Choosing Your Market
This target demographic or market is further broken down into
location, ethnicity, income group, sex, age and other parameters.
Usually market analysis and demographic assessment is done during
a products initial concept and designing, however demographic
assessment can also be done when you are trying to re-launch the
product to a different market and a different demographic.
Why is it important to choose your Target Market?
Target market determines the appropriate placement of your product
in the scheme of things. Say, you are trying to launch a new car which
is economical in the sense it is fuel efficient, stylish, comfortable and
also great value for money.
Now lets take your target market, which are the connoisseurs of car,
rich affluent and with a lot of social status and prestige. You are
highly unlikely to make even a single sale to this target market.
The reason is this section of the overall market does not look for
efficient and value for money automobiles. They need cars which can
magnify their social status and also keep in line with their power and
affluent lifestyle. They want status symbols, which can enhance the
power and prestige and not fuel efficiency and value for money.
Choosing the right target market can be the difference between your.......

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