A target market is a business' ideal customer base. Having a target market helps a business leader direct marketing funds to the customers most likely to buy from the business.
It is easiest to determine the target market in niche businesses, although all businesses, big or small, should know the target market's demographics. For example, a custom automotive upholstery shop's target market would be people who have custom cars and project cars, most frequently male, although not exclusively, in a higher-than-average income bracket. Secondary markets, which need to be identified as well as the target market, would include any other type of upholstery user, such as car lots, boat or motorcycle owners or restaurant owners.Learn More
Starbucks' target market is urban professional men and women between the ages of 25 and 40. This market segment is characterized by fairly high incomes, professional careers and a concern for social welfare. This demographic accounts for approximately 49 percent of Starbucks' total business as of 2015.Full Answer >
According to MyersBizNet, Pepsi-Cola's target market is young consumers, including those between 18 to 22 years of age. The assumption is that reaching new market segments is easier because young shoppers have not yet formed brand loyalty.Full Answer >
Starbucks' target market is urban professionals between the ages of 25 and 40, who make up almost half of the coffee chain's consumers. The target market for Starbucks is not gender specific.Full Answer >
A marketing analysis summary is a portion of a business plan that describes an industry and the owner's knowledge of the market. The summary is found after the company description in the business plan and includes conclusions and findings of the owner's research.Full Answer >