Who would be our target markets if we conduct a concert promotion company?is it feasible?
"A target market is a group of customers with similar needs that forms the focus of a company's marketing efforts. Similarly, target marketing involves tailoring the company's marketing efforts to appeal to a specific group of customers."
Target markets are determined by the product to be promoted. A concert promotion company would have many different products, bands and performers, who would appeal to different segments of the market. The differences between performers determine the segment of the consumer base who will be likely customers.
For example, if the concert promotion company was trying to sell Hannah Montana, the target market would be young teenage or pre-teen girls. It also has to appeal to parents who are the actual customers, the people with the purchasing power.
Target market consists of those consumers who would buy the product, and that is determined by the product. There are times when the target market is less defined when a new product is introduced, but even then, the base for that market would be consumers who are customers of a similar product and more likely to buy the new product.