Identifying Target Markets (HSC SSCE Business Studies): Flashcards
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Practise the cards
10 cards from this deck
Target market
Target market
Group of customers with similar traits a business aims to reach
Primary target market
Primary target market
Main segment getting most marketing resources & most revenue
Secondary target market
Secondary target market
Smaller segment with less marketing attention, alternative revenue
80/20 principle in marketing
80/20 principle in marketing
80% of sales come from 20% of customers
Mass marketing approach
Mass marketing approach
Reaching broad range with single standardised product offering
Market segmentation
Market segmentation
Dividing market into groups with common characteristics
Niche marketing
Niche marketing
Focusing on very narrow, specialised segment within a segment
Key benefit of identifying target markets
Key benefit of identifying target markets
Use marketing resources more efficiently & cost-effectively
Relevance benefit of target marketing
Relevance benefit of target marketing
Create promotional materials that resonate with specific audience
Teenage market influence in Australia
Teenage market influence in Australia
8% of population but influences 70% of parents' purchases