Defining an target market
Introduction.
In the business world, globalization offers many comforts. Go to the
Markets from other countries, including continents, is no longer an exclusive installation for large businessmen.
Now, small and medium entrepreneurs also have a great opportunity to explore markets that were previously unattainable.
This is because globalization leads technological development to a level that I don’t know thought before, which makes things easier and cheaper.
For example, the existence of Google’s intelligent search engine, as well as the support of social networks such as Facebook, Twitter and Instagram help to gather sellers with possible buyers without knowing the limitations of time and region.
Clearly defined target market.
The ease offered by globalization is sometimes misunderstood by some entrepreneurs
as an opportunity to "sell products to all circles". In fact, each entrepreneur must have a specific target market.
Having a specific and clearly defined target market, entrepreneurs can
present products that agree with the demands of your target market.
In addition, if there are changes that occur from the consumer side, such as changes in lifestyle or taste, entrepreneurs can be easier and faster to respond to these changes.
Marketing target and strategy market.
It can be said that determining the target market is the starting line to start a marketing plan. Without the knowledge of specific markets, it is almost impossible for entrepreneurs to determine their marketing strategies. If the market is different, then the marketing strategy will also be different.
This can clearly see when observing the different marketing strategies taken to
Cabo by iPhone and Xiaomi or Starbucks and Coffee Toffee.
The differences in the appearance, impression, type of product and price of the product of the
previous examples occur because their objective markets are different, so the marketing strategies they do are also different.
What happens if there are people outside the target market that buy our products?
Know and define the target market is done so that we can carry out specific and systematic marketing strategies.
The selection of objective markets is generally based on our assumptions or analysis of parties / circles that we believe have great potential to buy our products.
conclusion.
So, if there are parts outside the target market to buy our products, we can be sure that the amount is very small. If it turns out that buyers of our products are actually dominated by people outside the target market that we have established, it could be an indication that we are wrong to define the target market.
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