Target Market (Junior Cert Business Studies): Flashcards
📚Flashcards
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Practise the cards
12 cards from this deck
Definition of target market
Definition of target market
Specific group most likely to buy a product/service
What marketing involves
What marketing involves
Activities to connect with customers & persuade them to buy
Why focus on target markets vs everyone
Why focus on target markets vs everyone
More effective and cost-efficient
Penneys' target market
Penneys' target market
Young people aged 13-19 wanting affordable, fashionable clothes
Demographic factors for target markets
Demographic factors for target markets
Age, gender, income level, family situation
Geographic factors for target markets
Geographic factors for target markets
Location (urban vs rural) and climate
Lifestyle factors for target markets
Lifestyle factors for target markets
Interests/hobbies, values/attitudes, lifestyle choices
Market segmentation definition
Market segmentation definition
Dividing large market into smaller groups by shared traits
Market segmentation benefit: advertising
Market segmentation benefit: advertising
Messages customised for each segment
Market segmentation benefit: products
Market segmentation benefit: products
Products designed to meet specific needs
Market segmentation benefit: satisfaction
Market segmentation benefit: satisfaction
Customers receive more relevant products & services
AIB student banking target segment
AIB student banking target segment
Young people aged 17-25 needing student accounts