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Starting Your Own Business ? Hints & Tips Entrepreneurial Advice Suzie's Blogs ... |
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Starting Your Own Business ? Hints & Tips Entrepreneurial Advice Suzie's Blogs ... |
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I hope your day is wonderful for you. As promised, we'll be discussing your target marketing efforts and effects. Critical to your success in marketing any product is aiming all your marketing efforts at a target market. Planning your marketing strategy without knowing to whom you're trying to appeal is like planning a party without knowing anything about the people attending. Describe the size of your target market. Remember, a market is people with something in common, not a place or a thing. Be specific and include statistics about the size of your target market. Include information on whether the size of your target marketing is growing, shrinking, or staying the same. If the size of your target market is changing, explain why. Describe your target market in the following terms: Characteristics they share such as age, income level, sex, race, number of children, marital status, where they live, etc. Habits or hobbies they exhibit. For example, your target audience may tend to be workaholics, which makes them good candidates for meals delivered to their homes or offices. Wants and needs they have and how your product fulfills them. For example, most single, working mothers often need affordable, quality daycare for children. Describe your market's buying habits For example, how do they spend their disposable income? When do they buy? How much? How often? Note: You may have more than one target market. Identify your primary market — the customers who buy your products or services most often. Then, include secondary groups if you feel they will provide significant business. For each group, you must identify their characteristics, needs, etc. because you will most likely change your marketing strategy accordingly. Thanks for taking the time to read my business blog. Looking for other educational resources? Free Educational Resources Suzie Suzie's Business Blog Posted: Friday 11th March 2005, 12:58 AM |