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Every time someone brings out a good/service there is always a particular question that will help us to better define the direction of the company and will help us to better define who it is for and the main function it will have.
What market are you targeting?
With this question we refer to your market of the people you are going to address, since it is of utmost importance to know for whom will be the good/service you are offering and that will help you to open more opportunities in the future, some of the famous markets that exist are Target Market, Real Market, Current Market and Share Market of course there are many more, but these are the most talked about.
Each one may look alike, but they are not the same, there is a thin and definite line that separates them, so that you have an idea of what each one is, we will describe them below:
Target Market:
The target market also receives other denominations such as objective market or target, the target markets will refer to a group of people or organizations to which a company directs its marketing plan and all the activity with the objective that they choose our services and products.
The Target Market refers to the ideal recipient of a service or product. Therefore, it is the sector of the population to which a good is directed and to which an organization can direct its marketing efforts. Defining the target market is one of the reasons why market segmentation is carried out, since it is necessary to know who we are targeting.
Main characteristics of the target market:
- Primarily that the target is compatible with the corporate image and objectives of the organization.
- We must set a target that is profitable because it will allow us to generate X number of sales without having to make a large financial investment.
- When finding a target market, it is also essential to take into consideration the segment in which the competition is weak. This is why it is possible to leave aside those areas in which rivals are not weak or are too saturated.
- Real Market: The real market is made up of a group of people who have a need for a product or service, who have the financial means to cover it and who are interested in acquiring it.
- Current Market: It is the total result of supply and demand for a certain good/service at a given time.
- Market Share: Indicates the size of a company's market share in a given segment or in the total sales volume of a given product, which is important for discovering a company's strengths and weaknesses, comparing its size with the competition and measuring the acceptance of its products.
To summarize this information we will analyze it in this table so that you can easily identify the type of market in which you are or will be located, always remember to do a market study beforehand to delimit it and thus make the most of your consumers.
Author: Gallardo Bustos Kenia Georgina.
