Definition Definition

Market description

Definition (1):

Market description– describes the targeted segments in detail and provides context for the marketing strategies and detailed action programs.

Definition (2):

Before you begin any sales and marketing functions you should develop a strong knowledge of the market by preparing a market description. It is your opportunity to get particular about the following:

  • Who actually will be interested in your service or product?
  • What is the size of the market?
  • What are their ages?
  • Where do they live?
  • What gender are they?

The more details you get, the better will be your result. A market description can be broken down in the following way:

  • Demographics: It includes the demographic features of your market such as age, race, gender, family structure, educational level, occupation, and income level. Companies do online research by considering Census and other numbers for adding specific figures here.
  • Geographical location: You should consider where the target markets live. Are they in the suburbs or cities, a specific state, city, or region? You can enrich this portion by adding detailed statistics regarding the number of probable customers in a rural community or geographic market or can be all of the mentioned above. Is the service or product available only to the individuals living in a specific state, region, or city?
  • Psychographics: Here you will describe the personality traits or psychology of your market, like what are their initial attitudes and beliefs? What do they require more? Understanding your customers from a psychographic viewpoint will be definitely fruitful because here you begin finding out the way to best market your concept.
  • Consumer Nature: You should understand the nature or characteristics of the consumers such as how does the target market purchase or use services or products? Do they shop physically or online? Are they concerned about brand loyalty? How often do they shop for the services or products you are offering?
  • Market Needs: Finally, the market description needs to clearly mention WHY the target market needs the service or product you have decided to sell. Here you can clearly figure out a need among your potential customer, a gap in the present business climate, and describe how your idea or product will meet that need among the target market.
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