Important to Know Target Markets

Questions: 1. Discussion: Why it is so important to know your target markets? 2. Discussion: Types of Customers Discuss the importance of discerning the different types (select only 3 types) of customers: diners, drop-in, meet-and-go, entertainment seekers, regulars and repeat customers, as well as the many sub-groups within these categories. Write one page long paper with your thoughts by describing what you would do, as a manager, to attract those customers. Answers: 1. Discussion: Why it is so important to know your target markets? Identification of target market is one of the most crucial elements of a business. A business cannot be expected to survive without knowing the perfect audience for a specific business. It is important to know the target customers as it helps in giving a clear focus to business for support. With the identification of target markets, the target audience can be managed by knowing the reason for consumption of the product. The resources can be prioritized accordingly. Targeting an audience helps in tailoring the message or pitch. In the case of homogenous products, the customers consuming the competitors' products can be analyzed. It would help in improving marketing efforts. The characteristics or experiences can be used for precision planning. If the marketing is done correctly, the sales can explode by finding the exact customers. The intelligence of customers, patience level and level of service demanded by them can be recognized. The valuable customers can be identified for buildin g a long-term relationship. The identification of a target audience is a good starting point for creating a message for conversion into marketing and sales. The marketing and sales approach may not be effective if there is not a clear line of focus. 2. Discussion: Types of Customers The customer groups fall into various segments as they have a different demographic structure, lifestyle and background. The identification of the type of customers is important as all customers have a different set of needs. A few groups are identified by analyzing the behavior and discerning the importance of following types of customers: Diners at restaurants where drinks are served There are a few diners who love to enjoy a good meal and drink in the form of an after-dinner drink, wine or cocktail and even all three. These customers seek a complete package for a unique experience. Such restaurants that provide each of the above components enhance the experience of customers. The millennial is usually the type of customers seeking for a complete experience. Food may be the primary focus for these customers, but they often want to enjoy their food with an alcoholic beverage. The restaurant excelling in business despite alcohol are exceptions. Entertainment seekers Another type of customers is entertainment seekers who look for a place to relax, chat with friends, stimulate and changing pace. Such customers visit bars, restaurants and clubs with western music and ambience. The customers visiting such places have a social life and wish to keep up the trend. Drinks are usually served at such places that help in changing pace of the customers. Meet-and-go customers The individuals looking for a place to date for an evening or a longer-term plan visit these restaurants. These restaurants are used for spending time for the singles or with someone where the environment is apt to have a conversation for an evening together. These customers usually visit coffee bars to have a leisurely conversation with their ideal ones. Single bars have dance floors and people visit their very late in the night. References Davis, Bernard, Andrew Lockwood, and Sally Stone.Food And Beverage Management. 5th ed. Oxford [England]: Butterworth-Heinemann, 2013. Print. Startups.co.uk,. "The Importance Of Identifying Your Target Customer - Startups.Co.Uk: Starting A Business Advice And Business Ideas". N.p., 2015. Web. 20 Dec. 2015. Walker, John R.Introduction To Hospitality Management. [Place of publication not identified]: Prentice hall, 2012. Print. YouTube,. "Target Market Analysis: How To Define Your Target Market And Sell More Products Easily". N.p., 2015. Web. 20 Dec. 2015.