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TARGET MARKET AND SEGMENTATION

 In todays class we learnt about what is target market and segmentation and how a magazine or any form of media is build up upon that. 


What is a 'target audience'?

Target Audience is a group of people belonging to the target market segregated by different characteristics like gender, income, region family etc. 

A particular product like a film or advertisement is aimed towards this particular group.


What exactly is a 'target market'?

A target market is a market place for a particular product or service comprising of existing customers, prospects and suspects who either use or will use a product.

Finding a target audience means finding people of certain interests, or of a certain age group, gender, marital status, geography, occupation, ethnicity and more.


'Market Segmentation':

This is a process of dividing the mass market based on certain parameters that are: geographic, demographics, psychographics, behavioral. 

1) GEOGRAPHIC:

this means grouping the customers based on defined geographical boundaries for example religion, country, population and climate

2) DEMOGRAPHICS:

this means grouping the customers based on customer personal attributes for instance age, gender, nationality, ethnicity, occupation, income, social class, family size, religion and education

3) PSYCHOGRAPHIC:

this means grouping customers according to their lifestyles for example lifestyle, personality, values, attitudes opinions and interests.

4) BEHAVIORAL:

this is where customers are grouped based on actual customer behavior toward product and services for example brand loyalty, benefits, user status, usage rates, occasions and many more. 


PSYCHOGRAPHIC:

This segmentation divided the market into groups based on social class, lifestyle and personality characteristics. It is based on the assumption that the types of products and brands on individual purchases will reflect that person's characteristics and patterns of living. 




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