Phase of knowledge of the target market without going into greater depth on concepts of marketing, it is not the aim of this series of articles, is necessary to start from the fact that there is a universe of which we must begin to extract our potential customers. This is not another thing that the Global market, i.e. the entire universe of individuals or companies who are willing to generate an exchange of money for goods or services that need or believe need. This is an extremely broad universe, by tato what we resort to a concept called the target market. This is crossing the variables in the Global market with the characteristics of my product, service and company. Credit: Skechers-2011.
I.e., generates a universe of potential customers that due to its location, purchasing power, economic activity, needs and another large quantity of variables, cross with the offer that my company can offer them, i.e. We agree on location, I can give you what you are probably looking for, within the prices that can be paid, with the level of service expected, etc. This requires much more work than what I am saying here, but in practice, the fact is to identify a group of people, companies or organizations that could need and acquire what my company offers and my company might be able to meet these needs in a cost-effective manner. in thinking about this, there is another variable. There may be other companies or individuals that offer the same or something similar to what my company does. Even there can be others that already have clients and who have more experience than my company. This is called competition, i.e. There are other persons or companies that may be trying to reach the same target market that have defined or that interests us. It is necessary to bear in mind that competition does exist, as they do their job, that do them so well, etc.