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Applied Marketing Strategies

2 Target Markets / Page 2.1 Introduction On this page: 1 of 1 attempted (100%) | 1 of 1 correct (100%)

Target Markets

Learning Objectives

1. Identify the target market’s demographic and psychographic characteristics as well as its needs and wants. 2. Develop a persona for use in marketing a product.

Introduction

Figuring out who your customers are involves a lot of detective work. While everyone is a unique individual, many companies find that their customers share some common characteristics. These common characteristics, often referred to as market segments, allow marketers to develop strategies to appeal to each segment.

As you explore this chapter, think of examples of how you have seen marketing clearly target different segments of the population, such as active older males or first-time parents.

Some key questions to consider in this chapter:

• How do you figure out who the customers for your offering are? • What are your customers’ wants and needs? • How can you use knowledge about your target market to effectively focus your marketing efforts?

MULTIPLE-CHOICE QUESTION

NOTIFICATIONS

Why are market segments important?

Correct. Market segments allow marketers to develop strategies that target different parts of

the population, such as active older males or first-time parents.

They allow marketers to develop strategies to appeal to different parts of the population.

They allow marketers to ignore customers’ wants and needs.

They allow marketers to appeal to stereotypes without studying their customers carefully.

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