The Target audience and market are as important as the product itself.
From my previous understanding Target audience is a group of people that you intend to host by your media product. Target market is a market place for a particular media product comprising of existing customers who will use your product. This mass market can be categorized into groups based on the audience’s needs, characteristics and behavior.
As far as Geographical factors are concerned the market is sub-categorized by the region or country. On the other hand, customers are also grouped by their personal attributes such as age, gender or nationality and these are called the Demographics. In these also comes in the societal classes which are the high class, middle class and working class and even the ones with white collar jobs.
Then comes the Psycho-graphic factors which includes the group’s lifestyle, personality, values and interests. Now as far as these are concerned, psycho-graphics divide the market into aspirant, successor, resigned, explorers, combatant and reformers. These are made by personal traits of people and what kind of lifestyles they have. In my opinion Behavioral factors have a minimal effect on the buyer power but it matters a lot as it tells us how a buyer may behavior towards a product such as the rates of the product may effect the buying power.
