Target Market Business Plan

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Remember: A solid definition of your target customer serves as a foundation for all your marketing activities.

The more carefully you've defined your target market, the more likely your marketing efforts -- even simple, low-cost methods -- will bear fruit.

For your business to succeed, it must have enough customers to buy the product or service offered.

Before you launch your new business, take time to evaluate your potential customer base.

There's no end to the number of different ways you can slice the pie.

Further complicating matters, age no longer means what it used to.Some businesses focus on selling to other businesses rather than to individuals.Selling products or services to other businesses (sometimes called B2B, for "business to business") can be lucrative because businesses usually buy in larger quantities than individuals.Figure out whom you expect to be your most likely customers -- in other words, your target customers.Then tailor your marketing efforts, as well as your products and services, to those customers.Unless you have unlimited marketing resources, it's much more effective to focus your marketing efforts on potential customers who you have determined are become customers.In a nutshell, defining your target customers means identifying the specific characteristics of the people or businesses who you believe are most likely to buy your product or service.Having a clear vision of your expected customer base will increase your business' chances of success.By defining your target customers you can: Defining a target market will not limit your business.Because the consumer marketplace has become so differentiated, it's a misconception to talk about the marketplace in any kind of general way anymore.Now, you have to decide whether to market to socioeconomic status or to gender or to region or to lifestyle or to technological sophistication.


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