28 Jun MICROECONO 101-Discuss the characteristics of target markets
Question
Learning Objective #1: Discuss the characteristics of target markets
Think of your market like a target and the bulls-eye or center of the target is your target market. Each ring represents a level of target specificity. The goal of target marketing is to offer a specific product to a specific type of person/business. The practice of throwing a hand full of darts at the target, hoping that what is thrown sticks and is in the bulls-eye (or close) is reckless and costly. The process of identifying a target market can be time consuming; however it has long-term, bottom line benefits, if done correctly.
Characteristics of target markets include size, geographic, demographic, socioeconomic, psycho-graphic, behavioral/usage, and distribution.
Please read the following articles. Keep the above information in mind and take notes. Once you have read the articles, please respond to the discussion question below. Consider the characteristics of target markets when responding to the discussion.
Characteristics of a Target Market (Links to an external site.)Links to an external site.
Morgan Stanley sees Apple’s target market growing to $3.4 trillion (Links to an external site.)Links to an external site.
Apple Inc.’s Target Market (Links to an external site.)Links to an external site.
Discussion Question(s): Based on your understanding of the characteristics of target markets, discuss Apple’s target market. Do you own an Apple product? Why/Why not? How is Apple’s target market identified? Which target market do you identify with most and why?
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