What is Target Audience
When a company begins to produce any new product or going to provide any service then market analysis is done. This analysis constitutes the collection of secondary and primary information. Both aims is to find out the preferences and purchasing power of target audience because ultimately product is consumed by target audience. Other information that is gathered is:-
Total demand and rate of growth of demand. Demand in different segments of the market. Motives for buying. Purchasing power and intentions. Socio-economic characteristics of buyer.
The target audience can be characterized in two ways:-
Demographic and sociological. Attitudinal.
Demographic and sociological: -this includes:-
Age Sex Income Profession Residence Social background.
Marketing teams will consider the age and gender that will be most interested in making a purchase. Companies will also consider the income range of their potential buyers, as well as where they are in life.
Attitudinal:- It consists of:-
Preferences. Intentions. Habits. Attitude. Responses.
It is essential to become familiar with your target market; their habits, behaviors, likes, and dislikes. Markets differ in size, assortment, geographic scale, locality, types of communities, and in the different types of merchandise sold and because of the many variations included in a market it is essential, since you cannot accommodate everyone’s preferences, to know exactly who you are marketing to and the specific fondness of that market.
After we have defined the characteristics of target audience then next is to find out the ways to connect them. For this market analysis is done. Sometimes the audiences do not have any knowledge about the new product.
To enable the product to reach at desired level, a suitable marketing plan should be developed. It should cover pricing, distribution, promotion and service. The details are:-
Ex-factory price. Taxes and duties applicable for the domestic price. Trade margins discount. Final price to the domestic customer. Export price.
Packaging. Transportation arrangements. Channels to distribution. Role of distributers, wholesalers and retailers.
Branding. Advertising. Personal selling. Promotional efforts.