Examining the target market is a vital aspect in marketing. A target market is a group of people or organizations for which an organization designs, implements, and maintain a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges. Today's blog, I want to discuss the importance of understanding a target market to gain an advantage in the marketing environment.
So who's my target market?
The target market consist of social, demographic, technological, economic, legal, and competitive factors. Lets analyze Blue Moon Brewing Company, who are the company's target market? Blue Moon Brewing Company's target market are people who enjoy craft beer. The company must take all of these factors into consideration when targeting these people buying their products.
Company targeting lifestyles...
Component lifestyle is the practice of choosing goods or services that meet one's diverse needs and interest rather than conforming to a single traditional lifestyle. So why are some people choosing to drink blue moon beer? Blue Moon Brewing Company creates its beer and targets its customers who believe in quality beer and quality lifestyle. Blue Moon Brewing company emphasizes seasonal changes and changes its beer products to adopt to the changing seasons. Therefore, it has a specific product targeting people according to the season. The company knows that summertime is about being outdoors and winter being indoors so they use ingredients and flavors within their beers to compliment the season. Some people live different lifestyles according to the season so the company noticed this and created a product to compliment seasonal lifestyles. Emphasizing a component lifestyle is a social factor the company analyzed and its beer has created good profit gains for the company as well.
Camping outdoors? Hibernating indoors? Have a drink.
Blue Moon Brewing Company is good at product development. They experiment using applied research- research that attempts to develop new or improved products. Wither its attending beer fest or gaining customer reviews online, the company values its customers by creating products the target market demands. The company uses the opportunity to get customer feedback on its products. Research is technological factor that the company considers. The beer also competes with many of its competitors and its customer reviews are focused on the quality and differences between its competitors. It values its competitive environment to help innovate quality tasting beer for its target market.
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