What are the different ways to identify the target market for a business?

Question

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Answer 1

The first step in identifying your target market is understanding what your products/services have to offer to a group of people or businesses. To do this, identify your product or service's features and benefits. A feature is a characteristic of a product/service that automatically comes with it.

For example, if a toothpaste has a stain-removing formula, that's a feature. The benefit to the customer, however, is whiter teeth.
While features are valuable and can certainly enhance your product, benefits motivate people to buy.

An example is anti-lock brakes; they are features on a car, but the benefit to the consumer is safety.
By knowing what your product/service has to offer and what will make customers buy, you can begin to identify common characteristics of your potential market.

For example, there are many different consumers who desire safety as a benefit when purchasing a car. Rather than targeting everyone in their promotional strategy, a car manufacturer may opt to target a specific group of consumers with similar characteristics, such as families with young children. This is an example of market segmentation.
In one column, list the features of your product/service. In the other, list the benefits each feature yields to the buyer.

Features: Benefits:
List six of each.

Step Two: Segment Your Overall Market

It is a natural instinct to want to target as many people and groups as possible. However, by doing this your promotional strategy will never talk specifically to any one group, and you will most likely turn many potential customers off. Your promotional budget will be much more cost effective if you promote to one type of customer and speak directly to them. This allows you to create a highly focused campaign that will directly meet the needs and desires of a specific group. Again, this is called market segmentation.

Now you need to look up market segmwentation.

Answer 2

before everything you may desire to understand what the corporation is doing, from there you come across your aim. it gradual it somewhat is larger off to discover your aim phase then layout your corporation service or product to that phase. Like tweens toddlers 9-12 years previous. cloths, video games, what each els the toddlers are determining to purchase it in basic terms a various billion marketplace phase. additionally you may choose to be ware of your secondary aim. some circumstances it somewhat is in basic terms got here across and have been the actual money is made. a competent occasion of this variation into the Toyota scion substitute into made for youthful new out of faculty college toddlers, then it substitute into center age dinks that purchase them so which you do not see them loaded up with motorcycles and surfboards any greater. additionally the Camry made a sparkling severe end luxurious motor vehicle marketplace that fluctuate into on tapped. till some years in the past there substitute into not something between Your dads previous's to a Cadillac. My famous is to make a marketplace who understand you had tartar till in basic terms some years in the past that would desire to be controlled.