A target market is a group of customers that the business has decided to aim its marketing efforts and ultimately its merchandise towards (Target Marketing). This means if you are going to be selling Happy Meals your target market would be children from age two to six. You would gear you commercials around the children and use the toys for enticement. Although you would get some older children and adults still your target market would be the two to six year olds. Describe the probable demographic characteristics of the target market for the following products?
Jaguar: Where this car can get very expensive, well into the $200,000 I believe your target market would be definitely upper-class with a yearly income of over $700,000. Age group would be between 35-40 years old and probably men. Chevy Cobalt: This car, although no longer in production would target the middle class worker with an average income of $36,000 yearly. Their target age group would be between 18 and 25. This car would be targeted for both women and men. It is a practical fuel efficient car. McDonalds: Although McDonalds caters to everyone, their target market would be lower to middle class with an average income of at least $12,000 yearly. Depending on what they decide to market their age group would be from two to 65. They have the happy meal for kids and senior citizen discounts.
They have a broad market span. They would target both men and women. Ruby River Steak House: The target market for this restaurant would be middle class with an average income of at least $36,000 yearly, both men and women ranging in age from 20 – 30. Is it possible to identify a single market for two distinctly different products? For example, how substantial is the market comprised of consumers who use Apple and who drive Volkswagens? Yes, you can identify a single market for two different products. People who drive Volkswagens may have an iPhone so they would need an iPhone hook up to the stereo in the car creating a great sound system.
Can you think of other product combinations that would interest a single market? Wal-Mart sells clothes and next to the clothes they have belts and purses and jewelry because you need to accessorize. When I would go to Barnes and Noble I would always get coffee and sit and read my book. It made for a quite relaxing atmosphere for me to read. I was glad they had the coffee shop inside the book store. Now I go to Starbucks and sit and read my Kindle or do research on my computer. When I go to the shoe store for a new pair of shoes they have purses in there as well. References:
Target Marketing. (n.d.). Retrieved June 25, 2013, from Wikipedia: http://en.wikipedia.org/wiki/Target_market