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TARGET MARKET AND SEGMENTATION

WHAT IS A TARGET AUDIENCE?

A target audience is a group of people that belongs to the target market divided by various elements such as age,gender,location,socio economic status and etc.

EXACT MEANING OF A TARGET MARKET:

A target market is a specific group of people with shared characteristics to whom a business markets it's products or services.It helps businesses craft compelling market strategies that can lead to successful market growth.

MARKET SEGMENTATION:

Market segmentation divides a target market into smaller,more defined categories.It segments customers and audiences into groups that share similiar characteristics such as geographic,demographics,psychrographics and behavioral.

1) GEOGRAPHIC:

Geographic segmentation can be defined as a geographic boundary such as a city or a zip code,the size of the city or type of a climate.

2) DEMOGRAPHICS:

Demographic segmentation refers to the statistical data about a group of people such as age,gender,occupation,religion,income and etc.

3) PSYCHOGRAPHIC:

Psychographic segmentation classifies audience and customers by factors that relate to their personalities and characteristics.

4) BEHAVIORALS:

This is where customers are grouped on the basis of their behaviour towards the product and service for example occasions,brand loyalty,benefits and etc

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