The objective market concept must be contextualized in the marketing area and also in the field of enterprise. An objective market is understood as the profile of potential buyers. In other words, who is targeting a particular product or service. Target Market
The objective market label is not unique, as there are others such as: target market, market measurement, target audience, as well as some terms in English “target group” or “directly target”.
The diversity of potential customers
The market is made up of a wide range of potential customers and each customer sector has its own needs. This means that a product or service does not address all possible customers, but only a part of them. Marketing experts say that addressing everyone or no one in particular is a formula that leads to failure .
Targeting the target market
To identify a segment of the population it is necessary to divide the set of individuals into groups or segments. This classification process is called segmentation, that is, a group of potential customers according to a series of factors (geographical, demographic, income levels , lifestyle or cultural expectations). All these variables are crucial to achieving an objective customer market. Target Market
To effectively address an objective customer market (target audience) it is important to know the circumstances of each sector. For example, working women have little time, so they need a certain type of food (pre-cooked and easy-to-prepare food). If a food company sets up in Mexico, the Mexicans’ taste for pepper should not be ignored.
It should be taken into account that each customer is looking for something specific; some are looking for quality service, others need affordable prices and there are those who value the aesthetic aspect.
In a marketing study to define an objective market, several variables must be analyzed : the psychological needs of consumers, the economic and social reality , the customs of a place or fashion trends. Target Market
An example of what cannot be done in search of an objective market
Let’s imagine a commercial clothing store that wants to sell sexy, comfortable, conservative clothing for children and youth, mature women and athletes. Serving this wide range of the population means not having an identity of its own and this makes it difficult to develop a good marketing strategy.
You could say that this strategy would be like shooting everywhere.