VUSSC/Content/Entrepreneurship/Marketing the Business/Defining Target Market/Opportunities and Threats
2. Defining Target Market/Opportunities and Threats
It is important for the entrepreneur to know who his customer or target market will be. This could be classified into target markets or the entire market. Once the company decides its target market it has to segment the marget. Market segmentation is the process of divi Your current customer base: age, sex, income, neighborhood
- How your customers learn about your product or service - advertising- radio, tv, newspappers, direct mail, word of mouth, Yellow Pages, flyers, billboards.
- Patterns or habits of your potential customers - where they shop, what they read, watch, listen to
- Qualities your customers will value most about your product or service - selection, convenience, service, reliability, availability, affordability
- Qualities your customers like will least about your product or service - can they be adjusted to serve your customers better?
ding the market into smalller homogeneous groups