Example of Target Market Analysis
Target marketing centers around the recognition that a mass market comprises separate groups with different demographic and psychographic profiles. A program to market to those segments should understand and capitalize on the group's differences and use them strategically in marketing.
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Demographic Market Analysis
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Gender, age, ethnicity, geography and income are all market-segmenting criteria based on demographics. The first resource to consult when doing an analysis on a target group is the U.S. Census. The government does a thorough of detailing information about all the groups that make up the U.S. population. The government collects this information every 10 years, then slices and dices the basic data to generate all sorts of reports related to nearly every aspect of consumer life from births and deaths to geography to the size and projected growth of groups, such as African-Americans, Latinos and Asians.
Depending on the nature of the specific business and the goals of the business for growth, defining one or more target consumer segments is an effective and efficient means of marketing.
Case Study
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Goya Foods, for example, markets products largely purchased by Latinos. Goya could use the information found in census data to determine the geographic location of most Latinos in the U.S. Goya might find out in the census data that Latinos have larger families than the general population, so Goya beans advertising might show a large family gathered around the dinner table.
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Psychographic Market Analysis
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Equally important is the psychographic profile of your consumer. What makes him tick? This information can rarely be found in a book, so large companies conduct primary research to understand the motivations and behaviors of their target market. Both focus-group research and quantitative studies are available as vehicles to gain insight into target audiences.
Marketers also can use published data from syndicated research that profile and usage characterizations of some defined consumer groups. This insider information on attitudes and behaviors is used by marketers to their products' advantage.
Case Study
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Pepsi-Cola Company used target market analysis to broaden the audience for Mountain Dew. Mountain Dew's extreme-sports image and heritage as a hillbilly brand made its penetration into the urban youth low.
Experts in target marketing developed an ad campaign targeting urban youth that featured hip-hop music artist Busta Rhymes in a variety of extreme-sports antics and role-playing characterizations. The campaign was a hit, and sales increased in inner-city markets.
Marketing Skill
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An analysis of demographic and psychographic characteristics can help guide decisions in marketing, but will not replace a marketer's skills and experience in determining how best to reach and capitalize on the data the target market analysis provides.
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