{"id":261,"date":"2022-09-20T14:54:21","date_gmt":"2022-09-20T13:54:21","guid":{"rendered":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n5businessmanagement\/?page_id=261"},"modified":"2024-10-09T15:14:36","modified_gmt":"2024-10-09T14:14:36","slug":"targetmarket","status":"publish","type":"page","link":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n5businessmanagement\/targetmarket\/","title":{"rendered":"Target Market"},"content":{"rendered":"<h2><span style=\"color: #ff0000\"><strong>Market Segments and Target Markets<\/strong><\/span><\/h2>\n<p>Customers can be divided into groups who have similar characteristics \u2013 a \u2018<strong><span style=\"color: #ff0000\">market segment<\/span>\u2019<\/strong>.\u00a0 Ways of segmenting a market include by:<\/p>\n<ul>\n<li>Age e.g. child, teenager, adult<a href=\"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n5businessmanagement\/uploads\/sites\/10132\/2022\/09\/20145315\/Picture3.gif\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-262 alignright\" src=\"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n5businessmanagement\/uploads\/sites\/10132\/2022\/09\/20145315\/Picture3.gif\" alt=\"\" width=\"162\" height=\"140\" \/><\/a><\/li>\n<li>Gender e.g. male, female<\/li>\n<li>Income e.g. low, middle, high<\/li>\n<li>Life style and interests e.g. health conscious, vegetarian<\/li>\n<li>Geographical location e.g. urban, rural<\/li>\n<li>Socio-economic class e.g. upper, middle, working class.<\/li>\n<\/ul>\n<p>Customers in a market segment may have similar requirements which means organisations can <strong>target<\/strong> <strong>markets<\/strong> by offering different product versions, different prices, sold in different places, using different promotion methods.<\/p>\n<h2><span style=\"color: #ff0000\">Benefits of Target Marketing:<\/span><\/h2>\n<ul>\n<li><strong>Tailoring of products<\/strong> will be more appealing to that particular group of consumers because it needs their needs and wants. This will help increase sales.<\/li>\n<li><strong>Spreading the risk of failure<\/strong> by having a range of products as the business is not reliant on demand for a single product and\/or from a single target market.<\/li>\n<li><strong>Sale of products in the most appropriate places\u00a0<\/strong>to reach the chosen target audiences. This can maximise sales.<\/li>\n<li><strong>Tailoring of marketing and promotion techniques<\/strong> entices a businesses target market. It also stops money being wasted on activities that are not appropriate to certain market segments.<\/li>\n<\/ul>\n<h2><span style=\"color: #ff0000\"><a href=\"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n5businessmanagement\/uploads\/sites\/10132\/2022\/09\/20145316\/Picture4.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-263\" src=\"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n5businessmanagement\/uploads\/sites\/10132\/2022\/09\/20145316\/Picture4.jpg\" alt=\"\" width=\"135\" height=\"135\" srcset=\"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n5businessmanagement\/uploads\/sites\/10132\/2022\/09\/20145316\/Picture4.jpg 254w, https:\/\/blogs.glowscotland.org.uk\/glowblogs\/public\/n5businessmanagement\/uploads\/sites\/10132\/2022\/09\/20145316\/Picture4-150x150.jpg 150w\" sizes=\"auto, (max-width: 135px) 100vw, 135px\" \/><\/a><\/span><\/h2>\n","protected":false},"excerpt":{"rendered":"<p>Market Segments and Target Markets Customers can be divided into groups who have similar characteristics \u2013 a \u2018market segment\u2019.\u00a0 Ways of segmenting a market include by: Age e.g. child, teenager, adult Gender e.g. male, female Income e.g. low, middle, high Life style and interests e.g. health conscious, vegetarian Geographical location e.g. urban, rural Socio-economic class [&hellip;]<\/p>\n","protected":false},"author":79984,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-261","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n5businessmanagement\/wp-json\/wp\/v2\/pages\/261","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n5businessmanagement\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n5businessmanagement\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n5businessmanagement\/wp-json\/wp\/v2\/users\/79984"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n5businessmanagement\/wp-json\/wp\/v2\/comments?post=261"}],"version-history":[{"count":7,"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n5businessmanagement\/wp-json\/wp\/v2\/pages\/261\/revisions"}],"predecessor-version":[{"id":553,"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n5businessmanagement\/wp-json\/wp\/v2\/pages\/261\/revisions\/553"}],"wp:attachment":[{"href":"https:\/\/blogs.glowscotland.org.uk\/glowblogs\/n5businessmanagement\/wp-json\/wp\/v2\/media?parent=261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}