Often in my daily professional communication I hear the words ‘target market’ or ‘target audience’. Sometimes it is so randomly spoken that any of these two words are spoken in any context. Here, I want to remedy the confusion.
Target market comprises of the whole lot of criteria involved – be it demographic criteria like ethnicity, class/caste, age, income, gender or behaviour criteria like impulsive buyers, social shoppers or value seekers or psychographic criteria like social status and subconscious emotional associations. Target audience comprises of a very specific group of people who are taken into focus for a specific time frame or a specific product usage. Seems too much to understand?
Let me cite the case of branding for a well known gym centre in Prahladnagar (Ahmedabad) called Fitness Point. Initially, our branding strategies focused on target market of people ranging from about 17 to 50 years belonging to higher middle and higher class segment. Focus was on fitness and not on fat; though fat people naturally came in the context of gym. See the advertisement:
Later, the branding was strategically focussed on specific target audience. The focus was to involve middle class people into the fitness culture and make them realize that fitness is an investment. To make it look affordable, the concept of fitness at 28 rupees was created. See the advertisement:
Both the advertisements by the same client having the same services are showcased differently at different points of time to different kinds of consumers. For more enlightened reading into the differences; you can click on this: http://smallbusiness.chron.com/target-market-vs-target-audience-10247.html