Asked by: Valentinas Niggebrugge
business and finance marketing and advertising

Which of the following are criteria used to select target markets?

Last Updated: 5th May, 2021

24
The five criteria used for selecting a target segment include: (1) market size; (2) expected growth; (3) competitive position; (4) cost of reaching the segment; and (5) compatibility with the organization's objectives and resources.

Click to see full answer.

Similarly, it is asked, what are the criteria used to select target markets?

Target Marketing Following are 5 criteria that indicate whether you have selected a viable target market: size, expected growth, competitive position, cost to reach, and compatibility.

how do you identify market segments and targets? Identifying target customer segments to focus your marketing resources

  1. Step 1: Create a list of target segments.
  2. Step 2: Narrow the search to the most promising target segments.
  3. Step 3: Select the target customer that offers the greatest potential.
  4. Step 4: Validate current thinking and assumptions using market research.

Consequently, which of the following is a criterion used for selecting a target market quizlet?

differentiation; segmentation. head-to-head; differentiation. Walmart is opening 12 stores to test the concept of Walmart Express, stores that are one-tenth the size of its supercenters and sell groceries.

What are the 3 target market strategies?

Three main activities of target marketing are segmenting, targeting and positioning. These three steps make up what is commonly referred to as the S-T-P marketing process.

Related Question Answers

Matar Maestra

Professional

What is an example of a target market?

Small businesses often target customers by gender or age. For example, a women's clothing retailer directs its promotional efforts at women. Conversely, a large and tall men's shop focuses its marketing efforts on tall and heavier men. Similarly, some small companies market to specific age groups.

Ihssane Breto

Professional

Who is your target market?

A target market is the specific group of people you want to reach with your marketing message. They are the people who are most likely to buy your products or services, and they are united by some common characteristics, like demographics and behaviors.

Servio Scharpfenecker

Professional

How do you define a market?

Market definition refers to defining the boundaries of a market, with a specific focus on which brands or products compete.

Approaches for defining markets include:
  1. Substitution.
  2. Common needs.
  3. Product-based market definition (features)

Nafissa Rodenbrugger

Explainer

What are the 4 types of market segmentation?

Four types of market segmentation
  • Demographic segmentation. Demographic segmentation divides a market through variables such as age, gender, education level, family size, occupation, income, and more.
  • Psychographic segmentation.
  • Behavioral segmentation.

Naroa Guino

Explainer

What are the 5 market segments?

Types of Market Segmentation
  • Geographic Segmentation. While typically a subset of demographics, geographic segmentation is typically the easiest.
  • Demographic Segmentation.
  • Firmographic Segmentation.
  • Behavioral Segmentation.
  • Psychographic Segmentation.

Farrukh Dube

Explainer

How do you identify a potential market?

Identify the geographic region where your market is located. Identify specific boundaries within which you will do business. Demographic. Potential customers are identified by criteria such as age, race, religion, gender, income level, family size, occupation, education level and marital status.

Cristian Ludemann

Pundit

How do I choose a market?

When you choose a market, you should consider five main factors:
  1. How many customers are in the market?
  2. Can these customers pay for your products or services?
  3. Do these customers have the need you solve?
  4. How many competitors are competing for your customers' business?
  5. How does your business compare to your competitors?

Marlis Woodland

Pundit

What factors are important in selecting a market target?

Target Market Selection
  • Size of the segment (number of customers and/or number of units)
  • Growth rate of the segment.
  • Competition in the segment.
  • Brand loyalty of existing customers in the segment.
  • Attainable market share given promotional budget and competitors' expenditures.
  • Required market share to break even.

Abderazzak Hirschburg

Pundit

What are the steps in segmenting a market?

Steps in Market Segmentation
  • Identify the target market. The first and foremost step is to identify the target market.
  • Identify expectations of Target Audience.
  • Create Subgroups.
  • Review the needs of the target audience.
  • Name your market Segment.
  • Marketing Strategies.
  • Review the behavior.
  • Size of the Target Market.

Claudete Laganas

Pundit

What is the first step in segmenting a market?

The first step in creating market segments is to clearly define the market of interest. As discussed in the markets, sub-markets and product-markets section, it is important not to define a market too broadly.

Adolfo Laires

Pundit

Which of the following is an example of market segment?

For example, common characteristics of a market segment include interests, lifestyle, age, gender, etc. Common examples of market segmentation include geographic, demographic, psychographic, and behavioral.

Cvetan Roggenthien

Teacher

What does market segment mean?

Market segmentation is the process of dividing a market of potential customers into groups, or segments, based on different characteristics. The segments created are composed of consumers who will respond similarly to marketing strategies and who share traits such as similar interests, needs, or locations.

Csilla Muthanna

Supporter

What is a target market example?

Gender and Age
Small businesses often target customers by gender or age. For example, a women's clothing retailer directs its promotional efforts at women. Similarly, some small companies market to specific age groups. Companies selling life insurance for people close to retirement age may target people 50 and over.

Yosvany Villanova

Supporter

Who is your target audience?

15 Questions to Help You Define Your Target Audience
  • What is your target demographic?
  • Where do they live?
  • What industry do they work in?
  • How much do they earn?
  • What are their hobbies?
  • How do they get their information?
  • How do they communicate?
  • How do they think?

Dorcas Husk

Supporter

What is market segmentation and its types?

The consumer market can be segmented on the basis of following categories viz. geographic, demographic, consumer behavioral, psychographic, etc. The following are the most common forms of market segmentation practices.

Monya Langschmidt

Beginner

What are the types of target market?

  • When the segmentation is by Demography, there are 9 types of target markets possible.
  • Target markets based on Psychographic segmentation.
  • Target markets based on product usage.
  • Target market based on Brand preference.
  • Target market based on Decision process.

Chao Zengel

Beginner

What is a primary target market?

A primary target market is the segment of a marketplace a business believes will give it the best chance to sell. A primary target market may not be the largest segment of a marketplace. For example, the majority of people who play golf may be men under age 50.

Jofre De Bandera

Beginner

What do u mean by market?

Definition: A market is defined as the sum total of all the buyers and sellers in the area or region under consideration. The area may be the earth, or countries, regions, states, or cities. The value, cost and price of items traded are as per forces of supply and demand in a market.