Target Market 2023 Business & Finance
2023 Target Market 1 For this week s discussion describe the target market for your NAB business including a
“Target Market”
1. For this week’s discussion, describe the target market for your NAB business including a description of your target market’s key demographic elements. You should also mention the geographic, lifestyle, psychographic, purchasing pattern, and buying sensitivities of your proposed target market.
· You will use this week’s information in Assignment 2 – Question 1.
To help you get started see the example
Include these in your target market description:
1. Demographic Description (age and income range, gender, family size, education, occupation, etc.)
Example: A likely user for X product is a male between ages 25 and 34 who earns between $25,000 and $35,000 per year and has a four-year college degree.
2. Geographic Description: area where you would like to serve, density (urban, rural), nature of location (mall, business center, etc.), climate condition.
An example of demographic description would be: Atlanta area.
3. Lifestyle Description: where do your customer shop, what they do for leisure, what kind of clothes they were, cars they drive, etc.
4. Psychographic Description: socially responsible, trendsetter, fun-seeking, etc.
5. Purchasing pattern description: how they use the product, how many times they buy, where do they buy the product, how do they pay for it etc.…
6. Buying Sensitivities Description: What factors are important to the customer before they buy (price, quality, customer service, packaging, etc.?)
Resources
· Target Market Description Examples:
http://www.ccsfmarketing.com/sample-target-market-descriptions.html
· How to find your target market
https://www.thebalancesmb.com/how-to-find-and-sell-to-your-target-market-2947179
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