A target market is a specific group of consumers at which a company aims its products and services. Use demographics data & statistics and secondary sources of market research to identify or learn more about a target market.
Demographics
Demographics data provides insight into the characteristics of a population (ex: age or income). Characteristics of specific groups (such as people living in a particular region, state, or country) found in demographics data can be used by marketing professionals to identify a target market & learn more about a target market.
- Look for demographics statistics on the American FactFinder website, a U.S. Census Bureau tool: http://factfinder.census.gov/
- You can find other sources of demographics data & statistics on other U.S. government websites. Example: Consumer Expenditure Survey on the Bureau of Labor Statistics website: http://www.bls.gov/cex/
- A guide to other demographics data & statistics on the Internet from SBDCNet, the national information clearinghouse for Small Business Development Centers in the U.S.: http://www.sbdcnet.org/industry-links/demographics-links
Market Research
Market research provides insight into target markets and consumer behavior, needs, and preferences.
- Market research falls into two categories: primary and secondary. Primary sources of market research include data from surveys or focus groups.
- Secondary sources of market research include statistics based on primary market research data as well as market research reports which analyze primary market research data to draw conclusions regarding market need, market size, and competition.
- Learn how to find secondary market research reports and statistics in the library's research databases and on the Internet by visiting the CTU Marketing Research Guide site here: http://careered.libguides.com/university_CTUOnline/marketing
