1. Ms. Alexander Entrepreneurship
Target Market
Ms. Alexander
Entrepreneurship

2. Identify Your Target Market
Who are my customers: individuals or companies?
If my customers are individuals, how old are they? How much do they earn? Where do they live? How do they spend their time and money?
If my customers are companies, what industries are they in? Where are those industries located?

3. Identify Your Target Market
What needs or wants will my product or service satisfy?
How many potential customers live in the area in which I want to operate?
Where do these potential customers currently buy the products or services I want to sell them?
What can I do for my customers that other companies are not already doing for them?

4. Primary Market Research
Step 1
- Define the Question
Step 2
Select a Research Method
Step 3
Collect Data
Step 4
Analyze Data
Step 5
Draw Conclusions

5. Studying Individual Competitors
Price
What does the competition charge? Are your prices higher or lower than the competition?
Location
Where are your competitors located?
Facility
Is your competitor’s building nice? Is it accessible? Is it appealing to customers?

6. CUSTOMER PROFILE
A customer profile is a description of the characteristics of the person or the company that is likely to purchase a product or service.
A profile should include:
Demographic data (age, marital status, family size, ethnicity, gender, education, and income)
Psychographic information (life styles/attitudes)
Use Zip Skinny to find demographic data on any location

7. SAMPLE CUSTOMER PROFILE
Sample of a customer profile for a sporting goods store:
Individual 23 to 52 years of age
Participates in sports
Wants good-quality sports equipment
Looks for good prices
Lives in or near the city of Binghamton
Average household income: $$50,000-$74,999

8. Studying Individual Competitors
Strengths
What does the competitor do that no one else does, or what do they do better than everyone else?
Weaknesses
What are some disadvantages of your competitors?
Strategy
How will you attract customers to your business? How will you get customers to come to you instead of a competitor?

9. FINDING COMPETITORS
Using Google maps you can easily identity competitors near your desired business location