Susan Schwartz Essay Example | Topics and Well Written Essays - 250 words

Susan Schwartz - Essay Example Term used for determining the target market is â€Å"market segmentation† (Daniel, 2012). Market segmentation can be defined as a process of â€Å"dividing a market into smaller groups of buyers with distinct needs, characteristics, behaviors, etc. that might require separate products or marketing mixes† (Bragg, n.d.). When the target market is to be determined for a certain product, its traits need to be studied first. It might be useful either for people of a certain age group or all age groups, a certain culture or all cultures, a certain religion or all religions, and a certain ethnicity or all ethnicities. These factors need to be considered. Three factors that play a pivotal role in the selection of target market are the size and growth of segment, its structural attractiveness, and the goals and resources of business. Modification of a product design to expand the consumer base by incorporating the requirements of a lot of communities makes the target market subj ective. â€Å"I dont know the key to success, but the key to failure is trying to please everybody† (Cosby cited in Bragg,