Target Audience – One of the Four Ps - From these segments...
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From these segments, choose your target market. Your target audience includes your target market. The target market in the previous McDonald’s example is the person(s) who makes the purchase. Target audience is larger than the target market.
Segmenting the business market is just as complex as segmenting the consumer market. Business markets are identified by using many of the same variables used to identify consumer markets. Additional variables used are business purchasing procedures, SIC Code, or by market concentration.
The product/service market consists of all types of consumers; however, groups of consumers have similar needs and wants. Begin with market research; identify your groups with shared characteristics; combine these groups into larger markets; and select your target audience which includes your target market.
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