How do marketers define and select a target market?

"Marketers develop the information about the environment to get a clear picture of the total market for the product, including environmental factors. Once the marketers understand the various environmental factors, specific target markets must then be chosen from the total market. Marketers focus on providing value for a well-defined target market or target markets. The target market is the specific group of customers (which could be organizations or individual consumers) toward which a firm directs its marketing efforts. Quaker Oats targets its grits to blue-collar consumers in the South. Williams Sonoma has several different types of stores, each geared toward a distinct target market: Pottery Barn for upscale home furnishings; its specialty stores, West Elm, Mark and Graham, and Rejuvenation, that specialize in jewelry and other accessories; and home improvement and furnishings that are affordable and sustainable. These target markets are all part of the overall retail market for housewares and lifestyle. Identifying a target market helps a company focus its marketing efforts on those who are most likely to buy its products or services. Concentrating on potential customers lets the firm use its resources efficiently. Examples of the target markets for Marriott Hotel Brands’ lodging alternatives are shown in Table 11.1. Fairfield Inn, priced at $105–125, targets economizing business and leisure travelers. Towne Place Suites, priced at $110–140, targets moderate-tier travelers who stay three to four weeks. SpringHill Suites, priced at $120–165, targets business and leisure travelers looking for more space and amenities. Courtyard, priced at $120–170, targets travelers seeking quality and affordable accommodations designed for the road warrior. Residence Inn, priced at $126–175, targets travelers seeking a residential-style hotel. Marriott Hotels, Resorts, and Suites, priced at $135–410, targets grounded achievers who desire consistent quality. Renaissance Hotels and Resorts, priced at $135–415, targets discerning business and leisure travelers who seek creative attention to detail. Ritz-Carlton, priced at $295–1,500, targets senior executives and entrepreneurs looking for a unique, luxury, personalized experience."