MKT- 113 Module 3 Target Market Analysis – Milestone 2

hello I'm gonna do or good day my name is Jamie Tessie I am a business peer tutor for SNHU and what that means is basically I not only work for the university but I am also a student I am completing my master's in the Business Administration and I am very very close to graduating and so I conduct the workshops for introduction to marketing marketing 113 and this is for target market analysis which I believe is milestone 2 so to go ahead and get started you are going to be conducting a target market analysis so what is that and why is it so important to do this analysis what target market analysis is where you pinpoint exactly what target market or target customer you are going to be promoting a product to because in an ideal world obviously if you had a product you would want everybody to buy it but that's not realistic not every single person on the planet or in the United States is going to buy our product and this is true for every company forever product and so what's important for companies to do is to Zone in on who their target market is and so you need to convince those target market customers to buy your product so let's say for instance the Apple phone or the Apple iPhone when it first came out and something really cutting-edge like that sure sure there's a lot of people that you probably think you know when you look around do you think and then thinks this product is cool everybody will want to buy it not necessarily there are certain demographics that don't like the brand name Apple for various reasons there are elderly or baby boomers that generation that don't buy into the let's get a new piece of technology every time it comes out there are some that don't understand technology or don't utilize it the way younger generations do and so therefore when Apple needs to promote a product they need to do a target market analysis to figure out exactly who the customer will be and how to market to that customer so for an over free for Apple to find for Apple's customers to find their product they need to know how to market in how to advertise them how to reach them how to engage with them and overall this is something again that every company should do about whether it's a product launch or even a company launch you know what are their target markets that they're going to be assigned to so as a part of your milestone for this assignment there are three section well there's four sections but there's three main sections about a target market they want to know who the demographics are of the target market the Geographics and the psychographics the demographics is I feel like an important piece I mean they're all important but this is really the basis of developing who that person is well who that range of people are so when I think about demographics I always think of like the census that takes place every 10 years if the government conducts and so when I think of a census I think of household size household income I think about educational background ethnicity I think about a family size family type who throws underneath the house because sometimes you know it's not just the husband and wife and kids or it's not just husband and wife or not just a single parent with kids sometimes is the grandparents living underneath the house you know so you have to really narrow down who target market is what is their age what is a gender do they go school or do they just work are they at home do they own a home do they went to home do they have an apartment or a duplex or you have a very very specific cannot say that enough be as specific as possible about your target market is and yes it will make a difference about how you promote your product so again for the demographic section did a specific as possible the second piece is geographic so once you've decided who that target market is then you need to look about at where we're having are they in a sir certain geographical region within the United States are you going to be selling your product globally nationally locally and maybe the Midwest or are we on the East Coast on the west coast or only on the east and west coast are only in the mountain time zones the Pacific time zones you know when I run is or you know maybe your company is specifically in Texas that's it so you need to think about where is your target customer target market and so if they're in a specific geographic region that your company sells to or that your company is established in then within that geographic region specifically you know where is your customer app so that's demographics and Geographics now we're going to look at psychographics and a psychographic piece is really just delving in more to who your target customer is so you you know you've discovered or you've predicted or forecasted or you've selected you know what age group they are what gender they are you know that they own our home do they rent what do they go to school do they have a job but what do they do past that what do they do in their daily lives and so that's where psychographics comes in it's more of the social aspect of the target market so where do they live where they work where do they play where do they shop what do they do for fun do they hobbies like all these extra pieces to your target market is that you know last piece that kind of symbols it all together because your purse is not just a person who works or our person who there's a school and they're not just about where they live but it's about what they do in their personal time so that's more psychographics is more of a social aspect of your target market and then of course as you can see all of these little graphs and bullet points and kind of help you define that and kind of help you hopefully inspire you and think through each step alright so again this kind of brief highlights what I've already said about the demographics it kind of gives you some bullet points to hopefully inspire you and think through your product the Geographics and the psychographics and again another roll simple very you can see some breakdowns of what demographics for versus psychographics and what the differences are and so that kind of helps you divide that out of it again just a reminder be specific as possible about your target customer and you know think about who they are for instance and one of my other examples to my previous workshops like for the SWOT analysis we discussed two very different and two very specific customers I think in general one was a 30 something year old woman who had can't drove a minivan she also worked she had a pet you know loved to take her dog to the dog park with her children who also took walks of the park and played and all of a ball then he had on the Riverside we had an older guy who was retired and his hobbies were I don't like him in recall seeing and fly-fishing and he liked animals but didn't have a pet per se and I don't we say to his job but it is you can see developing these very specific pieces about these two different people how you would market pet food to one person versus that other person might describe are completely different and that's what you're looking at you're looking at you know not just advertising but you know where you're going to engage that customer where they're going to see you you know as a public events is it in the newspaper is it engaging online or social media is our local event like a pet food drive or the Humane Society or the veterinarian office you know where are you going to see this target market and where are they going to see you and where are they going to learn about your product okay so if we move forward hang on why is it not working there you go okay so four needs at once this is the next step into your rubric so you've had your three areas of a target market analysis the demographics Geographics and psychographics and the fourth piece is your needs versus once this is one piece that I feel like a