Components of the Target Market Section
The target market section contains the following:
1. Who is the target market of the firm?
2. What social (demographic, sociological, psychographic) trends are most relevant in understanding its current situation and patterns of change.
Where do I look?
Tips and tricks
How do I...
...locate information for this section?
- This section will be very easy for some companies, and difficult for others. In some cases, the target market it will be spelled out somewhere on the company website. In some cases you will need to find market research data to determine who is purchasing the service/product and make inferences as to what the target market is based on that. Be persistent, and do not be surprised if you have a hard time finding something that says "the target market for X company is Y demographic". You may have to make inferences based on the information that is available.
What do Demographic, Sociological and Psychographic mean?
Demographic – Basic descriptive characteristics of the market, for example, age, sex, race, income, education level, where they live.
Psychographic – Psychological drivers for people in the market, for example, living healthy, desiring convenience, preferring comfort.
Sociological – Behavioral characteristics of people in the market, people who travel a lot for work, people who use computers a lot, people who eat out a lot.
- As a side note, psychographic tends to be what people believe and what drives them to act, whereas sociological is more how consumers actually act.
Getting help with the assignment
- First and foremost, please watch the videos available in this guide. They will show you how to use the resources, and therefore find the information you need.
- If you need clarifications on the assignment, such as ratios or what each section means, please ask your TAs
- For questions about resources and research, Please visit the NEED HELP? page on this guide.