT NEEDS


    VERSUS EXPANSION PURCHASING PROCESS.

    4. ESTIMATE OF MARKET SIZE, INITIAL


    TARGETE GEOGRAPHIC AREA, ENTERPRISE’S
    TARGETE MARKET SHARE.

    8/05/20XX C O N F E R E N C E P R E S E N TAT I O N 4
    B2C
    1. DEMOGRAPHIC FACTORS, SUCH AS INCOME LEVEL, AGE, RANGE,
    BUSINESS TO GANDER, EDUCATIONAL LEVEL, ETHNICITY OF THE TARGET MARKET
    CUSTOMER 2. PSYCHOGRAPHIC FACTORS OF THE TARGET MARKET
    MARKET 3. BEHAVIORAL FACTORS SUCH AS FREQUENCY OF PRODUCT PURCHASE
    INCLUDES: AND SHOPPING BEHAVIOR OF THE TARGET MARKET.

    8/05/20XX C O N F E R E N C E P R E S E N TAT I O N 5
    CATEGORIES OF CONSUMER
    1. PRICE SHOPPERS

    2. BRAND LOYAL CUSTOMER

    3. STATUS KEEPERS

    4. SERVICE FEATURE SHOPPERS

    5. CONVENIENCE SHOPPERS

    8/05/20XX C O N F E R E N C E P R E S E N TAT I O N 6
    1. Existing customers are the people
    who have already purchased the
    product you are selling

    IDENTIFY THE
    MARKET PROBLEM 2. Target market users are the people in
    your target market who are not
    currently looking for a soltuion

    8/05/20XX C O N F E R E N C E P R E S E N TAT I O N 7
    3. prospects are the people who have
    not yet purchased your product but
    have an intention to

    IDENTIFY THE
    MARKET PROBLEM

    8/05/20XX C O N F E R E N C E P R E S E N TAT I O N 8
    TIPS IN IDENTIFYING MARKET
    PROBLEM
    1. Focusing only on innovation and the competition

    2. Focusing only on customers

    3. Focusing only on revenue

    8/05/20XX C O N F E R E N C E P R E S E N TAT I O N 9
    HOW TO EVALUATE
    MARKET PROBLEMS?

    1. Consider if the market problem is urgent.

    2. Evaluate if the market problem is


    pervasive or easily diffused, if yes think
    for a temporary solution

    3. Determine if the buyers will pay to have


    this problem.

    8/05/20XX 10
    PROBLEM- IDENTIFICATION
    RESEARCH
    1. Brand Image is the impression in the consumer
    mind of a brand’s total personality.

    2. Market characteristics describes attributes of the


    buyers in making decision related in purchasing a
    certain product

    3. Market potential is the estimated maximum total


    sales revenue of all suppliers of a product in a
    market during a certain period.

    4. Market share is a percentage of total sales volume


    in a market captured by a brand , product or
    company.

    8/05/20XX C O N F E R E N C E P R E S E N TAT I O N 11
    1.DISTRIBUTION RESEARCH
    PROBLEM 2. MARKET SEGMENTATION
    SOLVING 3. PRICING RESEARCH
    RESEARCH 4. PRODUCT RESEARCH
    5. PROMOTIONAL RESEARCH

    8/05/20XX C O N F E R E N C E P R E S E N TAT I O N 12
    MARKET NEED ANALYSIS

    IN ANALYZING THE MARKET NEED, THE FOLLOWING QUESTIONS


    SHOULD BE ASKED:

    1. WHO WILL GET INTERESTED IN MY PRODUCT?

    2. WHAT DOES THE MARKET NEED OR WANT?

    3. WHO IS BUYING THE PRODUCT ? WHAT AND HOW MUCH? OR


    HOW, WHERE AND WHY ARE THEY BUYING THOSE GOODS AND
    SERVICES

    8/05/20XX C O N F E R E N C E P R E S E N TAT I O N 13
    MARKET ANALYSIS
    QUANTITATIVE AND
    QUALITATIVE ASSESSMENT OF
    A MARKET ABILITY TO
    RESPOND POSITIVELY.

    8/05/20XX C O N F E R E N C E P R E S E N TAT I O N 14
    HOW TO DO
    MARKET
    ANALYSIS?

    1. DEMOPGRAPHIC AND SEGMENTATION

    2. TARGET MARKET

    3. MARKET NEED

    4. COMPETITION

    8/05/20XX C O N F E R E N C E P R E S E N TAT I O N 15
    THANK YOU!!

    8/05/20XX C O N F E R E N C E P R E S E N TAT I O N 16

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