lot of the students that I've tutored in one-on-one sessions get really hung up on and I think people just tend to overthink it so don't do that don't overthink it it's very basic very cut and dry like I just feel like it's pretty black and white you know needs are things that you have to have that you need to survive so when you look at my little list there on the left food shelter water we need insurance we need gas in our vehicle because we've got to go to work to get money and then we obviously have to have heat in our house because we can't freeze to death and you know there's many other needs and they're just a silly list and I kind of made it there but it's the basic core values of what we need to survive now I need food to survive I my body needs nourishment I can server survive on red water I can survive on or you know fruits and vegetables only but what I really want is tacos and pizza every day sure I need shelter because I need to have to be safe away from the elements and that means I can live in a tent and that is my need and that's the bare minimum I can survive in a tent however I would love I would want to spend my life and a mansion so a you know again very drastic diversion there to wear her I'm kind of trying to develop each side and it's kind of one end or the other then I'm trying to you know paint a realistic picture for you so you won't overthink it of what the needs are versus the wants so if you look at my friend little graphics I had fun finding these so um I like the Apple phone versus the regular phone sure we all want a nice you know smart phone very swanky something really cool but we don't all wanna but a lot of us do but do we really need it no we've really need just a phone that works if we want to talk to people I want to eat hot waffles every day but my body doesn't really need waffles to survive it really needs whole fruits and vegetables okay the other one was the luggage so it's it's the one tis like a traveling piece of luggage and then need it's got like a little notepad and a pen so I want to travel but I need to work to get money to tell them and then that top one you want the that's the Apple old Apple logo so sure hey I'd prefer that kind of Apple but my body needs the edible Apple so again just a kind of a funny take on what they means and once our for your target market okay so customers buy for their reason not yours an example that I can think of is about not pushing your product onto a market or not developing a product where there's not a need so for instance there was a local restaurant around here that we're in that I'm in a mid Midwest rural area and there's this guy who moved here and he was from New Orleans or had a New Orleans upbringing your background and he tried to open this restaurant with that style of cuisine and I liked the idea sounded very neat something unique in our areas and then we didn't have kind of cools and then we could try out but I'm very much in the minority here this area tends to like things not to change if you were to compare this area to other areas near bigger cities or on the east or west coast it's a very that's a good word it's a very you know it's very back in the day it's very um just an old style of thinking very traditional very just not prone to change you know people for food they like they're very predictable you know like just regular meat potatoes and maybe a salad with ranch dressing or they're just regular spaghetti with nothing special about like they want they're just basic things that they're used to there's a certain you know style of food that's kind of in our area so when you bring something like New Orleans food or about type of cuisine and he was wanting to bring like alligator me or crawdads or I can't think of what I'll spicy or foods with beans and oh I'm trying to think of some other dish he had that regardless what I'm trying to get across is he was trying to push this you know type of restaurant or type of food onto a clientele that didn't want it and he failed and he had many other things wrong with his restaurant besides that but the people that did tend to go there you know ate the few things he had on his menu that were more of their style like you know um buffalo wings or hamburger sliders or um just regular salads or he even tried it was so weird as a double York restaurant he even had like a drive-thru the window that did donuts I don't even know anyway he did not succeed because he tried to push his product into a market that did not want it and to where there was not a need for New Orleans cuisine in our area so it did not succeed so again customers buy for their reasons not yours so when you think about the Apple iPod and that's kind of a weird example because ipods old it's probably almost extinct at this point but um when you think about way back when it first came out super cool nobody had anything like it I don't know if it was necessarily the first on my mark I think there may have been some other really cheap generic mp3 players that weren't you know they weren't training they weren't super popular probably unheard of so I do believe that most people think the iPod either was the first or think that think that it was the first it's the one that caught on the most so when that first came out you know Apple had to do a target market analysis and decide that you know who they were going to market their product to and what they were going to do to promote that product and one important thing that you think about too as far as promoting your product and how to market it you need to think about features versus benefits so with the Apple iPod if you look on the left the features of the Apple iPod is that it has storage for 1 gigabyte which is of mp3 files so one gigabyte to the layman would not really understand what that meant but the benefits for the customer if you were explain that in a different way 1 gigabytes is equal to a thousand songs in your pocket so again features on the left and benefits on the right again going back to customers vie for their reasons not yours so the technical person may think oh that's sounds amazing it's one gigabyte of storage well to the person who's buying and that doesn't mean a lot but when you say I could end up a thousand songs my pocket that is completely different so think about that into your target market analysis as you're going through and thinking about you know who your customer is what their needs and wants are and thinking through this last piece of the exercise will help springboard you into the next assignment which will be your marketing channels and marketing strategy assignment and this piece will help quite a bit there if you think through that while you're writing this paper on your target market analysis and so that's all I have for you today if you have any questions we are here for you again on a peer tutor I don't just conduct workshops I also a host one-on-one tutoring session with students and it's in a room just like this and we can talk back and forth through this device or through this software program so use that first link there for peer tutoring sessions and then if you would also take a just a quick moment to throw out the survey we'd really appreciate it only takes literally a minute and we provide or any of the feedback you provide we use to help with future workshops again my name is Jamie Tessie and I hope you had a I hope I explained this well enough for you for the target market analysis and look at a workshop calendar for what our next workshops are for marketing 113 or any of our other categories we have many other peer tutors that are in math and account and Finance and IT graphic design nursing there's just tons out there so please look at our marketing or sorry our workshop calendar to look at other workshops or hop on to the booking software to book a one-on-one appointment and hopefully I will be seeing you soon

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