Segmentation and Estimation
Target Market: Purpose
The target market lies at the heart of any marketing enterprise. One would need to determine the characteristics of the consumer and potential consumers of a product to be able to shape the elements of the marketing mix. Marketers will consider a review or definition of the target market when:
• Launching a product
• Modifying a product or brand
• Changing elements of the marketing mix
• Identifying different trends in consumer behavior
• Evaluating a marketing problem or issue that may have occurred as a result of changing consumer attitudes and use of a product
Target Market: Structure and Description
Taking a step backwards from the problem, the first ...
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