How is target market identified while preparing the marketing plan? State.

Question

Accepted Answer

Target market is identified by: (i) Deciding the general market or industry to pursue based on market research. (ii) Dividing the market into smaller groups based on consumer characteristics (Geographic, Demographic, Psychographics) and buying situations. (iii) Selecting the segment or segments to target. (iv) Developing a marketing plan integrating product, price, distribution, and promotion.