Identifying your Market Need!

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Presentation transcript:

Identifying your Market Need! Chapter 4 Identifying your Market Need!

Target Market customers target market the people or organizations who buy the products and services companies offer target market the individuals or companies that are interested in buying a particular product or service

Identify YOUR Target Market Consider the following information regarding your customers: individuals or companies? age, income, place of residence? industries customers are in? needs and wants my product will satisfy? number of potential customers in my area? demand for my product or service? who is the competition? pricing of product or service? what is unique about my offering?

Who Are These Ads Targeted To? https://www.youtube.com/watch?v=1K8DKH7tCRU https://www.youtube.com/watch?v=RiMMpFcy-HU https://www.youtube.com/watch?v=-R_483zeVF8

Customer Profiles customer profile a description of the characteristics of the person or company that is likely to purchase a product or service

Break Down Your Target Market! Demographics Geographics Psychographics

Demographics data that describes a group of people in terms of age marital status family size ethnicity gender profession education income

Psychographics data that describe a group of people in terms of tastes opinions personality traits lifestyle habits

Geographic's Where the customer lives. Population Weather.