Target Market
What is a target market?
This is the specific group of customers a business aims to sell to.
What is field research?
Surveys, observation, and focus groups are examples of this.
What are the 7 P’s?
Product, Price, Promotion, Place, People, Physical Evidence, and Process
What is penetration pricing?
A low price used to enter a market and gain customers quickly.
What is a STEEPLE analysis?
This analysis tool examines Social, Technological, Economic, Environmental, Political, Legal and Ethical factors.
What is demographic segmentation?
Age, income, and gender are examples of this type of segmentation.
What is desk research?
This research uses existing information like government data.
What is a USP (Unique Selling Point)?
The feature that makes a product different from competitors.
What is premium pricing?
Charging a high price to signal quality or luxury.
What are economic factors?
Rising inflation and interest rates affecting spending is an example of this STEEPLE factor.
What is market segmentation?
Dividing a market into smaller groups with shared characteristics.
What are focus groups?
Small groups discussing a product before launch.
What is People?
This “P” refers to staff and customer service.
What is advertising?
Paid messages through TV, radio, or social media.
What are social factors?
Changes in lifestyle and attitudes, like demand for vegan food, fall under this factor.
What is identifying the target market?
This helps businesses choose the best platforms and messages for customers
What is observation?
This type of research involves watching customer behaviour without asking them questions.
What is Place?
This “P” includes where and how a product is sold.
What are sales promotions?
Short-term offers to boost sales, like discounts or deals.
What are legal factors?
Laws such as GDPR that businesses must follow are part of this factor.
What is psychological segmentation?
This type of segmentation focuses on lifestyle and personality.
What is product failure?
Businesses carry out market research to reduce the risk of this when launching products.
What is Process?
The steps a customer goes through from first contact to after-sales service.
What is digital marketing?
Using influencers and online content creators to promote products.
What are environmental factors?
A business introducing recyclable packaging due to climate concerns relates to this factor.