|11/10/2015 - 12:52||aida.boukhris|
Potential target market
The pool of consumers in every major product category includes groups of people with a variety of wants, needs and personal characteristics. A firm's marketing challenge is to identify one or more of these groups as a potential target market -- buyers most likely to choose their brand instead of that of a competitor.
Four criteria can be used to determine the potential a target market:
1- Geographical segmentation:
Area: nation, region, canton, district...
Population density: urban, rural
Climate: north, south...
Language: German, French, Italian...
2- Demographical segmentation through age, gender, household size Income, profession, education Nationality, religion etc.
3- Social-psychological segmentation:
-Personality: lifestyle, independency, achievement of objectives (ambitious or indefferent), etc
-Social level: lower, middle or upper class
4- Behavioral segmentation through the identification of leisure activities, dietary habits, vacation planning, television habits, membership in clubs, etc.
After estimating the potential markets, entrepreneurs concentrate on the most profitable one(s). It is also possible to encounter similarities in several groups of buyers, and this will guide the marketing strategy of the organisation.