What is the target market for Starbucks?
Starbucks' primary target market is men and women aged 25 to 40. They account for almost half (49 percent) of its total business. Starbucks' appeal to this consumer age group through hip, contemporary design that is consistent in its advertising and decor. And working to keep its products current as status symbols.
Creating a target market profile and positioning statement is a process that helps business owners to identify and communicate with the prospects that offer the greatest chance of sales success. A positioning statement is a brief summary of the way you want prospects to perceive your product or service.
- Definition: A specific group of consumers at which a company aims its products and services. Your target customers are those who are most likely to buy from you. Resist the temptation to be too general in the hopes of getting a larger slice of the market.
- A target market is a defined group most likely to buy a company's product or service. There are different types of target market strategies as well. They are focusing on an entire market with one marketing mix, concentrating on one segment, and targeting many segments with multiple marketing mixes.
- The marketing mix is a crucial tool to help understand what the product or service can offer and how to plan for a successful product offering. The marketing mix is most commonly executed through the 4 P's of marketing: Price, Product, Promotion, and Place.
Definition: Target Marketing involves breaking a market into segments and then concentrating your marketing efforts on one or a few key segments consisting of the customers whose needs and desires most closely match your product or service offerings.
- Types of Market Segments. Demographic segmentation is where a market is divided up based upon demographic differences between consumers, such as age, gender, race, and income. An example of a demographic market segment is white males between the age of 45 and 55 with gross annual incomes between $75,000 and S125,000.
- An effective positioning strategy considers the strengths and weaknesses of the organization, the needs of the customers and market and the position of competitors. The purpose of a positioning strategy is that it allows a company to spotlight specific areas where they can outshine and beat their competition.
- Definition: Target Marketing involves breaking a market into segments and then concentrating your marketing efforts on one or a few key segments consisting of the customers whose needs and desires most closely match your product or service offerings.
A target market is a group of customers within a business's serviceable available market that the business has decided to aim its marketing efforts towards.
- 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.
- The number of individuals in a certain market who are potential buyers and/or sellers of a product or service. Companies are interested in knowing the market size before launching a new product or service in an area.
- The phrase "a demographic" is a slang term that refers to demographic segmentation, one of the common strategies companies use to segment markets. A target market is a specific group of customers selected as the target of a given ad campaign.
Updated: 2nd October 2019