Primary & Secondary Markets IDENTIFY YOUR MARKET.

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Presentation transcript:

Primary & Secondary Markets IDENTIFY YOUR MARKET

Goals Identify a target market by analyzing the needs of customers. Explain how market segmentation can help an entrepreneur analyze a target market.

MARKET SEGMENTS Market segments groups of customers within a large market who share common characteristics Most products and services appeal to a small portion of the population. Segmentation helps you serve your niche efficiently. If you try and target everyone, you will end up targeting no one!

SO….WHAT IS A TARGET MARKET? Target Market = the individuals or companies that are interested in a particular product or service What is the difference between Primary and Secondary Markets? A primary market will be the intended target market to which a company originally might have produced it's products or services for and the larger source of revenues. The secondary market will be a market that is marketable but not the first priority of sustainability for the company.

IDENTIFY YOUR TARGET MARKET What should you take into consideration regarding your customers to determine you target market? DemoGeoPsycho

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

GEOGRAPHICS Data that helps you determine where your potential customers live how far customers will travel to do business with you

PYSCHOGRAPHICS Data that describe a group of people in terms of tastes opinions personality traits lifestyle habits

TARGET MARKET

YOUR TASK For the following products, define the target and secondary markets.