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Explain the term 'target market' and give one example to illustrate your answer - Leaving Cert Business - Question 7 - 2008
Question 7
Explain the term 'target market' and give one example to illustrate your answer. Example:
Worked Solution & Example Answer:Explain the term 'target market' and give one example to illustrate your answer - Leaving Cert Business - Question 7 - 2008
Step 1
Explain the term 'target market'
Answer
A target market is defined as a specific group of consumers at whom a particular product or service is aimed. Understanding the target market is crucial for businesses as it allows them to tailor their marketing strategies to meet the needs and preferences of that demographic. The characteristics of a target market can encompass various factors, including:
- Age: Different age groups may have different needs and preferences.
- Income Level: Financial capacity can influence purchasing choices.
- Gender: Products may be tailored to appeal more to one gender than another.
- Location: Geographic location can affect consumer behavior.
- Lifestyle: Consumers' daily habits and activities can shape their purchasing decisions.
Overall, accurately identifying a target market enables businesses to maximize their marketing efforts and resources effectively.
Step 2
Give one valid example
Answer
One valid example of a target market is the 'Irish Farmers' Journal', which is specifically aimed at farmers and those involved in agriculture in Ireland. The publication caters to their interests, providing relevant news, information, and resources that suit their professional needs.