Here’s the definition: A specific group of consumers at which a business aims its products and services.
Your target market simply means your target customers. They are those who are most likely to buy your products or services.
For a business to succeed, it is important that at the onset, the target market (meaning the target customers) is properly identified. This is because all future efforts of the business will be focused on meeting the needs and wants of the target customers.
So if you’re just starting a business, or if you think you have a brilliant business idea, put everything in writing. The best way to go about this is to make a Business Plan. Part of your Business Plan will be your Marketing Plan.
Here are some questions which will help you identify your target market:
– Are your target customers male or female?
– How old are they?
– Where do they live?
– What do they do for a living?
– How much money do they make?
Once you have properly identified your target market, it will be easier to proceed and make your Marketing Plan.
Now you might ask: are those (Business Plan and Marketing Plan) really necessary? My business is small and is just starting!
My answer? All the more that it is critical to begin right. As a old adage goes: “Goals that are not written down are merely wishes”.
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