Target Market

What is meant by cig artte market place? The focalize of marketing effort is multitude. The goal is to reach a subset of the population who may be interested in your particular product. That group of people is your repoint market. The term target market is used because that market is the target at which you aim all your marketing efforts. The markets you atomic turning 18 trying to reach are people with common characteristics that set them apart as a group. The more(prenominal) you know about a target market, the more precisely you nooky develop your marketing strategy.Describe the probable demographic characteristics of the target market for the following products (Measurable statistics such as age, income, or occupation) Jaguar Definitely the wealthy, velocity class or higher middle class people. Most promising an older, wealthier target market. Chevy Cobalt Middle class people who are looking for an affordable car with good gas mileage. Age of the target market is pro bably mid-20s to senior citizens. McDonalds From 5 years old to 95 years old. Lower Class, Middle Class, and even Upper Class people buy and consume McDonalds products.They market happy meals for kids, late shadow snacks for young people, breakfast and coffee for older people. Ruby River Steak House Aims their products at all age and classes as well. They advertise it as a family organization with good food. I dont have iodin here in lah but it is similar to our Outback Steakhouse which has that target market. Is it possible to find out a sensation market for deuce pellucidly different products? Yes it is, in that respect are many product combinations that can interest a oneness(a) market. It builds sales in a business, and promotes otherwise business as well.To comprehend the key sources of interlock value, its important to recognize the structure of the network. both(prenominal) networks derive nearly of their value from a single class of users. An specimen of thi s kind of network is instant messaging (IM). While there office be some add-ons for the most popular IM quills, they dont process most users choice of an IM system. You pretty much choose one IM tool over another based on how many of your contacts you can reach. Economists would border IM a one-sided marketone-sided marketA market that derives most of its value from a single class of users (e. . , instant messaging). (a market that derives most of its value from a single class of users), and the network set up derived from IM users move ining more IM users as being same-side stand in benefitssame-side exchange benefitsBenefits derived by interaction among members of a single class of histrion (e. g. , the exchange value when increasing represss of IM users gain the ability to meaning each other). (benefits derived by interaction among members of a single class of participant). unless some markets are comprised of two distinct categories of network participant.Consider ch aracterization games. People buy a video game comfort mostly based on the number of really great games available for the system. parcel developers write games based on their ability to reach the greatest number of paying customers, and so theyre most likely to write for the most popular cabinets, first. Economists would call this kind of network a two-sided markettwo-sided marketNetwork markets comprised of two distinct categories of participant, both of which that are needed to deliver value for the network to work (e. g. video game console owners and developers of video games). (network markets comprised of two distinct categories of participant, both of which that are needed to deliver value for the network to work). When an sum up in the number of users on one side of the market (say console owners) creates a rise in the other side (software developers), thats called a cross-side exchange benefitcross-side exchange benefitWhen an increase in the number of users on one side o f the market (say console owners) creates a rise in the other side (software developers).. Example IM is considered a one-sided market, where the value-creating, positive-feedback loop of network effects comes mostly from same-side benefits from a single group (IM members who attract other IM members who deficiency to communicate with them). Video game consoles, however, are considered a two-sided network, where remarkable benefits come from two distinct classes of users that add value from cross-side benefits by attracting their opposite word group. In the game console market, more users of a console attract more developers who write more software for that console, and that attracts more users.Game accessibility is the main reason the Sony PlayStation 2 dominated over the original Xbox. It is possible that a network may have same-side and cross-side benefits. Xbox 360 benefits from cross-side benefits in that more users of that console attract more developers writing more soft ware titles and vice versa. However, the Xbox lodge network that allows users to play against each other has same-side benefits. If your buddies use Xbox Live and you motive to play against them, youre more likely to buy an Xbox. ) Can you forecast of other product combinations that would interest a single market? taking a closer look at businesses, you can actually natter cases where a particular target market for one product is more likely to buy another. The example that was given for this assignment was consumers that prefer apple products that drive Volkswagens. Another example of this would be the target market of 18 25 year old males. There are a number of products that this particular set of individuals are marketed to, ranging from stereo equipment to video games. The coalition amongst hip hop clothing (urban wear) and high tech music devices to me would be the strongest.