What is the target market and how will you penetrate it?

Expert Solution

Target market for a product is the domain of customers who have a probability of liking the product or service being offered. Demographic data like age, gender, occupation, location, etc. can be used to define the segment of people that the product is aiming at. This segment of people or rather consumers, forms the target market for the product. The following steps can be taken to identify the target market for a product or service:

Identify the consumer base
Analyze the features of the product or service
Identify both direct and indirect competition
Select the demographics that will be focused upon
Analyze the psychographics like lifestyle, purchasing power, etc. of the selected demographics
Evaluate and finalize the target market for the product / service

Market penetration strategy is the strategy employed to sell the product or service in the designated target market. Following are some of the ways of market penetration strategy:

Price penetration: Penetrating a market by attracting the customers from the price of the product/service offered
Sales promotions: awareness must be created in the target market about the features of the product/service being offered
Increase product reach: steps must be taken to increase the reach of the product to create a competitive edge.

keosha answered 1 year ago

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