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Business to Business Marketing: Target Markets - Yours and the Prospect Company's

For class assignments requiring company, industry, and market share information.

Who Will Buy From You?

Often the nature of the target market for your B to B company can be gleaned from library access to descriptions of that company. Pretend, for example, that you were representing Paychex in a role play selling exercise. The Hoover's In-Depth Report for Paychex (April 29, 2014) from the Nexis Uni database says in part, "Paychex focuses on small and midsized businesses (fewer than 100 employees) and owns more than 100 offices worldwide."That tells you the size range of customers and indicates the global focus of Paychex. Similar reports may indicate the promotional methods and sales staffing for your company. Additional details could come from analyzing your company's website. Such information about your own company should, in turn, help you identify a prospect company (Kohl's or Asus, or Barnes & Noble) as a potential customer for your sales presentation.

Target Market for a Consumer-Oriented Prospect Company

Consumer target markets are usually described in terms of demographics (age, gender, income, geographic location, educational level and similar distinguishing characteristics) along with what is known about psychographics or customer attitudes and behavior. If you are selling to a business that furnishes consumer products like clothing or restaurant meals, there may be specific information in the Mintel Academic database or the Passport GMID database, describing the target consumer who buys from your prospect company. For example, a Mintel Academic report on online fashion merchandising in the UK reveals that Asos customers tend to be among the older of the 15 to 24-year-old range of target customers. A recent Passport GMID report on Target Corp's global business discloses that to date it has operated mosty in the U.S. and Canada but may expand to a wider geographic area (location of customers). Its customers want good value in merchandise for a reasonable price and a lot of them participate in its loyalty reward program (psychographics or buyer behavior).